Campbell & CO Investment Adviser LLC Acquires 7,185 Shares of The Progressive Corporation $PGR

Key Points

• Campbell & CO Investment Adviser LLC increased its stake in The Progressive Corporation by 84.5% in the first quarter, acquiring a total of 15,689 shares worth $4.44 million.
• Insiders at Progressive have sold a total of 108,556 shares valued at approximately $27.3 million over the last 90 days, resulting in a significant decrease in their ownership.
• Progressive's latest quarterly earnings showed an EPS of $4.88, exceeding analysts’ expectations of $4.43, although revenue was slightly below projections at $20.08 billion.

Campbell & CO Investment Adviser LLC lifted its stake in The Progressive Corporation (NYSE:PGR - Free Report) by 84.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 15,689 shares of the insurance provider's stock after buying an additional 7,185 shares during the period. Campbell & CO Investment Adviser LLC's holdings in Progressive were worth $4,440,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. State of Alaska Department of Revenue increased its holdings in shares of Progressive by 2.7% in the first quarter. State of Alaska Department of Revenue now owns 68,644 shares of the insurance provider's stock worth $19,426,000 after buying an additional 1,800 shares during the period. QRG Capital Management Inc. increased its holdings in shares of Progressive by 36.4% in the first quarter. QRG Capital Management Inc. now owns 126,826 shares of the insurance provider's stock worth $35,893,000 after buying an additional 33,864 shares during the period. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH increased its holdings in shares of Progressive by 498.5% in the first quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 5,057 shares of the insurance provider's stock worth $1,431,000 after buying an additional 4,212 shares during the period. Hennessy Advisors Inc. purchased a new position in shares of Progressive in the first quarter worth about $3,141,000. Finally, TCW Group Inc. increased its holdings in Progressive by 4.5% during the 1st quarter. TCW Group Inc. now owns 12,034 shares of the insurance provider's stock valued at $3,406,000 after purchasing an additional 523 shares during the period. Hedge funds and other institutional investors own 85.34% of the company's stock.

Progressive Stock Down 0.4%

Shares of PGR stock traded down $1.02 during midday trading on Wednesday, reaching $245.01. 1,736,330 shares of the stock were exchanged, compared to its average volume of 2,997,245. The Progressive Corporation has a 1 year low of $228.54 and a 1 year high of $292.99. The company's 50 day moving average is $250.56 and its two-hundred day moving average is $266.35. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.21. The firm has a market cap of $143.63 billion, a PE ratio of 13.80, a price-to-earnings-growth ratio of 1.43 and a beta of 0.33.

Progressive (NYSE:PGR - Get Free Report) last posted its earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share for the quarter, topping analysts' consensus estimates of $4.43 by $0.45. Progressive had a return on equity of 35.37% and a net margin of 12.66%.The firm had revenue of $20.08 billion for the quarter, compared to the consensus estimate of $20.39 billion. During the same quarter in the prior year, the business earned $2.48 EPS. The business's revenue for the quarter was up 12.1% on a year-over-year basis. On average, equities research analysts predict that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive's dividend payout ratio is currently 2.25%.

Insider Transactions at Progressive

In other news, insider Patrick K. Callahan sold 6,232 shares of the business's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $249.96, for a total value of $1,557,750.72. Following the sale, the insider directly owned 21,612 shares of the company's stock, valued at $5,402,135.52. The trade was a 22.38% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Steven Broz sold 1,345 shares of the business's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $250.78, for a total value of $337,299.10. Following the completion of the sale, the insider directly owned 31,733 shares in the company, valued at approximately $7,958,001.74. This represents a 4.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 108,351 shares of company stock worth $27,003,746. Company insiders own 0.34% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on PGR shares. Jefferies Financial Group reduced their price target on Progressive from $309.00 to $287.00 and set a "buy" rating on the stock in a report on Monday, August 11th. Barclays reduced their price target on Progressive from $287.00 to $281.00 and set an "equal weight" rating on the stock in a report on Tuesday, August 19th. BMO Capital Markets reduced their price target on Progressive from $281.00 to $279.00 and set an "outperform" rating on the stock in a report on Thursday, August 21st. Citigroup started coverage on Progressive in a report on Wednesday, August 13th. They set a "buy" rating and a $312.00 price target on the stock. Finally, Morgan Stanley boosted their price target on Progressive from $265.00 to $267.00 and gave the company an "equal weight" rating in a report on Friday, August 22nd. Nine equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat.com, Progressive presently has a consensus rating of "Moderate Buy" and a consensus price target of $284.18.

Progressive Profile

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.