The Progressive Corporation $PGR Shares Purchased by Hingham Institution for Savings

Key Points

• Hingham Institution for Savings increased its Progressive stake by 292.3% in the second quarter, buying 19,000 additional shares for a total holding valued at approximately $5.57 million. Institutional investors collectively own 85.34% of Progressive.
• Progressive reported strong quarterly results, with EPS of $5.67 versus the $4.64 consensus and revenue of $23.61 billion, up 5% year over year. The company also declared a quarterly dividend of $0.10 per share.
• Analyst views remain mixed: Progressive has a consensus “Hold” rating and an average price target of $236.26, while insiders sold 113,714 shares worth about $24.5 million over the past 90 days.

Hingham Institution for Savings boosted its holdings in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 292.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 25,500 shares of the insurance provider's stock after buying an additional 19,000 shares during the period. Progressive makes up about 4.1% of Hingham Institution for Savings' portfolio, making the stock its 7th largest position. Hingham Institution for Savings' holdings in Progressive were worth $5,570,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. BlackRock Inc. bought a new stake in Progressive during the second quarter worth $10,496,271,000. Bank of America Corp DE purchased a new position in Progressive during the second quarter worth about $2,682,342,000. Norges Bank purchased a new position in Progressive during the fourth quarter worth about $1,836,094,000. GQG Partners LLC bought a new position in shares of Progressive during the 2nd quarter worth approximately $1,538,570,000. Finally, Deutsche Bank AG purchased a new position in shares of Progressive in the 2nd quarter worth approximately $1,098,838,000. 85.34% of the stock is owned by institutional investors.

Insider Activity

In related news, insider John Murphy sold 8,124 shares of the company's stock in a transaction on Monday, July 27th. The shares were sold at an average price of $212.70, for a total transaction of $1,727,974.80. Following the completion of the sale, the insider directly owned 41,291 shares in the company, valued at $8,782,595.70. This represents a 16.44% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Lori A. Niederst sold 7,339 shares of the stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $209.29, for a total transaction of $1,535,979.31. Following the sale, the insider owned 42,567 shares of the company's stock, valued at approximately $8,908,847.43. This represents a 14.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 113,714 shares of company stock valued at $24,466,294. Company insiders own 0.32% of the company's stock.

Progressive Stock Performance

Progressive stock opened at $218.41 on Friday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29. The stock has a market cap of $126.98 billion, a P/E ratio of 10.95, a price-to-earnings-growth ratio of 2.98 and a beta of 0.27. The firm's fifty day moving average price is $217.56 and its 200-day moving average price is $207.79. The Progressive Corporation has a fifty-two week low of $189.20 and a fifty-two week high of $249.71.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings results on Wednesday, July 15th. The insurance provider reported $5.67 EPS for the quarter, beating analysts' consensus estimates of $4.64 by $1.03. Progressive had a net margin of 12.84% and a return on equity of 32.92%. The business had revenue of $23.61 billion for the quarter, compared to analysts' expectations of $19.49 billion. During the same period last year, the business earned $5.40 earnings per share. The business's quarterly revenue was up 5.0% on a year-over-year basis. On average, equities research analysts expect that The Progressive Corporation will post 17.74 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Thursday, October 1st will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date is Thursday, October 1st. Progressive's dividend payout ratio is presently 2.01%.

Analyst Ratings Changes

Several research firms have recently issued reports on PGR. Keefe, Bruyette & Woods raised Progressive from a "market perform" rating to an "outperform" rating and upped their target price for the company from $226.00 to $250.00 in a report on Thursday, August 20th. JPMorgan Chase & Co. decreased their price objective on shares of Progressive from $250.00 to $241.00 and set a "neutral" rating for the company in a report on Tuesday, August 4th. Cantor Fitzgerald decreased their price target on shares of Progressive from $220.00 to $200.00 and set a "neutral" rating for the company in a research note on Monday, August 17th. Wells Fargo & Company lifted their price target on shares of Progressive from $198.00 to $201.00 and gave the stock an "underweight" rating in a report on Thursday, August 20th. Finally, William Blair restated a "market perform" rating on shares of Progressive in a research note on Wednesday, July 15th. Seven research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $236.26.

Progressive Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.

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