The Progressive Corporation $PGR Stake Decreased by Fulton Bank N.A.

Key Points

• Fulton Bank N.A. reduced its stake in The Progressive Corporation by 36.5% in Q2, now owning 3,307 shares valued at approximately $883,000.
• The company reported a Q2 earnings per share of $4.88, surpassing expectations, with a year-over-year revenue increase of 12.1%.
• Progressive announced a quarterly dividend of $0.10 per share, to be paid on October 10th, reflecting a 0.2% yield.

Fulton Bank N.A. lessened its holdings in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 36.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,307 shares of the insurance provider's stock after selling 1,898 shares during the period. Fulton Bank N.A.'s holdings in Progressive were worth $883,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in PGR. Nuveen LLC bought a new stake in shares of Progressive during the first quarter valued at approximately $1,473,180,000. GQG Partners LLC raised its holdings in Progressive by 61.4% during the first quarter. GQG Partners LLC now owns 8,346,133 shares of the insurance provider's stock worth $2,362,039,000 after purchasing an additional 3,174,632 shares in the last quarter. GAMMA Investing LLC raised its holdings in Progressive by 39,285.0% during the first quarter. GAMMA Investing LLC now owns 3,046,037 shares of the insurance provider's stock worth $862,059,000 after purchasing an additional 3,038,303 shares in the last quarter. C WorldWide Group Holding A S raised its holdings in Progressive by 12,110.3% during the first quarter. C WorldWide Group Holding A S now owns 1,248,628 shares of the insurance provider's stock worth $353,374,000 after purchasing an additional 1,238,402 shares in the last quarter. Finally, Alliancebernstein L.P. raised its holdings in Progressive by 15.2% during the first quarter. Alliancebernstein L.P. now owns 8,263,157 shares of the insurance provider's stock worth $2,338,556,000 after purchasing an additional 1,091,828 shares in the last quarter. Institutional investors own 85.34% of the company's stock.

Progressive Price Performance

NYSE PGR opened at $242.26 on Friday. The stock has a market capitalization of $142.02 billion, a P/E ratio of 13.65, a P/E/G ratio of 1.37 and a beta of 0.32. The Progressive Corporation has a 1 year low of $228.54 and a 1 year high of $292.99. The business's fifty day moving average is $245.83 and its two-hundred day moving average is $263.47. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.31 and a current ratio of 0.31.

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

Progressive Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Thursday, October 2nd will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend is Thursday, October 2nd. Progressive's payout ratio is 2.25%.

Insider Activity at Progressive

In other Progressive news, insider Lori A. Niederst sold 8,063 shares of the business's stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $250.18, for a total transaction of $2,017,201.34. Following the sale, the insider directly owned 39,040 shares of the company's stock, valued at $9,767,027.20. The trade was a 17.12% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Patrick K. Callahan sold 6,232 shares of the business's stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $249.96, for a total transaction of $1,557,750.72. Following the sale, the insider directly owned 21,612 shares in the company, valued at approximately $5,402,135.52. This trade represents a 22.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 130,062 shares of company stock worth $32,217,635. Insiders own 0.34% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on PGR. Morgan Stanley boosted their target price on Progressive from $265.00 to $267.00 and gave the stock an "equal weight" rating in a report on Friday, August 22nd. Bank of America dropped their target price on Progressive from $347.00 to $343.00 and set a "buy" rating on the stock in a report on Thursday. Jefferies Financial Group dropped their target price on Progressive from $309.00 to $287.00 and set a "buy" rating on the stock in a report on Monday, August 11th. Evercore ISI cut Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 target price on the stock. in a report on Thursday, July 17th. Finally, Wall Street Zen raised Progressive from a "hold" rating to a "buy" rating in a report on Saturday, September 13th. Six research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the stock. According to data from MarketBeat.com, Progressive has an average rating of "Hold" and a consensus price target of $279.44.

Progressive Company 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.

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