The Progressive Corporation $PGR Stock Holdings Lifted by QRG Capital Management Inc.

Key Points

• QRG Capital Management increased its Progressive stake by 19.2% in the second quarter, bringing its holdings to 86,011 shares valued at approximately $18.8 million. Institutional investors collectively own 85.34% of the insurer.
• Progressive shares opened at $207.04, down 2.5%, with a 12-month range of $189.20 to $254.93. Analysts maintain a consensus “Hold” rating and an average price target of $235.
• The company declared a quarterly dividend of $0.10 per share, equivalent to $0.40 annually and a 0.2% yield. Insiders sold 74,885 shares worth about $15.9 million over the past three months, primarily through pre-arranged trading plans.

QRG Capital Management Inc. lifted its holdings in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 19.2% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 86,011 shares of the insurance provider's stock after buying an additional 13,850 shares during the period. QRG Capital Management Inc.'s holdings in Progressive were worth $18,789,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of PGR. Klingman & Associates LLC lifted its holdings in Progressive by 1.7% in the fourth quarter. Klingman & Associates LLC now owns 2,927 shares of the insurance provider's stock worth $667,000 after acquiring an additional 48 shares during the last quarter. Revisor Wealth Management LLC grew its holdings in shares of Progressive by 2.7% during the fourth quarter. Revisor Wealth Management LLC now owns 1,902 shares of the insurance provider's stock valued at $395,000 after purchasing an additional 50 shares during the last quarter. Pines Wealth Management LLC raised its position in shares of Progressive by 3.9% during the 4th quarter. Pines Wealth Management LLC now owns 1,399 shares of the insurance provider's stock worth $319,000 after purchasing an additional 52 shares during the period. Northwestern Mutual Investment Management Company LLC raised its position in shares of Progressive by 0.3% during the 4th quarter. Northwestern Mutual Investment Management Company LLC now owns 18,736 shares of the insurance provider's stock worth $4,267,000 after purchasing an additional 52 shares during the period. Finally, Phillips Wealth Planners LLC lifted its holdings in shares of Progressive by 2.8% in the 4th quarter. Phillips Wealth Planners LLC now owns 1,916 shares of the insurance provider's stock worth $436,000 after purchasing an additional 52 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company's stock.

Progressive Stock Down 2.5%

PGR opened at $207.04 on Thursday. The Progressive Corporation has a 12 month low of $189.20 and a 12 month high of $254.93. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29. The stock has a market cap of $120.37 billion, a P/E ratio of 10.38, a P/E/G ratio of 2.86 and a beta of 0.27. The stock's 50 day moving average price is $213.99 and its 200 day moving average price is $206.43.

Progressive Announces Dividend

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

Insider Activity at Progressive

In related news, CFO Andrew J. Quigg sold 3,499 shares of Progressive stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $220.00, for a total transaction of $769,780.00. Following the sale, the chief financial officer directly owned 42,595 shares in the company, valued at $9,370,900. The trade was a 7.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Karen Bailo sold 8,452 shares of the company's stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $212.71, for a total transaction of $1,797,824.92. Following the completion of the sale, the insider directly owned 32,348 shares of the company's stock, valued at $6,880,743.08. The trade was a 20.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 74,885 shares of company stock valued at $15,880,459. 0.32% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research firms recently issued reports on PGR. BMO Capital Markets reduced their price objective on Progressive from $220.00 to $205.00 and set a "market perform" rating for the company in a research report on Thursday, July 16th. HSBC raised their target price on Progressive from $214.00 to $221.00 and gave the company a "hold" rating in a research note on Monday, July 6th. Royal Bank Of Canada set a $208.00 price target on shares of Progressive in a report on Friday, May 22nd. Evercore set a $240.00 price target on shares of Progressive in a research report on Friday, July 10th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Progressive from $250.00 to $241.00 and set a "neutral" rating on the stock in a report on Tuesday, August 4th. Five 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 company's stock. Based on data from MarketBeat, Progressive currently has a consensus rating of "Hold" and an average price target of $235.00.

About Progressive

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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