The Progressive Corporation $PGR Stock Holdings Lowered by Bridges Investment Management Inc.

Key Points

• Bridges Investment Management Inc. reduced its holdings in The Progressive Corporation by 0.4% in Q2, owning 404,372 shares valued at approximately $107.91 million.
• The Progressive Corporation reported a Q3 EPS of $4.45, missing analysts' estimates, and had revenue of $21.38 billion, also below expectations.
• Progressive recently announced a quarterly dividend of $0.10 per share, representing an annual yield of 0.2% and a payout ratio of 2.25%.

Bridges Investment Management Inc. reduced its holdings in The Progressive Corporation (NYSE:PGR - Free Report) by 0.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 404,372 shares of the insurance provider's stock after selling 1,805 shares during the quarter. Progressive accounts for 1.5% of Bridges Investment Management Inc.'s holdings, making the stock its 20th biggest position. Bridges Investment Management Inc. owned about 0.07% of Progressive worth $107,911,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Vanguard Group Inc. raised its holdings in shares of Progressive by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 54,022,956 shares of the insurance provider's stock worth $15,289,037,000 after purchasing an additional 622,590 shares in the last quarter. GQG Partners LLC raised its holdings in shares of Progressive by 61.4% in the 1st 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. Alliancebernstein L.P. raised its holdings in shares of Progressive by 15.2% in the 1st 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. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Progressive by 6.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 6,380,134 shares of the insurance provider's stock worth $1,805,642,000 after purchasing an additional 396,567 shares in the last quarter. Finally, Nuveen LLC bought a new stake in shares of Progressive in the 1st quarter worth approximately $1,473,180,000. 85.34% of the stock is currently owned by institutional investors.

Progressive Stock Performance

Shares of PGR opened at $226.36 on Thursday. The company's 50 day moving average price is $244.63 and its 200 day moving average price is $258.89. The Progressive Corporation has a 52 week low of $217.20 and a 52 week high of $292.99. The company has a market capitalization of $132.70 billion, a PE ratio of 12.75, a PEG ratio of 1.33 and a beta of 0.32. 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 quarterly earnings data on Wednesday, October 15th. The insurance provider reported $4.45 EPS for the quarter, missing analysts' consensus estimates of $5.04 by ($0.59). Progressive had a net margin of 12.66% and a return on equity of 35.37%. The company had revenue of $21.38 billion for the quarter, compared to analysts' expectations of $21.64 billion. During the same period in the previous year, the firm posted $3.58 earnings per share. Research analysts expect that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

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

Analysts Set New Price Targets

Several research analysts have recently weighed in on PGR shares. Morgan Stanley dropped their target price on shares of Progressive from $267.00 to $265.00 and set an "equal weight" rating on the stock in a research report on Monday, September 22nd. Wells Fargo & Company lifted their target price on shares of Progressive from $265.00 to $266.00 and gave the stock an "equal weight" rating in a research report on Wednesday, October 8th. Keefe, Bruyette & Woods lifted their target price on shares of Progressive from $268.00 to $270.00 and gave the stock a "market perform" rating in a research report on Thursday, September 18th. Citigroup reissued a "buy" rating on shares of Progressive in a research report on Friday, August 29th. Finally, Cantor Fitzgerald raised shares of Progressive to a "hold" rating in a research report on Wednesday, August 13th. Seven equities research analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $279.63.

Insider Buying and Selling

In other Progressive news, insider Patrick K. Callahan sold 6,420 shares of the business's stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $242.22, for a total value of $1,555,052.40. Following the completion of the sale, the insider directly owned 15,192 shares of the company's stock, valued at $3,679,806.24. The trade was a 29.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider John Jo Murphy sold 2,218 shares of the business's stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $242.10, for a total transaction of $536,977.80. Following the completion of the sale, the insider directly owned 43,506 shares of the company's stock, valued at $10,532,802.60. This represents a 4.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 130,045 shares of company stock valued at $31,997,390. 0.34% of the stock is owned by company insiders.

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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