Baird Financial Group Inc. Has $961.98 Million Position in The Progressive Corporation $PGR

Key Points

• Baird Financial Group Inc. has reduced its stake in The Progressive Corporation by 7.3%, bringing its total ownership to 3,399,095 shares, which represents around 1.9% of its holdings.
• Progressive announced a quarterly dividend of $0.10 per share, set to be paid on October 10th, with an annualized yield of 0.2%.
• The company reported $4.88 earnings per share for the last quarter, exceeding analysts' expectations, and its revenue was up 12.1% compared to the same quarter last year.

Baird Financial Group Inc. trimmed its position in The Progressive Corporation (NYSE:PGR - Free Report) by 7.3% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,399,095 shares of the insurance provider's stock after selling 268,808 shares during the period. Progressive accounts for about 1.9% of Baird Financial Group Inc.'s investment portfolio, making the stock its 6th biggest holding. Baird Financial Group Inc. owned about 0.58% of Progressive worth $961,978,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Highline Wealth Partners LLC increased its holdings in shares of Progressive by 114.0% in the 1st quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock valued at $26,000 after acquiring an additional 49 shares during the last quarter. TruNorth Capital Management LLC boosted its holdings in Progressive by 210.0% in the first quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider's stock worth $26,000 after purchasing an additional 63 shares during the period. Minot DeBlois Advisors LLC bought a new stake in Progressive during the fourth quarter valued at $28,000. HWG Holdings LP bought a new stake in Progressive during the first quarter valued at $28,000. Finally, Garde Capital Inc. bought a new position in shares of Progressive in the 1st quarter worth about $33,000. Institutional investors and hedge funds own 85.34% of the company's stock.

Progressive Stock Performance

PGR traded down $1.23 during trading hours on Tuesday, hitting $245.83. The company's stock had a trading volume of 2,353,143 shares, compared to its average volume of 3,222,724. The company has a 50-day simple moving average of $249.30 and a 200 day simple moving average of $266.09. 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 capitalization of $144.11 billion, a PE ratio of 13.85, a PEG ratio of 1.44 and a beta of 0.32. The Progressive Corporation has a fifty-two week low of $228.54 and a fifty-two week high of $292.99.

Progressive (NYSE:PGR - Get Free Report) last announced its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.43 by $0.45. The company had revenue of $20.08 billion during the quarter, compared to analyst estimates of $20.39 billion. Progressive had a return on equity of 35.37% and a net margin of 12.66%.The firm's quarterly revenue was up 12.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.48 EPS. As a group, sell-side analysts expect that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Announces Dividend

The business 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. The ex-dividend date of this dividend is Thursday, October 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive's dividend payout ratio (DPR) is presently 2.25%.

Wall Street Analyst Weigh In

PGR has been the subject of a number of recent research reports. Cantor Fitzgerald raised shares of Progressive to a "hold" rating in a research report on Wednesday, August 13th. BMO Capital Markets decreased their target price on Progressive from $281.00 to $279.00 and set an "outperform" rating for the company in a research note on Thursday, August 21st. Bank of America dropped their price target on Progressive from $337.00 to $336.00 and set a "buy" rating on the stock in a research report on Thursday, July 17th. Barclays reduced their price objective on Progressive from $287.00 to $281.00 and set an "equal weight" rating for the company in a research report on Tuesday, August 19th. Finally, Wells Fargo & Company dropped their target price on Progressive from $330.00 to $327.00 and set an "overweight" rating on the stock in a research report on Thursday, August 21st. Nine investment 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, the company presently has an average rating of "Moderate Buy" and an average price target of $284.18.

Insider Activity at Progressive

In other news, CIO Jonathan S. Bauer sold 2,391 shares of the stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $249.24, for a total value of $595,932.84. Following the completion of the transaction, the executive directly owned 26,698 shares in the company, valued at $6,654,209.52. This trade represents a 8.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider John Jo Murphy sold 2,218 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 $556,230.04. Following the sale, the insider directly owned 45,724 shares in the company, valued at approximately $11,466,664.72. The trade was a 4.63% decrease in their position. The disclosure for this sale can be found here. Insiders sold 108,351 shares of company stock worth $27,003,746 in the last three months. Insiders own 0.33% of the company's stock.

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.