Truist Financial Corp Grows Position in The Progressive Corporation $PGR

Key Points

• Truist Financial Corp increased its ownership in The Progressive Corporation by 6.4%, acquiring an additional 27,449 shares, bringing its total shares to 453,786, valued at approximately $121 million.
• Several institutional investors, including Nuveen LLC and GQG Partners LLC, have made significant adjustments to their positions in Progressive, with institutional ownership now at 85.34%.
• The Progressive Corporation reported a quarterly EPS of $4.88, exceeding expectations, alongside a revenue of $20.08 billion, indicating a 12.1% year-over-year increase.

Truist Financial Corp raised its stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 6.4% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 453,786 shares of the insurance provider's stock after purchasing an additional 27,449 shares during the period. Truist Financial Corp owned 0.08% of Progressive worth $121,097,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Nuveen LLC bought a new position in shares of Progressive during the 1st quarter valued at approximately $1,473,180,000. GQG Partners LLC boosted its position in shares of Progressive by 61.4% in 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 during the period. C WorldWide Group Holding A S increased its stake in shares of Progressive by 12,110.3% in 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. Alliancebernstein L.P. raised its position in shares of Progressive by 15.2% during the 1st quarter. Alliancebernstein L.P. now owns 8,263,157 shares of the insurance provider's stock valued at $2,338,556,000 after purchasing an additional 1,091,828 shares during the period. Finally, Axiom Investors LLC DE bought a new stake in shares of Progressive during the 1st quarter valued at $194,557,000. Institutional investors own 85.34% of the company's stock.

Insiders Place Their Bets

In related news, insider John Jo Murphy sold 2,218 shares of the firm's stock in a transaction on Friday, September 19th. The stock was sold at an average price of $242.10, for a total value of $536,977.80. Following the completion of the sale, the insider directly owned 43,506 shares in the company, valued at $10,532,802.60. This trade represents a 4.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Susan Patricia Griffith sold 30,659 shares of Progressive stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $246.06, for a total transaction of $7,543,953.54. Following the transaction, the chief executive officer directly owned 476,286 shares of the company's stock, valued at $117,194,933.16. The trade was a 6.05% 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 worth $31,997,390. 0.33% of the stock is currently owned by company insiders.

Progressive Price Performance

Progressive stock opened at $247.02 on Wednesday. The Progressive Corporation has a 52-week low of $228.54 and a 52-week high of $292.99. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.21. The firm's fifty day moving average is $245.32 and its 200 day moving average is $261.53. The company has a market cap of $144.81 billion, a price-to-earnings ratio of 13.92, a PEG ratio of 1.36 and a beta of 0.32.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings data on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, topping analysts' consensus estimates of $4.43 by $0.45. The business had revenue of $20.08 billion during the quarter, compared to analysts' expectations of $20.39 billion. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The business's revenue was up 12.1% on a year-over-year basis. During the same period last year, the company posted $2.48 EPS. Sell-side analysts forecast that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Announces Dividend

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

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on PGR shares. Wall Street Zen lowered Progressive from a "buy" rating to a "hold" rating in a research note on Sunday, September 21st. BMO Capital Markets set a $252.00 price objective on Progressive in a research note on Thursday, September 18th. Keefe, Bruyette & Woods increased their target price on Progressive from $268.00 to $270.00 and gave the stock a "market perform" rating in a research report on Thursday, September 18th. Bank of America boosted their price target on Progressive from $343.00 to $350.00 and gave the stock a "buy" rating in a report on Monday. Finally, Morgan Stanley cut their price objective on shares of Progressive from $267.00 to $265.00 and set an "equal weight" rating for the company in a report on Monday, September 22nd. Six research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. According to MarketBeat, Progressive has a consensus rating of "Hold" and an average price target of $279.75.

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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