Twin Capital Management Inc. Acquires New Holdings in The Progressive Corporation (NYSE:PGR)

Twin Capital Management Inc. acquired a new stake in The Progressive Corporation (NYSE:PGR - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 3,477 shares of the insurance provider's stock, valued at approximately $984,000.

Other institutional investors have also made changes to their positions in the company. State of Alaska Department of Revenue raised its stake in shares of Progressive by 2.7% in the 1st quarter. State of Alaska Department of Revenue now owns 68,644 shares of the insurance provider's stock valued at $19,426,000 after acquiring an additional 1,800 shares in the last quarter. QRG Capital Management Inc. increased its position in Progressive by 36.4% in the 1st quarter. QRG Capital Management Inc. now owns 126,826 shares of the insurance provider's stock worth $35,893,000 after buying an additional 33,864 shares during the period. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH increased its position in Progressive by 498.5% in the 1st quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 5,057 shares of the insurance provider's stock worth $1,431,000 after buying an additional 4,212 shares during the period. Hennessy Advisors Inc. bought a new position in Progressive in the 1st quarter worth approximately $3,141,000. Finally, Janney Montgomery Scott LLC increased its position in Progressive by 16.5% in the 1st quarter. Janney Montgomery Scott LLC now owns 93,463 shares of the insurance provider's stock worth $26,451,000 after buying an additional 13,231 shares during the period. 85.34% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts have commented on PGR shares. JPMorgan Chase & Co. lifted their price target on Progressive from $267.00 to $287.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 8th. Wells Fargo & Company lifted their price target on Progressive from $328.00 to $333.00 and gave the stock an "overweight" rating in a research report on Friday, June 20th. Barclays dropped their price target on Progressive from $297.00 to $287.00 and set an "equal weight" rating on the stock in a research report on Monday, July 7th. Jefferies Financial Group decreased their price objective on Progressive from $327.00 to $319.00 and set a "buy" rating on the stock in a report on Friday, April 11th. Finally, BMO Capital Markets decreased their price objective on Progressive from $288.00 to $281.00 and set an "outperform" rating on the stock in a report on Friday. Nine equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $287.63.

Insider Buying and Selling at Progressive

In other Progressive news, Director Stuart B. Burgdoerfer sold 3,681 shares of the business's stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $260.43, for a total transaction of $958,642.83. Following the completion of the sale, the director directly owned 12,217 shares of the company's stock, valued at approximately $3,181,673.31. The trade was a 23.15% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO John P. Sauerland sold 10,000 shares of the company's stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $275.37, for a total value of $2,753,700.00. Following the completion of the transaction, the chief financial officer directly owned 238,024 shares of the company's stock, valued at approximately $65,544,668.88. This represents a 4.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 42,705 shares of company stock worth $11,450,948 in the last quarter. Company insiders own 0.33% of the company's stock.

Progressive Trading Down 0.3%

NYSE PGR opened at $246.48 on Monday. The business's 50-day moving average price is $267.67 and its two-hundred day moving average price is $266.09. The Progressive Corporation has a 12 month low of $208.13 and a 12 month high of $292.99. The firm has a market capitalization of $144.49 billion, a PE ratio of 13.89, a price-to-earnings-growth ratio of 1.50 and a beta of 0.37. The company has a current ratio of 0.34, a quick ratio of 0.29 and a debt-to-equity ratio of 0.21.

Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, beating analysts' consensus estimates of $4.43 by $0.45. The firm had revenue of $20.08 billion for 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 business's revenue was up 12.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.48 EPS. On average, analysts expect that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Announces Dividend

The company also recently declared a dividend, which was paid on Friday, July 11th. Investors of record on Friday, July 4th were paid a dividend of $0.10 per share. This represents a yield of 0.15%. The ex-dividend date of this dividend was Thursday, July 3rd. Progressive's dividend payout ratio (DPR) is currently 2.25%.

About Progressive

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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