UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC Increases Stock Position in The Progressive Corporation $PGR

Key Points

• UBS Asset Management increased its stake in The Progressive Corporation by 6.6%, owning 6,380,134 shares valued at approximately $1.8 billion as of the end of the first quarter.
• Progressive announced a quarterly dividend of $0.10 per share, with an ex-dividend date set for October 2nd, implying a 0.2% dividend yield.
• Progressive's quarterly earnings report showed earnings per share (EPS) of $4.88, beating estimates, while revenues increased 12.1% year over year, totaling $20.08 billion.

UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 6.6% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 6,380,134 shares of the insurance provider's stock after purchasing an additional 396,567 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC owned approximately 1.09% of Progressive worth $1,805,642,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in PGR. Highline Wealth Partners LLC lifted its holdings in shares of Progressive by 114.0% during the first quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock valued at $26,000 after purchasing an additional 49 shares during the last quarter. TruNorth Capital Management LLC increased its position in shares of Progressive by 210.0% during the first quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider's stock valued at $26,000 after acquiring an additional 63 shares in the last quarter. Minot DeBlois Advisors LLC bought a new stake in shares of Progressive during the fourth quarter valued at approximately $28,000. HWG Holdings LP bought a new stake in shares of Progressive during the first quarter valued at approximately $28,000. Finally, Garde Capital Inc. bought a new stake in shares of Progressive during the first quarter valued at approximately $33,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Progressive Stock Performance

Shares of PGR stock traded up $2.28 during mid-day trading on Thursday, reaching $248.69. 1,635,875 shares of the company's stock traded hands, compared to its average volume of 2,554,677. The Progressive Corporation has a 12 month low of $228.54 and a 12 month high of $292.99. The firm has a 50 day moving average price of $246.68 and a two-hundred day moving average price of $264.95. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.31 and a current ratio of 0.31. The firm has a market capitalization of $145.78 billion, a PE ratio of 14.01, a price-to-earnings-growth ratio of 1.43 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 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.43 by $0.45. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The firm had revenue of $20.08 billion during the quarter, compared to the consensus estimate of $20.39 billion. During the same quarter in the previous year, the firm posted $2.48 EPS. The company's revenue for the quarter was up 12.1% compared to the same quarter last year. On average, research analysts forecast that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Dividend Announcement

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

Insider Activity

In other news, CEO Susan Patricia Griffith sold 30,659 shares of the business's stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $246.06, for a total transaction of $7,543,953.54. Following the completion of the sale, the chief executive officer owned 476,286 shares of the company's stock, valued at $117,194,933.16. The trade was a 6.05% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Lori A. Niederst sold 8,063 shares of the business's stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $250.18, for a total transaction of $2,017,201.34. Following the sale, the insider directly owned 39,040 shares of the company's stock, valued at approximately $9,767,027.20. The trade was a 17.12% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 139,010 shares of company stock worth $34,547,699. Company insiders own 0.34% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. UBS Group cut their target price on shares of Progressive from $280.00 to $268.00 and set a "neutral" rating for the company in a research report on Monday, July 21st. Barclays cut their target price on shares of Progressive from $287.00 to $281.00 and set an "equal weight" rating for the company in a research report on Tuesday, August 19th. Keefe, Bruyette & Woods cut their target price on shares of Progressive from $290.00 to $268.00 and set a "market perform" rating for the company in a research report on Thursday, July 17th. Morgan Stanley lifted their target price on shares of Progressive from $265.00 to $267.00 and gave the stock an "equal weight" rating in a research report on Friday, August 22nd. Finally, Wells Fargo & Company cut their target price on shares of Progressive from $330.00 to $327.00 and set an "overweight" rating for the company in a research report on Thursday, August 21st. Nine research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $284.82.

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.