United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund Acquires 41,204 Shares of The Progressive Corporation (NYSE:PGR)

Key Points

• United Super Pty Ltd significantly increased its stake in The Progressive Corporation by 876.7% during Q1, acquiring an additional 41,204 shares, bringing its total to 45,904 shares valued at approximately $12.99 million.
• Several institutional investors have also adjusted their positions in Progressive, with 85.34% of the stock owned by institutions, reflecting growing confidence among large investors.
• Progressive reported $4.88 EPS in its latest quarter, exceeding analyst expectations, and has announced a $0.10 dividend, indicating a continuous commitment to shareholder returns.

United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund boosted its stake in The Progressive Corporation (NYSE:PGR - Free Report) by 876.7% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 45,904 shares of the insurance provider's stock after acquiring an additional 41,204 shares during the quarter. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund's holdings in Progressive were worth $12,991,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of PGR. Highline Wealth Partners LLC grew its position 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 worth $26,000 after acquiring an additional 49 shares in 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 acquired a new stake in shares of Progressive during the first quarter worth $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 Price Performance

Shares of PGR stock traded up $4.53 on Wednesday, reaching $247.47. The company had a trading volume of 2,613,282 shares, compared to its average volume of 3,275,293. The stock has a market capitalization of $145.07 billion, a PE ratio of 13.94, a price-to-earnings-growth ratio of 1.45 and a beta of 0.33. The company has a quick ratio of 0.29, a current ratio of 0.34 and a debt-to-equity ratio of 0.21. The business's 50-day moving average is $258.78 and its 200 day moving average is $266.15. The Progressive Corporation has a one year low of $213.47 and a one year high of $292.99.

Progressive (NYSE:PGR - Get Free Report) last announced its earnings results on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, beating the consensus estimate of $4.43 by $0.45. Progressive had a return on equity of 35.37% and a net margin of 12.66%. The business had revenue of $20.08 billion for the quarter, compared to analysts' expectations of $20.39 billion. During the same period in the prior year, the business posted $2.48 earnings per share. The firm's revenue was up 12.1% on a year-over-year basis. Equities research analysts forecast that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

The company also recently announced a dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, July 4th were issued a $0.10 dividend. The ex-dividend date was Thursday, July 3rd. This represents a dividend yield of 15.0%. Progressive's dividend payout ratio is currently 2.25%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on PGR shares. JPMorgan Chase & Co. boosted their price objective on Progressive from $267.00 to $287.00 and gave the company an "overweight" rating in a research report on Tuesday, April 8th. Morgan Stanley lowered their price target on shares of Progressive from $290.00 to $280.00 and set an "equal weight" rating for the company in a research report on Monday, July 14th. Wall Street Zen lowered shares of Progressive from a "buy" rating to a "hold" rating in a research note on Friday, July 18th. Bank of America dropped their price target on shares of Progressive from $337.00 to $336.00 and set a "buy" rating on the stock in a research note on Thursday, July 17th. Finally, Evercore ISI downgraded Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 price objective for the company. in a research report on Thursday, July 17th. Nine investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $286.88.

Insider Activity at Progressive

In other Progressive news, CFO John P. Sauerland sold 16,664 shares of Progressive stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $249.24, for a total value of $4,153,335.36. Following the sale, the chief financial officer owned 228,024 shares of the company's stock, valued at approximately $56,832,701.76. The trade was a 6.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Patrick K. Callahan sold 6,232 shares of the stock in a transaction on Monday, July 28th. The stock was sold at an average price of $242.16, for a total value of $1,509,141.12. Following the sale, the insider owned 27,844 shares in the company, valued at approximately $6,742,703.04. This represents a 18.29% decrease in their position. The disclosure for this sale can be found here. Insiders sold 104,250 shares of company stock valued at $26,332,348 over the last three months. Insiders own 0.34% of the company's stock.

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.