US Bancorp DE Decreases Stock Position in The Progressive Corporation $PGR

Key Points

• US Bancorp DE reduced its stake in The Progressive Corporation by 3.0%, owning 204,695 shares valued at approximately $54.6 million after selling 6,434 shares in the last quarter.
• Several institutional investors, including Vanguard Group and Alliancebernstein, have increased their stakes in Progressive, indicating a strong interest in the company among hedge funds.
• Progressive recently announced a quarterly dividend of $0.10 per share, with a payout ratio of 2.25% and an expected annual yield of 0.2%.

US Bancorp DE decreased its stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 3.0% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 204,695 shares of the insurance provider's stock after selling 6,434 shares during the quarter. US Bancorp DE's holdings in Progressive were worth $54,628,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in Progressive by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 54,022,956 shares of the insurance provider's stock worth $15,289,037,000 after acquiring an additional 622,590 shares in the last quarter. GQG Partners LLC lifted its stake in Progressive by 61.4% during the 1st quarter. GQG Partners LLC now owns 8,346,133 shares of the insurance provider's stock worth $2,362,039,000 after acquiring an additional 3,174,632 shares in the last quarter. Alliancebernstein L.P. lifted its stake in Progressive by 15.2% during the 1st quarter. Alliancebernstein L.P. now owns 8,263,157 shares of the insurance provider's stock worth $2,338,556,000 after acquiring an additional 1,091,828 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Progressive by 6.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 6,380,134 shares of the insurance provider's stock worth $1,805,642,000 after acquiring an additional 396,567 shares in the last quarter. Finally, Nuveen LLC acquired a new position in Progressive during the 1st quarter worth about $1,473,180,000. Institutional investors and hedge funds own 85.34% of the company's stock.

Insider Activity

In related news, insider Patrick K. Callahan sold 6,420 shares of the firm's stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $242.22, for a total transaction of $1,555,052.40. Following the transaction, the insider owned 15,192 shares in the company, valued at $3,679,806.24. This trade represents a 29.71% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Karen Bailo sold 8,922 shares of the firm's stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $249.24, for a total value of $2,223,719.28. Following the transaction, the insider owned 32,346 shares in the company, valued at $8,061,917.04. This represents a 21.62% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 130,045 shares of company stock worth $31,997,390 over the last ninety days. 0.34% of the stock is owned by corporate insiders.

Progressive Trading Down 0.5%

PGR opened at $241.90 on Friday. The Progressive Corporation has a one year low of $228.54 and a one year high of $292.99. The company has a market cap of $141.80 billion, a P/E ratio of 13.63, a PEG ratio of 1.35 and a beta of 0.32. 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 business's 50-day simple moving average is $245.21 and its 200-day simple moving average is $259.98.

Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings data 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 business had revenue of $20.08 billion for the quarter, compared to the consensus estimate of $20.39 billion. Progressive had a return on equity of 35.37% and a net margin of 12.66%.The business's revenue for the quarter was up 12.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.48 EPS. As a group, equities research analysts expect that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Announces Dividend

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

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Evercore ISI reduced their price target on Progressive from $275.00 to $273.00 and set an "in-line" rating on the stock in a research report on Wednesday, October 1st. Citigroup reaffirmed a "buy" rating on shares of Progressive in a research report on Friday, August 29th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Progressive in a research report on Wednesday. Wolfe Research assumed coverage on Progressive in a research report on Monday, September 15th. They issued a "peer perform" rating on the stock. Finally, Wall Street Zen lowered Progressive from a "buy" rating to a "hold" rating in a research report on Sunday, September 21st. Seven equities research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the stock. According to MarketBeat, Progressive has an average rating of "Hold" and a consensus price target of $279.63.

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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