V Square Quantitative Management LLC Purchases 2,043 Shares of The Progressive Corporation $PGR

Key Points

• V Square Quantitative Management LLC increased its position in The Progressive Corporation by 18.2%, owning a total of 13,243 shares worth approximately $3,534,000 after purchasing 2,043 additional shares.
• The company's dividend announcement includes a quarterly payment of $0.10 per share, yielding 0.2%, payable on October 10th to shareholders recorded as of October 2nd.
• Analyst ratings for Progressive show a consensus of "Hold" with various target prices ranging from $252.00 to $280.00, reflecting mixed sentiment among investment firms.

V Square Quantitative Management LLC grew its position in The Progressive Corporation (NYSE:PGR - Free Report) by 18.2% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 13,243 shares of the insurance provider's stock after purchasing an additional 2,043 shares during the period. V Square Quantitative Management LLC's holdings in Progressive were worth $3,534,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Highline Wealth Partners LLC lifted its holdings in shares of Progressive by 114.0% in 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 in the last quarter. TruNorth Capital Management LLC increased its position in shares of Progressive by 210.0% in 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 during the last quarter. HWG Holdings LP acquired a new stake in shares of Progressive in the first quarter valued at about $28,000. Garde Capital Inc. acquired a new stake in shares of Progressive in the first quarter valued at about $33,000. Finally, Ransom Advisory Ltd acquired a new stake in shares of Progressive in the first quarter valued at about $35,000. 85.34% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Cantor Fitzgerald raised Progressive to a "hold" rating in a research report on Wednesday, August 13th. UBS Group lowered their target price on Progressive from $280.00 to $268.00 and set a "neutral" rating on the stock in a research report on Monday, July 21st. Keefe, Bruyette & Woods lifted their target price on Progressive from $268.00 to $270.00 and gave the company a "market perform" rating in a research report on Thursday, September 18th. BMO Capital Markets set a $252.00 target price on Progressive in a research report on Thursday, September 18th. Finally, Wall Street Zen downgraded Progressive from a "buy" rating to a "hold" rating in a research report on Sunday, September 21st. Six research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $279.31.

Insider Buying and Selling

In other news, CEO Susan Patricia Griffith sold 30,660 shares of the company's stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $242.12, for a total value of $7,423,399.20. Following the transaction, the chief executive officer owned 506,945 shares of the company's stock, valued at approximately $122,741,523.40. This represents a 5.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Karen Bailo sold 8,922 shares of the company's stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $249.24, for a total value of $2,223,719.28. Following the completion of the transaction, the insider directly owned 32,346 shares in the company, valued at $8,061,917.04. The trade was a 21.62% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 130,045 shares of company stock valued at $31,997,390 in the last ninety days. 0.33% of the stock is currently owned by company insiders.

Progressive Price Performance

Shares of NYSE PGR opened at $243.46 on Monday. The business's 50 day moving average price is $245.34 and its two-hundred day moving average price is $261.91. The company has a market cap of $142.72 billion, a PE ratio of 13.72, a price-to-earnings-growth ratio of 1.36 and a beta of 0.32. 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 Progressive Corporation has a twelve month low of $228.54 and a twelve month high of $292.99.

Progressive (NYSE:PGR - Get Free Report) last announced its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share for the quarter, topping analysts' consensus estimates of $4.43 by $0.45. Progressive had a return on equity of 35.37% and a net margin of 12.66%.The firm had revenue of $20.08 billion for the quarter, compared to the consensus estimate of $20.39 billion. During the same quarter in the previous year, the business earned $2.48 earnings per share. The business's revenue was up 12.1% compared to the same quarter last year. On average, analysts predict that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Announces Dividend

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