Vident Advisory LLC Has $33.13 Million Holdings in The Progressive Corporation $PGR

Key Points

• Vident Advisory LLC increased its holdings in The Progressive Corporation by 36.0%, now owning 117,072 shares valued at $33.13 million.
• Progressive's recent earnings report showed earnings per share of $4.88, exceeding expectations, although revenue was below estimates at $20.08 billion.
• The company will pay a quarterly dividend of $0.10 per share on October 10th, with a 0.2% dividend yield.

Vident Advisory LLC lifted its stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 36.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 117,072 shares of the insurance provider's stock after acquiring an additional 30,964 shares during the quarter. Vident Advisory LLC's holdings in Progressive were worth $33,133,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Highline Wealth Partners LLC boosted its stake in shares of Progressive by 114.0% during 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 stake in shares of Progressive by 210.0% during the 1st quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider's stock worth $26,000 after acquiring an additional 63 shares in the last quarter. Minot DeBlois Advisors LLC acquired a new stake in shares of Progressive in the fourth quarter worth $28,000. HWG Holdings LP acquired a new stake in shares of Progressive in the first quarter worth $28,000. Finally, Garde Capital Inc. acquired a new stake in shares of Progressive in the first quarter worth $33,000. 85.34% of the stock is owned by institutional investors.

Insider Activity

In related news, CFO John P. Sauerland sold 16,664 shares of the business's stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $249.24, for a total transaction of $4,153,335.36. Following the transaction, the chief financial officer directly owned 228,024 shares in the company, valued at $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 available at this link. Also, CEO Susan Patricia Griffith sold 30,660 shares of the business's stock in a transaction dated Monday, July 28th. The shares were 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 in the company, valued at $122,741,523.40. This represents a 5.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 108,351 shares of company stock valued at $27,003,746. Corporate insiders own 0.33% of the company's stock.

Progressive Stock Performance

Shares of Progressive stock traded down $1.23 during trading on Tuesday, reaching $245.83. The company's stock had a trading volume of 2,353,054 shares, compared to its average volume of 3,222,655. The Progressive Corporation has a one year low of $228.54 and a one year high of $292.99. 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 cap of $144.11 billion, a price-to-earnings ratio of 13.85, a price-to-earnings-growth ratio of 1.44 and a beta of 0.32. The business's fifty day moving average price is $249.30 and its 200-day moving average price is $266.09.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share (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 firm had revenue of $20.08 billion for the quarter, compared to analyst estimates of $20.39 billion. During the same period in the previous year, the company posted $2.48 earnings per share. The company's quarterly revenue was up 12.1% compared to the same quarter last year. As a group, equities research analysts predict that The Progressive Corporation will post 14.68 earnings per share for the current 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 annualized dividend and a yield of 0.2%. The ex-dividend date is Thursday, October 2nd. Progressive's payout ratio is currently 2.25%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Keefe, Bruyette & Woods reduced their price objective on Progressive from $290.00 to $268.00 and set a "market perform" rating for the company in a research report on Thursday, July 17th. Jefferies Financial Group reduced their price objective on Progressive from $309.00 to $287.00 and set a "buy" rating for the company in a research report on Monday, August 11th. BMO Capital Markets reduced their price objective on Progressive from $281.00 to $279.00 and set an "outperform" rating for the company in a research report on Thursday, August 21st. Barclays reduced their price objective on Progressive from $287.00 to $281.00 and set an "equal weight" rating for the company in a research report on Tuesday, August 19th. Finally, Wall Street Zen cut Progressive from a "buy" rating to a "hold" rating in a research report on Friday, July 18th. Nine research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $284.18.

Progressive 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.