Vise Technologies Inc. Boosts Holdings in The Progressive Corporation $PGR

Key Points

• Vise Technologies Inc. increased its stake in Progressive by 125.2% in the fourth quarter, ending with 16,461 shares valued at about $3.75 million.
• Progressive reported quarterly EPS of $4.80, topping analyst estimates, while revenue rose 6.5% year over year to $22.19 billion despite missing revenue expectations.
• The company declared a quarterly dividend of $0.10 per share and saw mixed analyst sentiment, with a consensus rating of Hold and an average price target of $238.11.

Vise Technologies Inc. boosted its position in The Progressive Corporation (NYSE:PGR - Free Report) by 125.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,461 shares of the insurance provider's stock after purchasing an additional 9,153 shares during the quarter. Vise Technologies Inc.'s holdings in Progressive were worth $3,749,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of PGR. Dagco Inc. purchased a new stake in Progressive in the 4th quarter worth approximately $28,000. Ameriflex Group Inc. lifted its stake in Progressive by 106.6% in the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider's stock worth $31,000 after purchasing an additional 65 shares in the last quarter. Entrust Financial LLC purchased a new stake in Progressive in the 4th quarter worth approximately $33,000. Kingdom Financial Group LLC. purchased a new stake in Progressive in the 4th quarter worth approximately $34,000. Finally, Bangor Savings Bank lifted its stake in Progressive by 60.4% in the 4th quarter. Bangor Savings Bank now owns 154 shares of the insurance provider's stock worth $35,000 after purchasing an additional 58 shares in the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Progressive Trading Up 4.6%

Shares of NYSE PGR opened at $204.27 on Friday. The Progressive Corporation has a 1 year low of $189.20 and a 1 year high of $283.95. The stock has a market cap of $119.37 billion, a P/E ratio of 10.39, a price-to-earnings-growth ratio of 5.66 and a beta of 0.28. The firm has a 50-day moving average of $198.89 and a 200 day moving average of $208.87. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.27 and a quick ratio of 0.27.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.67 by $0.13. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The company had revenue of $22.19 billion during the quarter, compared to analysts' expectations of $23.51 billion. During the same period last year, the company posted $4.37 EPS. Progressive's revenue was up 6.5% on a year-over-year basis. As a group, sell-side analysts expect that The Progressive Corporation will post 16.35 EPS for the current fiscal year.

Progressive Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Thursday, July 2nd will be issued a $0.10 dividend. The ex-dividend date of this dividend is Thursday, July 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive's payout ratio is 2.03%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on PGR. Jefferies Financial Group lowered their price objective on shares of Progressive from $216.00 to $215.00 and set a "hold" rating on the stock in a research report on Tuesday, March 24th. BMO Capital Markets restated a "market perform" rating and set a $220.00 price objective on shares of Progressive in a research report on Wednesday, May 20th. Mizuho lowered their price objective on shares of Progressive from $235.00 to $223.00 and set a "neutral" rating on the stock in a research report on Friday, March 20th. Zacks Research upgraded shares of Progressive from a "strong sell" rating to a "hold" rating in a research report on Tuesday, February 24th. Finally, Wells Fargo & Company raised their price target on shares of Progressive from $218.00 to $222.00 and gave the stock an "equal weight" rating in a report on Thursday, May 21st. Six equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $238.11.

Insider Transactions at Progressive

In other Progressive news, CAO Carl G. Joyce sold 270 shares of Progressive stock in a transaction dated Friday, March 20th. The shares were sold at an average price of $206.50, for a total value of $55,755.00. Following the completion of the transaction, the chief accounting officer directly owned 558 shares of the company's stock, valued at approximately $115,227. The trade was a 32.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.32% of the company's stock.

Progressive Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.

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