Wealthfront Advisers LLC boosted its position in The Progressive Corporation (NYSE:PGR - Free Report) by 2.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 83,654 shares of the insurance provider's stock after buying an additional 2,122 shares during the period. Wealthfront Advisers LLC's holdings in Progressive were worth $23,675,000 at the end of the most recent quarter.
A number of other institutional investors have also added to or reduced their stakes in the company. Whittier Trust Co. of Nevada Inc. lifted its stake in shares of Progressive by 10.0% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 15,761 shares of the insurance provider's stock valued at $4,460,000 after buying an additional 1,439 shares in the last quarter. Lord & Richards Wealth Management LLC raised its holdings in shares of Progressive by 107.4% in the 1st quarter. Lord & Richards Wealth Management LLC now owns 4,429 shares of the insurance provider's stock worth $1,253,000 after acquiring an additional 2,294 shares during the last quarter. Leo Wealth LLC lifted its position in Progressive by 24.2% in the 1st quarter. Leo Wealth LLC now owns 3,528 shares of the insurance provider's stock valued at $998,000 after acquiring an additional 688 shares in the last quarter. Dakota Wealth Management boosted its stake in Progressive by 1.1% during the 1st quarter. Dakota Wealth Management now owns 127,658 shares of the insurance provider's stock valued at $36,128,000 after purchasing an additional 1,388 shares during the last quarter. Finally, Asahi Life Asset Management CO. LTD. increased its holdings in Progressive by 95.9% during the 1st quarter. Asahi Life Asset Management CO. LTD. now owns 2,155 shares of the insurance provider's stock worth $610,000 after purchasing an additional 1,055 shares in the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.
Insider Activity at Progressive
In other Progressive news, Director Dyke Kahina Van sold 2,490 shares of the company's stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $277.67, for a total value of $691,398.30. Following the transaction, the director directly owned 12,429 shares in the company, valued at $3,451,160.43. This represents a 16.69% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Stuart B. Burgdoerfer sold 3,681 shares of Progressive stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $260.43, for a total value of $958,642.83. Following the sale, the director owned 12,217 shares of the company's stock, valued at approximately $3,181,673.31. This trade represents a 23.15% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 42,705 shares of company stock valued at $11,450,948 in the last quarter. 0.33% of the stock is currently owned by company insiders.
Wall Street Analyst Weigh In
PGR has been the topic of a number of recent research reports. Jefferies Financial Group dropped their target price on Progressive from $327.00 to $319.00 and set a "buy" rating on the stock in a report on Friday, April 11th. Bank of America raised shares of Progressive from a "neutral" rating to a "buy" rating and set a $312.00 price objective on the stock in a report on Monday, April 28th. BMO Capital Markets increased their target price on shares of Progressive from $282.00 to $288.00 and gave the company an "outperform" rating in a report on Thursday, April 17th. Wall Street Zen raised shares of Progressive from a "hold" rating to a "buy" rating in a research report on Saturday, June 21st. Finally, JPMorgan Chase & Co. upped their price objective on shares of Progressive from $267.00 to $287.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 8th. Eight research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $284.82.
Read Our Latest Research Report on PGR
Progressive Stock Performance
NYSE PGR opened at $247.46 on Tuesday. The firm has a market cap of $145.06 billion, a P/E ratio of 16.69, a price-to-earnings-growth ratio of 1.54 and a beta of 0.37. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.24. The company's 50 day moving average is $270.81 and its 200-day moving average is $265.93. The Progressive Corporation has a 12-month low of $208.13 and a 12-month high of $292.99.
Progressive (NYSE:PGR - Get Free Report) last posted its earnings results on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.28 by $0.37. The firm had revenue of $22.21 billion for the quarter, compared to the consensus estimate of $21.87 billion. Progressive had a return on equity of 33.50% and a net margin of 11.10%. Sell-side analysts predict that The Progressive Corporation will post 14.68 earnings per share for the current year.
Progressive Dividend Announcement
The business also recently announced a dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, July 4th were issued a dividend of $0.10 per share. This represents a yield of 0.15%. The ex-dividend date was Thursday, July 3rd. Progressive's payout ratio is presently 2.70%.
Progressive Profile
(
Free Report)
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.
Further Reading
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