Y Intercept Hong Kong Ltd Has $2.83 Million Holdings in The Progressive Corporation (NYSE:PGR)

Y Intercept Hong Kong Ltd lifted its holdings in The Progressive Corporation (NYSE:PGR - Free Report) by 14.8% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 9,999 shares of the insurance provider's stock after acquiring an additional 1,290 shares during the period. Y Intercept Hong Kong Ltd's holdings in Progressive were worth $2,830,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of the business. Highline Wealth Partners LLC lifted its position in Progressive by 114.0% during the first quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock worth $26,000 after purchasing an additional 49 shares during the period. TruNorth Capital Management LLC raised its stake in Progressive by 210.0% during the first 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. HWG Holdings LP acquired a new position in Progressive during the first quarter worth about $28,000. Minot DeBlois Advisors LLC acquired a new position in Progressive during the fourth quarter worth about $28,000. Finally, Garde Capital Inc. acquired a new position in Progressive during the first quarter worth about $33,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Stock Performance

Progressive stock opened at $247.26 on Wednesday. The company has a quick ratio of 0.29, a current ratio of 0.34 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $144.95 billion, a PE ratio of 13.93, a P/E/G ratio of 1.48 and a beta of 0.37. The firm has a fifty day simple moving average of $267.67 and a two-hundred day simple moving average of $266.09. The Progressive Corporation has a twelve month low of $208.13 and a twelve month high of $292.99.

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

Progressive Dividend Announcement

The firm also recently declared a dividend, which was paid on Friday, July 11th. Investors of record on Friday, July 4th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, July 3rd. This represents a yield of 0.15%. Progressive's dividend payout ratio (DPR) is currently 2.25%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on PGR. Morgan Stanley reduced their price target on Progressive from $290.00 to $280.00 and set an "equal weight" rating on the stock in a report on Monday, July 14th. Keefe, Bruyette & Woods reduced their price target on Progressive from $290.00 to $268.00 and set a "market perform" rating on the stock in a report on Thursday, July 17th. UBS Group reduced their price target on Progressive from $280.00 to $268.00 and set a "neutral" rating on the stock in a report on Monday. Bank of America reduced their price target on Progressive from $337.00 to $336.00 and set a "buy" rating on the stock in a report on Thursday, July 17th. Finally, Barclays cut their price objective on Progressive from $297.00 to $287.00 and set an "equal weight" rating on the stock in a research note on Monday, July 7th. Nine research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $286.88.

Insider Buying and Selling at Progressive

In related news, CFO John P. Sauerland sold 10,000 shares of the stock in a transaction that occurred on Monday, June 30th. The shares were sold at an average price of $263.79, for a total value of $2,637,900.00. Following the completion of the sale, the chief financial officer directly owned 228,024 shares of the company's stock, valued at approximately $60,150,450.96. This represents a 4.20% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Stuart B. Burgdoerfer sold 3,681 shares of the company's stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $260.43, for a total value of $958,642.83. Following the completion of the transaction, the director owned 12,217 shares of the company's stock, valued at $3,181,673.31. The trade was a 23.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 43,972 shares of company stock worth $11,764,581 in the last 90 days. Insiders own 0.33% of the company's stock.

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.

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