Zurcher Kantonalbank Zurich Cantonalbank Purchases 2,293 Shares of The Progressive Corporation (NYSE:PGR)

Key Points

• Zurcher Kantonalbank increased its stake in The Progressive Corporation by 0.7%, now holding approximately 0.06% of the company valued at $91,494,000.
• Several institutional investors, including Accretive Wealth Partners LLC and TD Asset Management Inc, have significantly boosted their holdings in Progressive during the first quarter.
• The Progressive Corporation reported $4.88 earnings per share for the last quarter, exceeding analysts' expectations, while also recently declaring a $0.10 dividend with a yield of 0.15%.

Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 0.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 323,288 shares of the insurance provider's stock after buying an additional 2,293 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned 0.06% of Progressive worth $91,494,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of PGR. GAMMA Investing LLC boosted its holdings in shares of Progressive by 39,285.0% during the 1st quarter. GAMMA Investing LLC now owns 3,046,037 shares of the insurance provider's stock valued at $862,059,000 after buying an additional 3,038,303 shares in the last quarter. Capital Research Global Investors raised its stake in Progressive by 34.3% during the fourth quarter. Capital Research Global Investors now owns 6,058,187 shares of the insurance provider's stock valued at $1,451,602,000 after buying an additional 1,547,677 shares during the last quarter. C WorldWide Group Holding A S grew its stake in shares of Progressive by 12,110.3% in the first quarter. C WorldWide Group Holding A S now owns 1,248,628 shares of the insurance provider's stock worth $353,374,000 after acquiring an additional 1,238,402 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Progressive by 18.1% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,983,567 shares of the insurance provider's stock valued at $1,433,722,000 after acquiring an additional 915,643 shares in the last quarter. Finally, Northern Trust Corp boosted its stake in Progressive by 13.0% in the 4th quarter. Northern Trust Corp now owns 6,179,529 shares of the insurance provider's stock worth $1,480,677,000 after purchasing an additional 710,684 shares in the last quarter. Institutional investors own 85.34% of the company's stock.

Insider Activity

In other news, Director Dyke Kahina Van sold 2,490 shares of the company's stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $277.67, for a total transaction of $691,398.30. Following the sale, the director directly owned 12,429 shares in the company, valued at approximately $3,451,160.43. This represents a 16.69% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John Jo Murphy sold 4,000 shares of the stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $260.38, for a total transaction of $1,041,520.00. Following the completion of the sale, the insider directly owned 41,289 shares in the company, valued at $10,750,829.82. This trade represents a 8.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 33,972 shares of company stock worth $9,078,681. 0.33% of the stock is owned by insiders.

Analyst Ratings Changes

Several brokerages recently weighed in on PGR. BMO Capital Markets reduced their price target on shares of Progressive from $288.00 to $281.00 and set an "outperform" rating for the company in a research report on Friday, July 18th. Jefferies Financial Group decreased their target price on shares of Progressive from $327.00 to $319.00 and set a "buy" rating for the company in a research note on Friday, April 11th. Barclays dropped their price target 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. Wall Street Zen cut Progressive from a "buy" rating to a "hold" rating in a research report on Friday, July 18th. Finally, Wells Fargo & Company raised their target price on Progressive from $328.00 to $333.00 and gave the stock an "overweight" rating in a research report on Friday, June 20th. Nine equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, Progressive presently has a consensus rating of "Moderate Buy" and a consensus price target of $286.88.

Progressive Price Performance

PGR stock traded up $0.11 during mid-day trading on Wednesday, hitting $241.60. The company had a trading volume of 1,116,627 shares, compared to its average volume of 3,267,587. The company has a market capitalization of $141.63 billion, a price-to-earnings ratio of 13.62, a P/E/G ratio of 1.44 and a beta of 0.37. The Progressive Corporation has a 12-month low of $208.13 and a 12-month high of $292.99. 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 50-day moving average price of $262.43 and a 200 day moving average price of $266.14.

Progressive (NYSE:PGR - Get Free Report) last announced its 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. The firm had revenue of $20.08 billion for the quarter, compared to analysts' expectations of $20.39 billion. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The business's revenue was up 12.1% compared to the same quarter last year. During the same period in the prior year, the company earned $2.48 EPS. On average, research analysts anticipate that The Progressive Corporation will post 14.68 earnings per share for the current year.

Progressive Dividend Announcement

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