Synovus Financial Corp boosted its stake in Progressive Corp (NYSE:PGR) by 752.4% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 358 shares of the insurance provider’s stock after buying an additional 316 shares during the quarter. Synovus Financial Corp’s holdings in Progressive were worth $27,000 at the end of the most recent quarter.
A number of other hedge funds also recently added to or reduced their stakes in the business. BlackRock Inc. lifted its position in Progressive by 0.9% in the 1st quarter. BlackRock Inc. now owns 41,390,620 shares of the insurance provider’s stock worth $2,983,849,000 after buying an additional 358,718 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Progressive by 0.7% during the 1st quarter. JPMorgan Chase & Co. now owns 10,367,630 shares of the insurance provider’s stock valued at $747,404,000 after purchasing an additional 72,786 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Progressive by 7.4% during the 4th quarter. Geode Capital Management LLC now owns 7,478,706 shares of the insurance provider’s stock valued at $450,389,000 after purchasing an additional 515,706 shares in the last quarter. Northern Trust Corp raised its holdings in shares of Progressive by 2.6% during the 1st quarter. Northern Trust Corp now owns 7,163,441 shares of the insurance provider’s stock valued at $516,412,000 after purchasing an additional 181,272 shares in the last quarter. Finally, Wells Fargo & Company MN raised its holdings in shares of Progressive by 10.1% during the 2nd quarter. Wells Fargo & Company MN now owns 5,322,162 shares of the insurance provider’s stock valued at $425,401,000 after purchasing an additional 490,369 shares in the last quarter. Institutional investors own 78.56% of the company’s stock.
In related news, insider John Jo Murphy sold 12,000 shares of Progressive stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $81.11, for a total transaction of $973,320.00. Following the completion of the transaction, the insider now directly owns 24,867 shares of the company’s stock, valued at approximately $2,016,962.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Steven Broz sold 3,000 shares of Progressive stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $81.49, for a total transaction of $244,470.00. Following the transaction, the insider now directly owns 15,701 shares of the company’s stock, valued at $1,279,474.49. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 61,500 shares of company stock worth $4,848,885. 0.39% of the stock is owned by company insiders.
PGR has been the topic of a number of recent research reports. ValuEngine downgraded shares of Progressive from a “buy” rating to a “hold” rating in a report on Wednesday, July 17th. Zacks Investment Research lowered shares of Progressive from a “buy” rating to a “hold” rating and set a $84.00 target price on the stock. in a research note on Monday, May 27th. Barclays raised their target price on shares of Progressive from $90.00 to $95.00 and gave the company an “overweight” rating in a research note on Monday, July 1st. Janney Montgomery Scott initiated coverage on shares of Progressive in a research note on Thursday, June 20th. They issued a “neutral” rating and a $59.00 target price on the stock. Finally, Buckingham Research set a $64.00 target price on shares of Progressive and gave the company a “hold” rating in a research note on Monday, May 13th. Six research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $82.92.
Shares of Progressive stock traded up $0.14 during trading on Thursday, hitting $76.40. 114,213 shares of the company’s stock traded hands, compared to its average volume of 2,347,306. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.36 and a quick ratio of 0.36. The firm’s fifty day moving average price is $78.54 and its 200 day moving average price is $77.11. Progressive Corp has a twelve month low of $56.71 and a twelve month high of $84.96. The company has a market cap of $44.21 billion, a PE ratio of 17.30, a PEG ratio of 1.91 and a beta of 0.68.
Progressive (NYSE:PGR) last issued its earnings results on Wednesday, July 17th. The insurance provider reported $1.66 earnings per share for the quarter, beating the consensus estimate of $1.43 by $0.23. Progressive had a net margin of 9.19% and a return on equity of 28.12%. The business had revenue of $9.13 billion for the quarter, compared to analyst estimates of $9.13 billion. During the same period in the previous year, the business earned $1.19 EPS. The firm’s revenue was up 12.7% on a year-over-year basis. As a group, equities research analysts anticipate that Progressive Corp will post 5.4 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, October 7th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Friday, October 4th. This represents a $0.40 annualized dividend and a dividend yield of 0.52%. Progressive’s dividend payout ratio (DPR) is currently 9.05%.
The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.
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