Artemis Investment Management LLP grew its position in shares of Progressive Corp (NYSE:PGR) by 20.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 898,361 shares of the insurance provider’s stock after buying an additional 153,497 shares during the period. Progressive accounts for 0.9% of Artemis Investment Management LLP’s investment portfolio, making the stock its 26th largest position. Artemis Investment Management LLP owned about 0.15% of Progressive worth $69,286,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Nuveen Asset Management LLC lifted its holdings in Progressive by 22,404.6% during the 2nd quarter. Nuveen Asset Management LLC now owns 3,549,648 shares of the insurance provider’s stock worth $283,723,000 after purchasing an additional 3,533,875 shares in the last quarter. Amundi Pioneer Asset Management Inc. lifted its holdings in Progressive by 106.0% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 5,112,626 shares of the insurance provider’s stock worth $368,569,000 after purchasing an additional 2,631,367 shares in the last quarter. Invesco Ltd. lifted its holdings in Progressive by 80.9% during the 2nd quarter. Invesco Ltd. now owns 5,531,946 shares of the insurance provider’s stock worth $442,168,000 after purchasing an additional 2,474,735 shares in the last quarter. MUFG Securities EMEA plc lifted its holdings in Progressive by 317.9% during the 2nd quarter. MUFG Securities EMEA plc now owns 1,520,000 shares of the insurance provider’s stock worth $121,494,000 after purchasing an additional 1,156,268 shares in the last quarter. Finally, Vanguard Group Inc. lifted its holdings in Progressive by 1.3% during the 2nd quarter. Vanguard Group Inc. now owns 47,282,236 shares of the insurance provider’s stock worth $3,779,270,000 after purchasing an additional 608,886 shares in the last quarter. 78.76% of the stock is currently owned by hedge funds and other institutional investors.
In related news, CEO Susan Patricia Griffith sold 22,500 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $76.47, for a total transaction of $1,720,575.00. Following the transaction, the chief executive officer now owns 352,795 shares of the company’s stock, valued at $26,978,233.65. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO John P. Sauerland sold 12,000 shares of the business’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $77.58, for a total transaction of $930,960.00. The disclosure for this sale can be found here. Insiders have sold 46,500 shares of company stock worth $3,624,855 in the last ninety days. 0.39% of the stock is currently owned by insiders.
A number of analysts recently issued reports on the company. Janney Montgomery Scott assumed coverage on Progressive in a report on Thursday, June 20th. They set a “neutral” rating and a $59.00 price objective on the stock. Barclays set a $90.00 target price on Progressive and gave the stock a “buy” rating in a research note on Friday, September 13th. Wells Fargo & Co set a $78.00 target price on Progressive and gave the stock a “hold” rating in a research note on Friday, September 13th. Raymond James set a $93.00 target price on Progressive and gave the stock a “buy” rating in a research note on Thursday, September 26th. Finally, B. Riley upped their target price on Progressive from $89.00 to $96.00 and gave the stock a “buy” rating in a research note on Thursday, June 13th. Six equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $83.27.
Shares of NYSE:PGR traded up $0.19 during trading on Thursday, reaching $75.20. The stock had a trading volume of 49,069 shares, compared to its average volume of 3,806,031. Progressive Corp has a 52 week low of $56.71 and a 52 week high of $84.96. The firm has a market capitalization of $44.29 billion, a price-to-earnings ratio of 17.00, a P/E/G ratio of 1.91 and a beta of 0.68. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.34. The stock has a fifty day simple moving average of $75.84 and a two-hundred day simple moving average of $77.68.
Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, July 17th. The insurance provider reported $1.66 EPS for the quarter, beating the Zacks’ 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 company had revenue of $9.13 billion for the quarter, compared to analyst estimates of $9.13 billion. During the same quarter last year, the firm posted $1.19 earnings per share. The company’s quarterly revenue was up 12.7% compared to the same quarter last year. On average, analysts forecast that Progressive Corp will post 5.4 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, October 7th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.53%. The ex-dividend date is Friday, October 4th. Progressive’s dividend payout ratio (DPR) is currently 9.05%.
Progressive Company Profile
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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