JPMorgan Chase & Co. Boosts Stake in The Progressive Co. (NYSE:PGR)

JPMorgan Chase & Co. grew its stake in The Progressive Co. (NYSE:PGR) by 3.2% during the first quarter, HoldingsChannel reports. The fund owned 17,366,711 shares of the insurance provider’s stock after acquiring an additional 540,825 shares during the quarter. JPMorgan Chase & Co.’s holdings in The Progressive were worth $1,660,429,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PGR. MACRO Consulting Group boosted its stake in The Progressive by 0.5% in the first quarter. MACRO Consulting Group now owns 20,202 shares of the insurance provider’s stock valued at $1,932,000 after acquiring an additional 110 shares in the last quarter. Evolution Wealth Advisors LLC boosted its position in shares of The Progressive by 55.2% in the 1st quarter. Evolution Wealth Advisors LLC now owns 312 shares of the insurance provider’s stock worth $30,000 after purchasing an additional 111 shares in the last quarter. Oxford Financial Group Ltd. grew its stake in The Progressive by 1.0% during the 1st quarter. Oxford Financial Group Ltd. now owns 11,211 shares of the insurance provider’s stock worth $1,072,000 after buying an additional 113 shares during the last quarter. Mather Group LLC. increased its position in The Progressive by 1.0% during the 4th quarter. Mather Group LLC. now owns 11,780 shares of the insurance provider’s stock valued at $1,165,000 after buying an additional 117 shares in the last quarter. Finally, WealthStone Inc. raised its stake in The Progressive by 4.8% in the fourth quarter. WealthStone Inc. now owns 2,607 shares of the insurance provider’s stock valued at $258,000 after buying an additional 119 shares during the last quarter. 81.01% of the stock is owned by hedge funds and other institutional investors.

PGR has been the topic of several recent analyst reports. Raymond James restated an “outperform” rating and set a $115.00 price objective on shares of The Progressive in a report on Monday, April 26th. Morgan Stanley cut shares of The Progressive from an “equal weight” rating to an “underweight” rating and decreased their price target for the stock from $90.00 to $85.00 in a report on Monday. Finally, Edward Jones raised shares of The Progressive from a “hold” rating to a “buy” rating in a report on Thursday, March 18th. Five research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $96.31.

In other news, CFO John P. Sauerland sold 12,000 shares of the company’s stock in a transaction that occurred on Thursday, March 18th. The stock was sold at an average price of $91.40, for a total transaction of $1,096,800.00. Following the completion of the transaction, the chief financial officer now directly owns 332,721 shares of the company’s stock, valued at approximately $30,410,699.40. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Steven Broz sold 1,245 shares of the company’s stock in a transaction on Tuesday, May 4th. The stock was sold at an average price of $102.31, for a total transaction of $127,375.95. Following the transaction, the insider now owns 31,319 shares of the company’s stock, valued at $3,204,246.89. The disclosure for this sale can be found here. Insiders have sold 14,488 shares of company stock worth $1,343,380 over the last three months. 0.37% of the stock is currently owned by insiders.

Shares of NYSE PGR traded down $0.16 during trading on Friday, reaching $93.86. 15,546 shares of the company traded hands, compared to its average volume of 2,850,275. The firm has a market cap of $54.92 billion, a PE ratio of 8.56, a P/E/G ratio of 2.45 and a beta of 0.46. The company has a fifty day moving average price of $100.05. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.38 and a current ratio of 0.38. The Progressive Co. has a 12-month low of $75.00 and a 12-month high of $107.58.

The Progressive (NYSE:PGR) last announced its quarterly earnings results on Tuesday, May 4th. The insurance provider reported $1.72 earnings per share for the quarter, meeting the consensus estimate of $1.72. The Progressive had a return on equity of 25.38% and a net margin of 14.50%. As a group, equities analysts expect that The Progressive Co. will post 5.97 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 15th. Investors of record on Wednesday, July 7th will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.43%. The ex-dividend date is Tuesday, July 6th. The Progressive’s dividend payout ratio is currently 5.35%.

The Progressive Company Profile

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, 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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Institutional Ownership by Quarter for The Progressive (NYSE:PGR)

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