Syverson Strege & Co Purchases New Position in The Progressive Corporation $PGR

Syverson Strege & Co acquired a new position in shares of The Progressive Corporation (NYSE:PGR) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 2,272 shares of the insurance provider’s stock, valued at approximately $606,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PGR. Nuveen LLC purchased a new stake in shares of Progressive during the first quarter valued at approximately $1,473,180,000. GQG Partners LLC boosted its position in Progressive by 61.4% in the 1st quarter. GQG Partners LLC now owns 8,346,133 shares of the insurance provider’s stock valued at $2,362,039,000 after buying an additional 3,174,632 shares during the last quarter. C WorldWide Group Holding A S grew its stake in shares of Progressive by 12,110.3% during the first quarter. C WorldWide Group Holding A S now owns 1,248,628 shares of the insurance provider’s stock valued at $353,374,000 after acquiring an additional 1,238,402 shares in the last quarter. Alliancebernstein L.P. increased its position in shares of Progressive by 15.2% during the first quarter. Alliancebernstein L.P. now owns 8,263,157 shares of the insurance provider’s stock worth $2,338,556,000 after acquiring an additional 1,091,828 shares during the last quarter. Finally, Axiom Investors LLC DE purchased a new position in Progressive in the first quarter valued at about $194,557,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Progressive Stock Down 0.5%

Progressive stock opened at $205.97 on Friday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.31 and a current ratio of 0.32. The company has a 50-day simple moving average of $237.11 and a 200-day simple moving average of $254.16. The firm has a market capitalization of $120.74 billion, a P/E ratio of 11.30, a P/E/G ratio of 1.19 and a beta of 0.32. The Progressive Corporation has a one year low of $205.55 and a one year high of $292.99.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Wednesday, October 15th. The insurance provider reported $4.45 EPS for the quarter, missing the consensus estimate of $5.04 by ($0.59). The firm had revenue of $21.38 billion during the quarter, compared to analyst estimates of $21.64 billion. Progressive had a net margin of 12.57% and a return on equity of 33.88%. During the same quarter in the previous year, the business posted $3.58 EPS. As a group, equities analysts expect that The Progressive Corporation will post 14.68 earnings per share for the current year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Investors of record on Thursday, October 2nd were issued a $0.10 dividend. The ex-dividend date of this dividend was Thursday, October 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s dividend payout ratio is presently 2.19%.

Wall Street Analyst Weigh In

Several analysts recently issued reports on PGR shares. Raymond James Financial cut their price target on shares of Progressive from $305.00 to $265.00 and set an “outperform” rating on the stock in a report on Friday, October 17th. Wolfe Research assumed coverage on shares of Progressive in a research report on Monday, September 15th. They set a “peer perform” rating on the stock. Zacks Research downgraded Progressive from a “strong-buy” rating to a “hold” rating in a report on Friday, October 10th. JPMorgan Chase & Co. lifted their price objective on shares of Progressive from $301.00 to $303.00 and gave the stock an “overweight” rating in a report on Thursday, October 9th. Finally, Jefferies Financial Group dropped their target price on shares of Progressive from $309.00 to $287.00 and set a “buy” rating on the stock in a report on Monday, August 11th. Eight analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $268.90.

Insider Transactions at Progressive

In other news, insider Lori A. Niederst sold 8,063 shares of the stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $250.18, for a total value of $2,017,201.34. Following the completion of the transaction, the insider directly owned 39,040 shares in the company, valued at $9,767,027.20. This trade represents a 17.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Patrick K. Callahan sold 6,420 shares of the stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $242.22, for a total transaction of $1,555,052.40. Following the completion of the transaction, the insider owned 15,192 shares of the company’s stock, valued at $3,679,806.24. This trade represents a 29.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 58,500 shares of company stock worth $14,430,089 over the last ninety days. Insiders own 0.34% of the company’s stock.

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.