Bank of New York Mellon Corp Has $1.02 Billion Stock Position in The Progressive Corporation $PGR

Bank of New York Mellon Corp lowered its stake in The Progressive Corporation (NYSE:PGR) by 6.6% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 3,813,472 shares of the insurance provider’s stock after selling 270,410 shares during the period. Bank of New York Mellon Corp owned approximately 0.65% of Progressive worth $1,017,663,000 as of its most recent filing with the SEC.

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

Insider Transactions at Progressive

In other Progressive news, CEO Susan Patricia Griffith sold 30,659 shares of the company’s stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $246.06, for a total value of $7,543,953.54. Following the completion of the transaction, the chief executive officer directly owned 476,286 shares in the company, valued at approximately $117,194,933.16. This represents a 6.05% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Lori A. Niederst sold 8,063 shares of the company’s stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $250.18, for a total transaction of $2,017,201.34. Following the completion of the transaction, the insider owned 39,040 shares of the company’s stock, valued at approximately $9,767,027.20. This trade represents a 17.12% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 58,500 shares of company stock worth $14,430,089. 0.34% of the stock is currently owned by insiders.

Progressive Price Performance

Shares of NYSE:PGR opened at $205.97 on Monday. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.32 and a quick ratio of 0.31. The Progressive Corporation has a one year low of $205.55 and a one year high of $292.99. The firm has a 50 day simple moving average of $237.11 and a 200 day simple moving average of $253.86. The company has a market cap of $120.74 billion, a price-to-earnings ratio of 11.30, a PEG ratio of 1.19 and a beta of 0.32.

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

Progressive Dividend Announcement

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

Analyst Ratings Changes

A number of brokerages have recently weighed in on PGR. Evercore ISI cut their price target on shares of Progressive from $275.00 to $273.00 and set an “in-line” rating for the company in a report on Wednesday, October 1st. Jefferies Financial Group cut their price target on shares of Progressive from $309.00 to $287.00 and set a “buy” rating for the company in a report on Monday, August 11th. Bank of America upped their price target on shares of Progressive from $350.00 to $351.00 and gave the stock a “buy” rating in a report on Thursday, October 16th. Zacks Research downgraded shares of Progressive from a “strong-buy” rating to a “hold” rating in a report on Friday, October 10th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Progressive in a report on Friday. Eight equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $268.90.

Progressive Profile

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.