Vision Retirement LLC lessened its holdings in The Progressive Corporation (NYSE:PGR – Free Report) by 69.9% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,269 shares of the insurance provider’s stock after selling 2,944 shares during the quarter. Vision Retirement LLC’s holdings in Progressive were worth $252,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds have also added to or reduced their stakes in PGR. Vanguard Group Inc. increased its holdings in shares of Progressive by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 55,261,140 shares of the insurance provider’s stock worth $12,584,067,000 after buying an additional 593,612 shares during the period. State Street Corp lifted its stake in shares of Progressive by 0.3% in the 3rd quarter. State Street Corp now owns 25,808,762 shares of the insurance provider’s stock valued at $6,373,474,000 after acquiring an additional 78,374 shares during the last quarter. Capital International Investors boosted its holdings in Progressive by 8.9% during the 4th quarter. Capital International Investors now owns 14,921,724 shares of the insurance provider’s stock valued at $3,398,123,000 after acquiring an additional 1,217,527 shares during the period. GQG Partners LLC grew its position in Progressive by 11.7% during the 4th quarter. GQG Partners LLC now owns 10,432,549 shares of the insurance provider’s stock worth $2,375,706,000 after acquiring an additional 1,092,151 shares during the last quarter. Finally, Norges Bank bought a new position in Progressive during the 4th quarter worth approximately $1,836,094,000. 85.34% of the stock is owned by institutional investors.
Key Stories Impacting Progressive
Here are the key news stories impacting Progressive this week:
- Positive Sentiment: Reuters reported that Progressive’s quarterly profit rose on higher auto insurance demand, reinforcing the view that core underwriting and pricing trends remain healthy. Progressive’s quarterly profit rises on higher auto insurance demand
- Positive Sentiment: Some commentary remains constructive after Q2, noting that Progressive continues to grow policies and remains a leading property and casualty insurer, which may help investor confidence. Progressive Is The P&C Insurer To Hold, After Policies Grow In Q2
- Neutral Sentiment: Bank of America raised its price target to $308 and kept a buy rating, signaling optimism even though the target was trimmed slightly from prior levels. Progressive Given New $308.00 Price Target at Bank of America
- Neutral Sentiment: Other analysts also reduced their forecasts after the mixed Q2 report, but several still view the shares as fairly valued to modestly attractive from current levels. Progressive Analysts Slash Their Forecasts After Q2 Results
- Negative Sentiment: BMO Capital Markets cut its price target to $205 and kept a market perform rating, reflecting a more cautious stance following the earnings release. BMO Capital Markets price target cut
- Negative Sentiment: Keefe, Bruyette & Woods also lowered its target to $226 and maintained a market perform rating, adding to the post-earnings analyst headwinds. KBW price target cut
Progressive Trading Up 0.9%
Progressive (NYSE:PGR – Get Free Report) last issued its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share for the quarter, topping analysts’ consensus estimates of $4.67 by $0.13. Progressive had a return on equity of 32.92% and a net margin of 12.84%.The firm had revenue of $22.19 billion for the quarter, compared to analyst estimates of $23.51 billion. During the same period last year, the company earned $4.37 EPS. The business’s quarterly revenue was up 6.5% compared to the same quarter last year. Analysts predict that The Progressive Corporation will post 17.38 EPS for the current year.
Progressive Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Friday, July 10th. Investors of record on Thursday, July 2nd were paid a $0.10 dividend. The ex-dividend date of this dividend was Thursday, July 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive’s dividend payout ratio (DPR) is presently 2.01%.
Analyst Upgrades and Downgrades
PGR has been the subject of several recent research reports. Wells Fargo & Company lowered their price objective on Progressive from $205.00 to $198.00 and set an “underweight” rating for the company in a research report on Thursday. Mizuho raised their target price on shares of Progressive from $217.00 to $243.00 and gave the stock a “neutral” rating in a report on Thursday, July 9th. Evercore set a $240.00 target price on shares of Progressive in a research note on Friday, July 10th. Jefferies Financial Group decreased their target price on shares of Progressive from $216.00 to $215.00 and set a “hold” rating on the stock in a research note on Tuesday, March 24th. Finally, Keefe, Bruyette & Woods lowered their price target on shares of Progressive from $231.00 to $226.00 and set a “market perform” rating for the company in a report on Thursday. Five equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $235.05.
Get Our Latest Research Report on Progressive
Insider Activity at Progressive
In related news, insider John Jo Murphy sold 5,916 shares of Progressive stock in a transaction on Friday, June 5th. The shares were sold at an average price of $200.00, for a total value of $1,183,200.00. Following the sale, the insider owned 41,290 shares in the company, valued at $8,258,000. The trade was a 12.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeffrey D. Kelly sold 7,000 shares of the business’s stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $216.33, for a total transaction of $1,514,310.00. Following the transaction, the director directly owned 22,546 shares in the company, valued at approximately $4,877,376.18. The trade was a 23.69% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 15,230 shares of company stock worth $3,165,817 over the last quarter. Corporate insiders own 0.32% of the company’s stock.
Progressive Profile
Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.
The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.
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