Meadowbrook Advisors Group LLC acquired a new stake in shares of The Progressive Corporation (NYSE:PGR – Free Report) in the 4th quarter, HoldingsChannel.com reports. The institutional investor acquired 10,552 shares of the insurance provider’s stock, valued at approximately $2,403,000. Progressive comprises approximately 1.3% of Meadowbrook Advisors Group LLC’s holdings, making the stock its 19th largest position.
Other institutional investors also recently modified their holdings of the company. Norges Bank bought a new position in shares of Progressive in the 4th quarter worth $1,836,094,000. Capital International Investors increased its stake in Progressive by 78.9% during the 3rd quarter. Capital International Investors now owns 13,704,197 shares of the insurance provider’s stock valued at $3,384,082,000 after purchasing an additional 6,045,732 shares in the last quarter. Wellington Management Group LLP raised its holdings in Progressive by 181.8% during the fourth quarter. Wellington Management Group LLP now owns 6,506,302 shares of the insurance provider’s stock worth $1,481,615,000 after buying an additional 4,197,212 shares during the last quarter. Capital Research Global Investors lifted its stake in shares of Progressive by 26.1% in the third quarter. Capital Research Global Investors now owns 11,167,940 shares of the insurance provider’s stock valued at $2,757,905,000 after buying an additional 2,314,864 shares in the last quarter. Finally, Life Cycle Investment Partners Ltd bought a new position in shares of Progressive in the fourth quarter valued at $353,906,000. 85.34% of the stock is owned by institutional investors and hedge funds.
Insider Buying and Selling
In related news, insider Steven Broz sold 1,157 shares of Progressive stock in a transaction on Friday, June 5th. The stock was sold at an average price of $200.00, for a total transaction of $231,400.00. Following the sale, the insider directly owned 28,668 shares in the company, valued at approximately $5,733,600. This trade represents a 3.88% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider John Jo Murphy sold 5,916 shares of the business’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $200.00, for a total value of $1,183,200.00. Following the completion of the transaction, the insider directly owned 41,290 shares in the company, valued at approximately $8,258,000. This represents a 12.53% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.32% of the stock is owned by insiders.
Key Stories Impacting Progressive
- Positive Sentiment: May results showed stronger earnings momentum, with higher premiums, investment income, and underwriting performance helping drive a 36% year-over-year earnings increase. Progressive’s May Earnings Increase Y/Y on Higher Investment Income
- Positive Sentiment: Bank of America kept a Buy rating on Progressive despite trimming its price target, which still implies meaningful upside from current levels. Progressive price target lowered by Bank of America Corporation
- Positive Sentiment: Keefe, Bruyette & Woods raised its price target for Progressive, signaling continued confidence in the company’s outlook. Progressive price target raised by Keefe, Bruyette & Woods
- Neutral Sentiment: Progressive is getting attention from investors and appears on undervalued-stock screens, but these are more sentiment-driven than company-specific catalysts. 5 Most Undervalued NYSE Stocks to Invest In
- Neutral Sentiment: Analysts remain split on Progressive, with conflicting views highlighting uncertainty around valuation and future earnings durability. Analysts Have Conflicting Sentiments on These Financial Companies: Progressive (PGR) and Open Lending (LPRO)
Progressive Stock Performance
Shares of PGR stock opened at $204.42 on Friday. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.27 and a quick ratio of 0.27. The firm has a 50-day moving average of $200.01 and a 200-day moving average of $207.23. The Progressive Corporation has a one year low of $189.20 and a one year high of $267.92. The company has a market cap of $119.45 billion, a P/E ratio of 10.39, a P/E/G ratio of 5.88 and a beta of 0.28.
Progressive (NYSE:PGR – Get Free Report) last released its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share for the quarter, topping the consensus estimate of $4.67 by $0.13. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The business had revenue of $22.19 billion for the quarter, compared to analysts’ expectations of $23.51 billion. During the same period in the previous year, the company earned $4.37 earnings per share. The firm’s revenue for the quarter was up 6.5% compared to the same quarter last year. Equities research analysts forecast that The Progressive Corporation will post 16.52 EPS for the current fiscal year.
Progressive Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date is Thursday, July 2nd. Progressive’s payout ratio is presently 2.03%.
Analyst Ratings Changes
Several research firms have recently commented on PGR. UBS Group boosted their target price on shares of Progressive from $218.00 to $220.00 and gave the stock a “neutral” rating in a research report on Monday, March 23rd. Weiss Ratings cut shares of Progressive from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, May 6th. Wells Fargo & Company cut their price target on Progressive from $222.00 to $219.00 and set an “equal weight” rating for the company in a research note on Thursday. Barclays set a $247.00 price objective on Progressive in a report on Wednesday, March 18th. Finally, The Goldman Sachs Group reissued a “buy” rating and issued a $225.00 price objective on shares of Progressive in a research note on Monday, February 23rd. Six research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $237.58.
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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