SG Americas Securities LLC reduced its position in The Progressive Corporation (NYSE:PGR – Free Report) by 0.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,133,726 shares of the insurance provider’s stock after selling 7,015 shares during the period. SG Americas Securities LLC’s holdings in Progressive were worth $224,750,000 as of its most recent SEC filing.
A number of other large investors have also made changes to their positions in PGR. Brighton Jones LLC grew its position in Progressive by 15.6% during the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock worth $813,000 after purchasing an additional 457 shares in the last quarter. Revolve Wealth Partners LLC purchased a new stake in shares of Progressive in the fourth quarter valued at $269,000. Bison Wealth LLC lifted its holdings in shares of Progressive by 3.2% in the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock valued at $615,000 after purchasing an additional 80 shares in the last quarter. HUB Investment Partners LLC boosted its position in shares of Progressive by 7.8% in the second quarter. HUB Investment Partners LLC now owns 2,282 shares of the insurance provider’s stock worth $609,000 after buying an additional 166 shares during the period. Finally, Diversify Wealth Management LLC boosted its position in shares of Progressive by 12.0% in the second quarter. Diversify Wealth Management LLC now owns 15,146 shares of the insurance provider’s stock worth $3,681,000 after buying an additional 1,622 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.
Analyst Upgrades and Downgrades
PGR has been the topic of several recent analyst reports. Bank of America dropped their price target on Progressive from $331.00 to $313.00 and set a “buy” rating on the stock in a research report on Thursday. BMO Capital Markets restated a “market perform” rating and set a $220.00 price objective on shares of Progressive in a research report on Wednesday, May 20th. Evercore reaffirmed a “negative” rating on shares of Progressive in a research note on Wednesday, March 18th. Royal Bank Of Canada set a $208.00 target price on Progressive in a report on Friday, May 22nd. Finally, Weiss Ratings lowered shares of Progressive from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, May 6th. Six analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, Progressive presently has a consensus rating of “Hold” and an average target price of $237.58.
Progressive Price Performance
NYSE PGR opened at $204.42 on Monday. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $119.45 billion, a PE ratio of 10.39, a price-to-earnings-growth ratio of 6.31 and a beta of 0.28. The company has a 50 day moving average price of $200.01 and a two-hundred day moving average price of $207.09. The Progressive Corporation has a 12-month low of $189.20 and a 12-month high of $267.92.
Progressive (NYSE:PGR – Get Free Report) last posted its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 EPS 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 company had revenue of $22.19 billion during the quarter, compared to the consensus estimate of $23.51 billion. During the same period in the previous year, the firm posted $4.37 earnings per share. The company’s revenue for the quarter was up 6.5% compared to the same quarter last year. As a group, equities analysts predict that The Progressive Corporation will post 16.82 earnings per share for the current fiscal year.
Progressive Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Thursday, July 2nd will be issued a $0.10 dividend. The ex-dividend date is Thursday, July 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive’s dividend payout ratio is currently 2.03%.
Key Stories Impacting Progressive
Here are the key news stories impacting Progressive this week:
- 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)
Insiders Place Their Bets
In other Progressive news, insider Steven Broz sold 1,157 shares of the stock in a transaction on Friday, June 5th. The shares were sold at an average price of $200.00, for a total transaction of $231,400.00. Following the transaction, the insider directly owned 28,668 shares of the company’s stock, valued at $5,733,600. This represents a 3.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider John Jo Murphy sold 5,916 shares of the firm’s stock in a transaction dated 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 transaction, the insider owned 41,290 shares in the company, valued at approximately $8,258,000. This trade represents a 12.53% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.32% of the company’s stock.
About Progressive
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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