QRG Capital Management Inc. increased its stake in The Progressive Corporation (NYSE:PGR – Free Report) by 14.1% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 72,161 shares of the insurance provider’s stock after acquiring an additional 8,938 shares during the quarter. QRG Capital Management Inc.’s holdings in Progressive were worth $14,305,000 at the end of the most recent quarter.
Several other institutional investors have also made changes to their positions in PGR. Norges Bank acquired a new stake in Progressive during the 4th quarter valued at $1,836,094,000. Capital International Investors increased its position in Progressive by 78.9% in the 3rd quarter. Capital International Investors now owns 13,704,197 shares of the insurance provider’s stock worth $3,384,082,000 after purchasing an additional 6,045,732 shares during the last quarter. Wellington Management Group LLP raised its position 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 valued at $1,481,615,000 after acquiring an additional 4,197,212 shares in the last quarter. Diamant Asset Management Inc. raised its holdings in shares of Progressive by 19,724.0% during the 1st quarter. Diamant Asset Management Inc. now owns 4,068,876 shares of the insurance provider’s stock valued at $806,614,000 after purchasing an additional 4,048,351 shares in the last quarter. Finally, Capital Research Global Investors raised its holdings in Progressive by 26.1% during 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. 85.34% of the stock is owned by hedge funds and other institutional investors.
Insider Buying and Selling at Progressive
In other news, insider John Jo Murphy sold 5,916 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the insider owned 41,290 shares in the company, valued at $8,258,000. This represents a 12.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeffrey D. Kelly sold 7,000 shares of the company’s stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $216.33, for a total transaction of $1,514,310.00. Following the completion of the transaction, the director directly owned 22,546 shares of the company’s stock, valued at approximately $4,877,376.18. The trade was a 23.69% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 15,230 shares of company stock valued at $3,165,817. 0.32% of the stock is currently owned by corporate insiders.
Progressive Stock Performance
Progressive (NYSE:PGR – Get Free Report) last released its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, topping analysts’ consensus estimates of $4.67 by $0.13. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The firm had revenue of $22.19 billion during the quarter, compared to analyst estimates of $23.51 billion. During the same quarter in the previous year, the business earned $4.37 EPS. The business’s quarterly revenue was up 6.5% compared to the same quarter last year. Equities analysts anticipate that The Progressive Corporation will post 17.12 earnings per share for the current year.
Progressive Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Thursday, July 2nd will be given a $0.10 dividend. The ex-dividend date is Thursday, July 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive’s dividend payout ratio is currently 2.03%.
Analysts Set New Price Targets
PGR has been the topic of a number of recent analyst reports. Barclays set a $247.00 price target on shares of Progressive in a research report on Wednesday, March 18th. Wells Fargo & Company cut Progressive from an “equal weight” rating to an “underweight” rating and set a $205.00 price target for the company. in a report on Monday, June 29th. UBS Group increased their price objective on shares of Progressive from $220.00 to $230.00 and gave the company a “neutral” rating in a research note on Tuesday. Bank of America cut their target price on Progressive from $331.00 to $313.00 and set a “buy” rating for the company in a research report on Thursday, June 18th. Finally, Jefferies Financial Group cut their price target on shares of Progressive from $216.00 to $215.00 and set a “hold” rating for the company in a report on Tuesday, March 24th. Six analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, Progressive has a consensus rating of “Hold” and an average price target of $237.37.
Get Our Latest Analysis on Progressive
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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