Hsbc Holdings PLC reduced its holdings in The Progressive Corporation (NYSE:PGR – Free Report) by 2.2% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,339,494 shares of the insurance provider’s stock after selling 30,600 shares during the quarter. Hsbc Holdings PLC owned about 0.23% of Progressive worth $265,705,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Klingman & Associates LLC increased its stake in shares of Progressive by 1.7% in the 4th quarter. Klingman & Associates LLC now owns 2,927 shares of the insurance provider’s stock valued at $667,000 after acquiring an additional 48 shares in the last quarter. Revisor Wealth Management LLC boosted its stake in Progressive by 2.7% during the fourth quarter. Revisor Wealth Management LLC now owns 1,902 shares of the insurance provider’s stock worth $395,000 after acquiring an additional 50 shares in the last quarter. Cullen Investment Group LTD. grew its holdings in Progressive by 0.7% in the fourth quarter. Cullen Investment Group LTD. now owns 7,463 shares of the insurance provider’s stock worth $1,606,000 after purchasing an additional 52 shares during the period. Pines Wealth Management LLC grew its holdings in Progressive by 3.9% in the fourth quarter. Pines Wealth Management LLC now owns 1,399 shares of the insurance provider’s stock worth $319,000 after purchasing an additional 52 shares during the period. Finally, Northwestern Mutual Investment Management Company LLC increased its stake in Progressive by 0.3% in the fourth quarter. Northwestern Mutual Investment Management Company LLC now owns 18,736 shares of the insurance provider’s stock valued at $4,267,000 after purchasing an additional 52 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors.
Trending Headlines about 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
Analysts Set New Price Targets
View Our Latest Research Report on PGR
Progressive Trading Up 0.9%
NYSE:PGR opened at $207.73 on Friday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.32 and a quick ratio of 0.27. The Progressive Corporation has a one year low of $189.20 and a one year high of $254.93. The company has a market cap of $121.38 billion, a PE ratio of 10.42, a PEG ratio of 3.91 and a beta of 0.26. The firm has a 50-day moving average of $208.77 and a 200-day moving average of $206.50.
Progressive (NYSE:PGR – Get Free Report) last announced its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share for the quarter, beating the consensus estimate of $4.67 by $0.13. The business had revenue of $22.19 billion for the quarter, compared to analysts’ expectations of $23.51 billion. Progressive had a net margin of 12.84% and a return on equity of 32.92%. The firm’s revenue for the quarter was up 6.5% compared to the same quarter last year. During the same quarter last year, the firm earned $4.37 EPS. As a group, equities research analysts expect that The Progressive Corporation will post 17.38 EPS for the current fiscal year.
Progressive Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, July 10th. Stockholders 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 annualized dividend and a dividend yield of 0.2%. Progressive’s dividend payout ratio is 2.01%.
Insider Activity
In related news, insider John Jo Murphy sold 5,916 shares of the 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 sale, the insider directly owned 41,290 shares of the company’s stock, valued at approximately $8,258,000. This represents a 12.53% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed 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 stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $216.33, for a total value of $1,514,310.00. Following the completion of the sale, the director directly owned 22,546 shares of the company’s stock, valued at $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. Insiders have sold 15,230 shares of company stock worth $3,165,817 over the last 90 days. 0.32% of the stock is currently owned by corporate insiders.
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.
Featured Stories
- Five stocks we like better than Progressive
- Netflix May Be Cheap Enough to Tempt Buyers After Earnings Drop
- Delta vs. United: Which Airline Is Better Built for Higher Fuel Costs?
- The Market Sold Alcoa After Earnings—But It May Be Missing the Real Story
- Why Intuitive Surgical’s Strong Quarter Still Spooked Investors
Want to see what other hedge funds are holding PGR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Progressive Corporation (NYSE:PGR – Free Report).
Receive News & Ratings for Progressive Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Progressive and related companies with MarketBeat.com's FREE daily email newsletter.
