S&G Foundation acquired a new stake in The Progressive Corporation (NYSE:PGR – Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 86,200 shares of the insurance provider’s stock, valued at approximately $18,830,000. Progressive makes up 0.9% of S&G Foundation’s portfolio, making the stock its 12th biggest position.
Several other institutional investors have also recently added to or reduced their stakes in PGR. Meeder Asset Management Inc. purchased a new position in Progressive in the 2nd quarter valued at about $26,000. Bard Associates Inc. acquired a new position in shares of Progressive in the fourth quarter valued at approximately $27,000. IMG Wealth Management Inc. purchased a new position in shares of Progressive during the second quarter valued at approximately $26,000. Bogart Wealth LLC boosted its position in Progressive by 235.1% during the first quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider’s stock worth $25,000 after acquiring an additional 87 shares during the last quarter. Finally, Kilter Group LLC purchased a new stake in Progressive in the 2nd quarter worth approximately $27,000. Institutional investors and hedge funds own 85.34% of the company’s stock.
Insider Buying and Selling at Progressive
In other news, insider John Jo Murphy sold 8,124 shares of the company’s stock in a transaction on Monday, July 27th. The shares were sold at an average price of $212.70, for a total value of $1,727,974.80. Following the completion of the transaction, the insider directly owned 41,291 shares in the company, valued at approximately $8,782,595.70. This represents a 16.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Susan Patricia Griffith sold 37,338 shares of the company’s stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $212.71, for a total transaction of $7,942,165.98. Following the completion of the transaction, the chief executive officer directly owned 522,776 shares of the company’s stock, valued at approximately $111,199,682.96. The trade was a 6.67% 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. In the last quarter, insiders sold 82,224 shares of company stock valued at $17,416,438. 0.32% of the stock is owned by company insiders.
Progressive Price Performance
Progressive (NYSE:PGR – Get Free Report) last announced its earnings results on Wednesday, July 15th. The insurance provider reported $5.67 EPS for the quarter, beating the consensus estimate of $4.64 by $1.03. The business had revenue of $23.61 billion for the quarter, compared to the consensus estimate of $19.49 billion. Progressive had a return on equity of 32.92% and a net margin of 12.84%.The company’s revenue was up 5.0% on a year-over-year basis. During the same period last year, the business posted $5.40 EPS. On average, equities analysts anticipate that The Progressive Corporation will post 17.71 EPS for the current fiscal year.
Progressive Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Thursday, October 1st will be paid a dividend of $0.10 per share. The ex-dividend date is Thursday, October 1st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive’s dividend payout ratio (DPR) is currently 2.01%.
Wall Street Analysts Forecast Growth
Several research firms have recently issued reports on PGR. JPMorgan Chase & Co. decreased their price objective on Progressive from $250.00 to $241.00 and set a “neutral” rating on the stock in a report on Tuesday, August 4th. Keefe, Bruyette & Woods upgraded Progressive from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $226.00 to $250.00 in a report on Thursday. HSBC lifted their target price on Progressive from $214.00 to $221.00 and gave the company a “hold” rating in a report on Monday, July 6th. Wells Fargo & Company upped their price target on Progressive from $198.00 to $201.00 and gave the stock an “underweight” rating in a research note on Thursday. Finally, Morgan Stanley raised Progressive from an “underweight” rating to an “equal weight” rating and lifted their price objective for the company from $190.00 to $210.00 in a research note on Friday, July 24th. Seven equities research 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 currently has a consensus rating of “Hold” and a consensus target price of $236.05.
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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