Pure Financial Advisors LLC acquired a new position in The Progressive Corporation (NYSE:PGR – Free Report) during the second quarter, HoldingsChannel.com reports. The fund acquired 3,110 shares of the insurance provider’s stock, valued at approximately $679,000.
A number of other hedge funds and other institutional investors have also recently modified their holdings of PGR. BlackRock Inc. acquired a new position in Progressive in the second quarter valued at $10,496,271,000. State Street Corp boosted its position in shares of Progressive by 0.3% during the 3rd quarter. State Street Corp now owns 25,808,762 shares of the insurance provider’s stock valued at $6,373,474,000 after purchasing an additional 78,374 shares in the last quarter. Capital International Investors increased its holdings in Progressive by 8.9% in the fourth quarter. Capital International Investors now owns 14,921,724 shares of the insurance provider’s stock worth $3,398,123,000 after purchasing an additional 1,217,527 shares in the last quarter. Bank of America Corp DE bought a new position in shares of Progressive during the 2nd quarter worth approximately $2,682,342,000. Finally, GQG Partners LLC grew its position in shares of Progressive by 11.7% during the 4th quarter. GQG Partners LLC now owns 10,432,549 shares of the insurance provider’s stock worth $2,375,706,000 after buying an additional 1,092,151 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.
Wall Street Analyst Weigh In
Several brokerages have recently commented on PGR. Royal Bank Of Canada set a $208.00 target price on Progressive in a research note on Friday, May 22nd. JPMorgan Chase & Co. lowered their target price on Progressive from $250.00 to $241.00 and set a “neutral” rating on the stock in a research report on Tuesday, August 4th. The Goldman Sachs Group restated a “buy” rating and set a $230.00 price target on shares of Progressive in a research note on Wednesday, August 19th. Mizuho set a $236.00 price objective on shares of Progressive in a report on Wednesday, August 5th. Finally, William Blair reaffirmed a “market perform” rating on shares of Progressive in a research report on Wednesday, July 15th. Seven investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $236.05.
Progressive Price Performance
Shares of NYSE PGR opened at $222.36 on Thursday. The Progressive Corporation has a twelve month low of $189.20 and a twelve month high of $249.83. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.24. The firm has a market capitalization of $129.27 billion, a P/E ratio of 11.15, a P/E/G ratio of 2.96 and a beta of 0.27. The stock’s 50-day simple moving average is $216.64 and its two-hundred day simple moving average is $207.04.
Progressive (NYSE:PGR – Get Free Report) last issued its quarterly earnings results on Wednesday, July 15th. The insurance provider reported $5.67 EPS for the quarter, beating analysts’ consensus estimates of $4.64 by $1.03. Progressive had a net margin of 12.84% and a return on equity of 32.92%. The business had revenue of $23.61 billion for the quarter, compared to analysts’ expectations of $19.49 billion. During the same period last year, the business earned $5.40 earnings per share. The business’s quarterly revenue was up 5.0% on a year-over-year basis. As a group, equities analysts anticipate that The Progressive Corporation will post 17.74 EPS for the current fiscal year.
Progressive Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Thursday, October 1st will be issued a $0.10 dividend. The ex-dividend date is Thursday, October 1st. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s payout ratio is 2.01%.
Insider Buying and Selling at Progressive
In other Progressive news, insider Lori A. Niederst sold 7,339 shares of the firm’s stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $209.29, for a total transaction of $1,535,979.31. Following the completion of the sale, the insider directly owned 42,567 shares in the company, valued at approximately $8,908,847.43. This trade represents a 14.71% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Karen Bailo sold 8,452 shares of the stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $212.71, for a total transaction of $1,797,824.92. Following the sale, the insider owned 32,348 shares in the company, valued at approximately $6,880,743.08. The trade was a 20.72% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 83,449 shares of company stock worth $17,685,203. 0.32% of the stock is 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.
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