Schwab Charles Investment Management Inc. grew its position in shares of Progressive Corp (NYSE:PGR) by 1.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,188,540 shares of the insurance provider’s stock after buying an additional 28,149 shares during the period. Schwab Charles Investment Management Inc.’s holdings in Progressive were worth $129,453,000 at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of PGR. HL Financial Services LLC raised its holdings in Progressive by 2.7% in the 1st quarter. HL Financial Services LLC now owns 2,022,536 shares of the insurance provider’s stock valued at $123,233,000 after acquiring an additional 53,403 shares during the last quarter. Hennessy Advisors Inc. acquired a new stake in Progressive in the 1st quarter valued at about $5,670,000. Daiwa Securities Group Inc. raised its holdings in Progressive by 8.6% in the 1st quarter. Daiwa Securities Group Inc. now owns 19,627 shares of the insurance provider’s stock valued at $1,196,000 after acquiring an additional 1,549 shares during the last quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH acquired a new stake in Progressive in the 1st quarter valued at about $512,000. Finally, Villere ST Denis J & Co. LLC acquired a new stake in Progressive in the 1st quarter valued at about $83,910,000. Hedge funds and other institutional investors own 79.99% of the company’s stock.
In related news, insider John Jo Murphy sold 7,503 shares of Progressive stock in a transaction that occurred on Wednesday, July 18th. The shares were sold at an average price of $60.28, for a total value of $452,280.84. Following the completion of the sale, the insider now owns 41,722 shares in the company, valued at approximately $2,515,002.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO John P. Sauerland sold 12,000 shares of Progressive stock in a transaction that occurred on Wednesday, July 18th. The shares were sold at an average price of $59.33, for a total transaction of $711,960.00. Following the completion of the sale, the chief financial officer now owns 455,377 shares of the company’s stock, valued at approximately $27,017,517.41. The disclosure for this sale can be found here. Insiders sold a total of 31,503 shares of company stock valued at $1,913,041 in the last quarter. 0.70% of the stock is owned by insiders.
Shares of NYSE PGR opened at $66.28 on Monday. The company has a market cap of $36.37 billion, a PE ratio of 25.20, a PEG ratio of 1.94 and a beta of 0.68. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.43 and a quick ratio of 0.43. Progressive Corp has a 1 year low of $43.59 and a 1 year high of $66.42.
Progressive (NYSE:PGR) last announced its quarterly earnings results on Tuesday, July 17th. The insurance provider reported $1.19 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.08 by $0.11. Progressive had a net margin of 7.57% and a return on equity of 21.84%. The business had revenue of $8.10 billion during the quarter, compared to the consensus estimate of $8.01 billion. During the same quarter last year, the firm earned $0.63 EPS. The business’s revenue was up 20.0% compared to the same quarter last year. sell-side analysts expect that Progressive Corp will post 4.39 EPS for the current fiscal year.
A number of analysts have commented on the stock. Argus upgraded shares of Progressive from a “hold” rating to a “buy” rating and set a $68.00 price objective for the company in a report on Friday, July 27th. Citigroup raised their price target on shares of Progressive from $63.00 to $65.00 and gave the stock a “neutral” rating in a report on Thursday. B. Riley raised their price target on shares of Progressive from $60.00 to $68.00 and gave the stock a “neutral” rating in a report on Tuesday, August 7th. MKM Partners raised their price target on shares of Progressive to $75.00 and gave the stock a “buy” rating in a report on Tuesday, May 22nd. Finally, Wells Fargo & Co restated a “hold” rating and set a $64.00 price target on shares of Progressive in a report on Wednesday, August 15th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $62.36.
Progressive Company Profile
The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.
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