Xact Kapitalforvaltning AB increased its stake in shares of Progressive Corp (NYSE:PGR) by 8.2% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 113,489 shares of the insurance provider’s stock after purchasing an additional 8,594 shares during the period. Xact Kapitalforvaltning AB’s holdings in Progressive were worth $9,071,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently modified their holdings of PGR. First Citizens Bank & Trust Co. increased its position in shares of Progressive by 10.4% during the 2nd quarter. First Citizens Bank & Trust Co. now owns 20,737 shares of the insurance provider’s stock valued at $1,658,000 after purchasing an additional 1,953 shares during the last quarter. Ipswich Investment Management Co. Inc. increased its position in shares of Progressive by 2.0% during the 2nd quarter. Ipswich Investment Management Co. Inc. now owns 52,740 shares of the insurance provider’s stock valued at $4,216,000 after purchasing an additional 1,035 shares during the last quarter. CHURCHILL MANAGEMENT Corp increased its position in shares of Progressive by 2.2% during the 2nd quarter. CHURCHILL MANAGEMENT Corp now owns 162,318 shares of the insurance provider’s stock valued at $12,974,000 after purchasing an additional 3,463 shares during the last quarter. Valeo Financial Advisors LLC grew its position in Progressive by 15.9% during the 2nd quarter. Valeo Financial Advisors LLC now owns 3,312 shares of the insurance provider’s stock worth $265,000 after acquiring an additional 455 shares during the last quarter. Finally, Stonehearth Capital Management LLC bought a new position in Progressive during the 2nd quarter worth approximately $422,000. 79.12% of the stock is currently owned by institutional investors and hedge funds.
Several research firms recently issued reports on PGR. Janney Montgomery Scott began coverage on Progressive in a research report on Thursday, June 20th. They set a “neutral” rating and a $59.00 price target on the stock. Wells Fargo & Co restated a “hold” rating and set a $81.00 price target on shares of Progressive in a research report on Wednesday, July 17th. Credit Suisse Group restated an “underperform” rating on shares of MARKS & SPENCER/S in a research report on Wednesday, April 17th. UBS Group set a $25.00 price target on Macy’s and gave the stock a “hold” rating in a research report on Friday, May 17th. Finally, Zacks Investment Research upgraded GALP ENERGIA SG/ADR from a “sell” rating to a “hold” rating in a research report on Monday, May 27th. Six equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $80.62.
In other Progressive news, insider Steven Broz sold 3,000 shares of Progressive stock in a transaction on Friday, June 14th. The stock was sold at an average price of $81.49, for a total transaction of $244,470.00. Following the completion of the transaction, the insider now owns 15,701 shares in the company, valued at $1,279,474.49. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO John P. Sauerland sold 12,000 shares of Progressive stock in a transaction on Friday, June 14th. The shares were sold at an average price of $81.63, for a total value of $979,560.00. Following the transaction, the chief financial officer now owns 335,815 shares of the company’s stock, valued at approximately $27,412,578.45. The disclosure for this sale can be found here. In the last 90 days, insiders sold 116,350 shares of company stock valued at $9,020,907. 0.39% of the stock is currently owned by company insiders.
NYSE PGR traded down $0.61 on Tuesday, hitting $80.41. The company’s stock had a trading volume of 1,742,048 shares, compared to its average volume of 2,790,677. Progressive Corp has a 52-week low of $56.71 and a 52-week high of $84.96. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.40 and a current ratio of 0.41. The firm’s 50-day simple moving average is $81.94. The firm has a market capitalization of $47.13 billion, a price-to-earnings ratio of 18.19, a P/E/G ratio of 2.04 and a beta of 0.69.
Progressive (NYSE:PGR) last released its earnings results on Wednesday, July 17th. The insurance provider reported $1.66 EPS for the quarter, beating the Zacks’ consensus estimate of $1.43 by $0.23. The company had revenue of $9.13 billion during the quarter, compared to analysts’ expectations of $9.13 billion. Progressive had a return on equity of 27.82% and a net margin of 9.19%. The firm’s revenue for the quarter was up 12.7% compared to the same quarter last year. During the same quarter last year, the business posted $1.19 EPS. As a group, sell-side analysts anticipate that Progressive Corp will post 5.36 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, July 5th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.50%. The ex-dividend date was Wednesday, July 3rd. Progressive’s payout ratio is presently 9.05%.
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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