JLB & Associates Inc. raised its position in shares of Progressive Corp (NYSE:PGR) by 14.8% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 13,879 shares of the insurance provider’s stock after buying an additional 1,790 shares during the quarter. JLB & Associates Inc.’s holdings in Progressive were worth $1,313,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. grew its holdings in shares of Progressive by 1.7% during the second quarter. BlackRock Inc. now owns 43,038,858 shares of the insurance provider’s stock valued at $3,447,841,000 after purchasing an additional 733,212 shares during the last quarter. Invesco Ltd. grew its holdings in Progressive by 85.2% in the 1st quarter. Invesco Ltd. now owns 5,602,562 shares of the insurance provider’s stock worth $413,692,000 after buying an additional 2,578,123 shares in the last quarter. FMR LLC grew its holdings in Progressive by 90.9% in the 2nd quarter. FMR LLC now owns 4,115,087 shares of the insurance provider’s stock worth $329,659,000 after buying an additional 1,959,785 shares in the last quarter. APG Asset Management N.V. grew its holdings in Progressive by 1.7% in the 2nd quarter. APG Asset Management N.V. now owns 3,976,775 shares of the insurance provider’s stock worth $283,648,000 after buying an additional 66,946 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its stake in Progressive by 17.8% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,672,967 shares of the insurance provider’s stock valued at $293,870,000 after purchasing an additional 553,807 shares in the last quarter. Hedge funds and other institutional investors own 80.93% of the company’s stock.
PGR stock traded down $0.99 during mid-day trading on Friday, hitting $96.52. The company had a trading volume of 2,815,676 shares, compared to its average volume of 3,141,171. The firm has a market cap of $56.50 billion, a PE ratio of 12.97, a price-to-earnings-growth ratio of 2.31 and a beta of 0.54. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.44 and a current ratio of 0.44. The stock’s fifty day moving average price is $95.15 and its two-hundred day moving average price is $84.87. Progressive Corp has a 12 month low of $62.18 and a 12 month high of $102.05.
Progressive (NYSE:PGR) last issued its quarterly earnings data on Wednesday, July 15th. The insurance provider reported $1.84 EPS for the quarter, beating the consensus estimate of $1.74 by $0.10. The company had revenue of $10.14 billion during the quarter, compared to analysts’ expectations of $9.72 billion. Progressive had a net margin of 10.85% and a return on equity of 29.04%. Progressive’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.66 earnings per share. Equities analysts anticipate that Progressive Corp will post 6.75 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Wednesday, October 7th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.41%. The ex-dividend date was Tuesday, October 6th. Progressive’s dividend payout ratio (DPR) is 5.95%.
A number of equities analysts have issued reports on the company. Benchmark lowered Progressive from a “buy” rating to a “hold” rating in a research note on Friday, July 31st. Deutsche Bank Aktiengesellschaft increased their target price on shares of Progressive from $95.00 to $99.00 and gave the company a “buy” rating in a research note on Friday, August 21st. Argus cut shares of Progressive from a “buy” rating to a “hold” rating in a research note on Thursday, August 13th. ValuEngine upgraded shares of Progressive from a “sell” rating to a “hold” rating in a research note on Tuesday, September 1st. Finally, Raymond James increased their target price on shares of Progressive from $100.00 to $110.00 and gave the company a “strong-buy” rating in a research note on Monday, September 14th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. Progressive has an average rating of “Hold” and an average target price of $90.50.
In related news, insider Michael D. Sieger sold 2,868 shares of the stock in a transaction dated Tuesday, July 21st. The shares were sold at an average price of $88.05, for a total transaction of $252,527.40. Following the sale, the insider now directly owns 60,433 shares of the company’s stock, valued at approximately $5,321,125.65. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CMO M Jeffrey Charney sold 11,955 shares of the stock in a transaction dated Monday, July 20th. The shares were sold at an average price of $87.70, for a total transaction of $1,048,453.50. Following the sale, the chief marketing officer now directly owns 129,703 shares in the company, valued at $11,374,953.10. The disclosure for this sale can be found here. Insiders have sold a total of 93,591 shares of company stock worth $8,725,230 over the last three months. 0.38% of the stock is currently owned by insiders.
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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