The Progressive Co. (NYSE:PGR) Stock Holdings Lessened by UBS Group AG

UBS Group AG decreased its stake in The Progressive Co. (NYSE:PGRFree Report) by 14.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 761,684 shares of the insurance provider’s stock after selling 127,713 shares during the period. UBS Group AG owned approximately 0.13% of Progressive worth $106,103,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of PGR. BlackRock Inc. boosted its stake in Progressive by 2.4% during the second quarter. BlackRock Inc. now owns 43,918,940 shares of the insurance provider’s stock worth $5,813,550,000 after buying an additional 1,019,643 shares in the last quarter. State Street Corp boosted its stake in Progressive by 2.3% during the second quarter. State Street Corp now owns 24,956,012 shares of the insurance provider’s stock worth $3,303,427,000 after buying an additional 560,479 shares in the last quarter. Geode Capital Management LLC boosted its stake in Progressive by 3.3% during the second quarter. Geode Capital Management LLC now owns 11,341,759 shares of the insurance provider’s stock worth $1,497,374,000 after buying an additional 361,856 shares in the last quarter. Alliancebernstein L.P. boosted its stake in Progressive by 4.3% during the second quarter. Alliancebernstein L.P. now owns 9,754,850 shares of the insurance provider’s stock worth $1,291,249,000 after buying an additional 403,527 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in Progressive by 10.5% during the third quarter. Bank of New York Mellon Corp now owns 6,916,460 shares of the insurance provider’s stock worth $963,463,000 after buying an additional 655,706 shares in the last quarter. Institutional investors and hedge funds own 83.66% of the company’s stock.

Progressive Stock Performance

Shares of PGR stock opened at $182.72 on Monday. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.35 and a quick ratio of 0.33. The stock has a market cap of $106.90 billion, a PE ratio of 27.77, a price-to-earnings-growth ratio of 1.02 and a beta of 0.35. The stock has a 50-day moving average of $167.10 and a 200-day moving average of $152.41. The Progressive Co. has a one year low of $111.41 and a one year high of $184.27.

Progressive (NYSE:PGRGet Free Report) last posted its earnings results on Wednesday, January 24th. The insurance provider reported $2.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.43 by $0.53. Progressive had a return on equity of 21.10% and a net margin of 6.28%. The business had revenue of $16.89 billion during the quarter, compared to analysts’ expectations of $16.10 billion. During the same period in the prior year, the business earned $1.52 EPS. As a group, sell-side analysts expect that The Progressive Co. will post 8.59 earnings per share for the current year.

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, January 26th. Investors of record on Friday, January 19th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, January 18th. This represents a $0.40 dividend on an annualized basis and a yield of 0.22%. Progressive’s payout ratio is 12.92%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. StockNews.com raised Progressive from a “hold” rating to a “buy” rating in a report on Monday, October 16th. HSBC assumed coverage on Progressive in a report on Thursday, December 28th. They set a “hold” rating and a $164.00 price objective for the company. Morgan Stanley lifted their price target on Progressive from $160.00 to $164.00 and gave the company an “equal weight” rating in a report on Monday, November 20th. Keefe, Bruyette & Woods lifted their price target on Progressive from $158.00 to $175.00 and gave the company a “market perform” rating in a report on Friday, January 26th. Finally, Oppenheimer assumed coverage on Progressive in a report on Thursday, November 16th. They issued a “market perform” rating for the company. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $169.22.

Read Our Latest Report on PGR

Insider Buying and Selling

In related news, CEO Susan Patricia Griffith sold 5,939 shares of the stock in a transaction that occurred on Wednesday, January 17th. The stock was sold at an average price of $169.24, for a total transaction of $1,005,116.36. Following the completion of the sale, the chief executive officer now directly owns 465,737 shares of the company’s stock, valued at approximately $78,821,329.88. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Progressive news, insider Andrew J. Quigg sold 551 shares of the company’s stock in a transaction that occurred on Wednesday, January 17th. The stock was sold at an average price of $169.24, for a total transaction of $93,251.24. Following the completion of the transaction, the insider now owns 27,921 shares of the company’s stock, valued at approximately $4,725,350.04. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Susan Patricia Griffith sold 5,939 shares of the company’s stock in a transaction that occurred on Wednesday, January 17th. The stock was sold at an average price of $169.24, for a total value of $1,005,116.36. Following the transaction, the chief executive officer now directly owns 465,737 shares of the company’s stock, valued at approximately $78,821,329.88. The disclosure for this sale can be found here. In the last three months, insiders sold 114,862 shares of company stock valued at $18,747,693. 0.33% of the stock is owned by corporate insiders.

About Progressive

(Free Report)

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.

See Also

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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