BLI Banque de Luxembourg Investments Invests $2.99 Million in The Progressive Corporation $PGR

BLI Banque de Luxembourg Investments acquired a new position in The Progressive Corporation (NYSE:PGR) during the fourth quarter, according to its most recent filing with the SEC. The firm acquired 13,000 shares of the insurance provider’s stock, valued at approximately $2,990,000.

A number of other large investors have also recently made changes to their positions in PGR. Illinois Municipal Retirement Fund raised its stake in shares of Progressive by 30.2% in the third quarter. Illinois Municipal Retirement Fund now owns 102,778 shares of the insurance provider’s stock worth $25,381,000 after purchasing an additional 23,833 shares during the last quarter. Allstate Corp raised its stake in shares of Progressive by 106.1% in the fourth quarter. Allstate Corp now owns 44,513 shares of the insurance provider’s stock worth $10,136,000 after purchasing an additional 22,915 shares during the last quarter. Prospera Financial Services Inc raised its stake in shares of Progressive by 36.9% in the third quarter. Prospera Financial Services Inc now owns 19,240 shares of the insurance provider’s stock worth $4,752,000 after purchasing an additional 5,184 shares during the last quarter. Norges Bank purchased a new position in shares of Progressive in the fourth quarter worth $1,836,094,000. Finally, Mariner LLC raised its stake in shares of Progressive by 7.9% in the third quarter. Mariner LLC now owns 644,636 shares of the insurance provider’s stock worth $159,183,000 after purchasing an additional 47,248 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Progressive

In other Progressive news, CAO Carl G. Joyce sold 270 shares of the business’s stock in a transaction dated Friday, March 20th. The stock was sold at an average price of $206.50, for a total transaction of $55,755.00. Following the completion of the sale, the chief accounting officer owned 558 shares of the company’s stock, valued at approximately $115,227. The trade was a 32.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Steven Broz sold 1,157 shares of the business’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $200.00, for a total value of $231,400.00. Following the sale, the insider directly owned 28,668 shares of the company’s stock, valued at $5,733,600. This represents a 3.88% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 7,343 shares of company stock valued at $1,470,355. Company insiders own 0.32% of the company’s stock.

Progressive Price Performance

Shares of NYSE:PGR opened at $199.80 on Wednesday. The firm’s 50 day moving average price is $198.87 and its 200-day moving average price is $208.42. The Progressive Corporation has a twelve month low of $189.20 and a twelve month high of $271.00. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $116.75 billion, a PE ratio of 10.16, a price-to-earnings-growth ratio of 5.80 and a beta of 0.28.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share for the quarter, topping the consensus estimate of $4.67 by $0.13. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The firm had revenue of $22.19 billion for the quarter, compared to analysts’ expectations of $23.51 billion. During the same quarter in the prior year, the business earned $4.37 EPS. The business’s quarterly revenue was up 6.5% on a year-over-year basis. Equities research analysts expect that The Progressive Corporation will post 16.35 EPS for the current year.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Thursday, July 2nd will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend is Thursday, July 2nd. Progressive’s payout ratio is currently 2.03%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Weiss Ratings cut Progressive from a “hold (c+)” rating to a “hold (c)” rating in a research note on Wednesday, May 6th. UBS Group boosted their price target on Progressive from $218.00 to $220.00 and gave the stock a “neutral” rating in a research note on Monday, March 23rd. Royal Bank Of Canada set a $208.00 price target on Progressive in a research note on Friday, May 22nd. Piper Sandler restated an “overweight” rating and issued a $259.00 price target on shares of Progressive in a research note on Monday, March 2nd. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating on shares of Progressive in a report on Friday, May 22nd. Six equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Progressive currently has a consensus rating of “Hold” and an average target price of $238.11.

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.