Fisher Funds Management LTD Buys 19,918 Shares of The Progressive Corporation $PGR

Fisher Funds Management LTD raised its stake in The Progressive Corporation (NYSE:PGR) by 12.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 178,334 shares of the insurance provider’s stock after purchasing an additional 19,918 shares during the period. Fisher Funds Management LTD’s holdings in Progressive were worth $35,353,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Bard Associates Inc. acquired a new position in Progressive in the 4th quarter valued at about $27,000. Dagco Inc. acquired a new stake in Progressive during the fourth quarter worth approximately $28,000. IFC & Insurance Marketing Inc. acquired a new stake in Progressive during the fourth quarter worth approximately $29,000. Ameriflex Group Inc. boosted its holdings in shares of Progressive by 106.6% during the third quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock worth $31,000 after acquiring an additional 65 shares during the period. Finally, Entrust Financial LLC acquired a new position in shares of Progressive in the fourth quarter valued at approximately $33,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on PGR shares. Argus raised Progressive to a “hold” rating in a report on Thursday, March 5th. Piper Sandler reaffirmed an “overweight” rating and issued a $259.00 price objective on shares of Progressive in a report on Monday, March 2nd. Mizuho lowered their price objective on Progressive from $235.00 to $223.00 and set a “neutral” rating on the stock in a research report on Friday, March 20th. Keefe, Bruyette & Woods lifted their target price on Progressive from $208.00 to $210.00 and gave the stock a “market perform” rating in a report on Thursday. Finally, Barclays set a $247.00 target price on shares of Progressive in a research report on Wednesday, March 18th. Six investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, Progressive presently has an average rating of “Hold” and a consensus target price of $237.58.

Progressive Trading Down 0.2%

Shares of NYSE:PGR opened at $204.42 on Monday. The company has a market capitalization of $119.45 billion, a P/E ratio of 10.39, a P/E/G ratio of 6.31 and a beta of 0.28. The Progressive Corporation has a 1 year low of $189.20 and a 1 year high of $267.92. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.27 and a quick ratio of 0.27. The business’s 50 day simple moving average is $200.01 and its 200 day simple moving average is $207.09.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share for the quarter, beating the consensus estimate of $4.67 by $0.13. The firm had revenue of $22.19 billion during the quarter, compared to analysts’ expectations of $23.51 billion. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The company’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $4.37 EPS. On average, research analysts anticipate that The Progressive Corporation will post 16.82 EPS for the current fiscal year.

Progressive Announces Dividend

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

Insider Transactions at Progressive

In other Progressive news, insider John Jo Murphy sold 5,916 shares of the firm’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 $1,183,200.00. Following the transaction, the insider directly owned 41,290 shares of the company’s stock, valued at $8,258,000. This trade represents a 12.53% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steven Broz sold 1,157 shares of the stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $200.00, for a total transaction of $231,400.00. Following the sale, the insider owned 28,668 shares in the company, 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. Corporate insiders own 0.32% of the company’s stock.

More Progressive News

Here are the key news stories impacting Progressive this week:

• Positive Sentiment: May results showed stronger earnings momentum, with higher premiums, investment income, and underwriting performance helping drive a 36% year-over-year earnings increase. Progressive’s May Earnings Increase Y/Y on Higher Investment Income
• Positive Sentiment: Bank of America kept a Buy rating on Progressive despite trimming its price target, which still implies meaningful upside from current levels. Progressive price target lowered by Bank of America Corporation
• Positive Sentiment: Keefe, Bruyette & Woods raised its price target for Progressive, signaling continued confidence in the company’s outlook. Progressive price target raised by Keefe, Bruyette & Woods
• Neutral Sentiment: Progressive is getting attention from investors and appears on undervalued-stock screens, but these are more sentiment-driven than company-specific catalysts. 5 Most Undervalued NYSE Stocks to Invest In
• Neutral Sentiment: Analysts remain split on Progressive, with conflicting views highlighting uncertainty around valuation and future earnings durability. Analysts Have Conflicting Sentiments on These Financial Companies: Progressive (PGR) and Open Lending (LPRO)

Progressive Company Profile

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.