Parallel Advisors LLC lowered its holdings in shares of The Progressive Corporation (NYSE:PGR – Free Report) by 2.7% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 9,875 shares of the insurance provider’s stock after selling 279 shares during the period. Parallel Advisors LLC’s holdings in Progressive were worth $2,635,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds also recently made changes to their positions in PGR. Nuveen LLC bought a new position in shares of Progressive during the 1st quarter valued at $1,473,180,000. GQG Partners LLC grew its holdings in shares of Progressive by 61.4% during the 1st quarter. GQG Partners LLC now owns 8,346,133 shares of the insurance provider’s stock valued at $2,362,039,000 after purchasing an additional 3,174,632 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of Progressive by 39,285.0% during the 1st quarter. GAMMA Investing LLC now owns 3,046,037 shares of the insurance provider’s stock valued at $862,059,000 after purchasing an additional 3,038,303 shares during the last quarter. C WorldWide Group Holding A S grew its holdings in shares of Progressive by 12,110.3% during the 1st quarter. C WorldWide Group Holding A S now owns 1,248,628 shares of the insurance provider’s stock valued at $353,374,000 after purchasing an additional 1,238,402 shares during the last quarter. Finally, Alliancebernstein L.P. grew its holdings in shares of Progressive by 15.2% during the 1st quarter. Alliancebernstein L.P. now owns 8,263,157 shares of the insurance provider’s stock valued at $2,338,556,000 after purchasing an additional 1,091,828 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.
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Insider Transactions at Progressive
In other news, insider Patrick K. Callahan sold 6,232 shares of Progressive stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $249.96, for a total value of $1,557,750.72. Following the completion of the sale, the insider directly owned 21,612 shares in the company, valued at $5,402,135.52. The trade was a 22.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Susan Patricia Griffith sold 30,659 shares of Progressive stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $246.06, for a total transaction of $7,543,953.54. Following the completion of the sale, the chief executive officer owned 476,286 shares of the company’s stock, valued at $117,194,933.16. This represents a 6.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 139,010 shares of company stock valued at $34,547,699. Company insiders own 0.33% of the company’s stock.
Analyst Ratings Changes
PGR has been the topic of several recent research reports. Morgan Stanley increased their target price on shares of Progressive from $265.00 to $267.00 and gave the company an “equal weight” rating in a report on Friday, August 22nd. Jefferies Financial Group cut their price target on shares of Progressive from $309.00 to $287.00 and set a “buy” rating on the stock in a report on Monday, August 11th. BMO Capital Markets cut their price target on shares of Progressive from $281.00 to $279.00 and set an “outperform” rating on the stock in a report on Thursday, August 21st. Wolfe Research began coverage on shares of Progressive in a report on Monday. They issued a “peer perform” rating on the stock. Finally, Wells Fargo & Company cut their price target on shares of Progressive from $330.00 to $327.00 and set an “overweight” rating on the stock in a report on Thursday, August 21st. Nine investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $284.82.
Get Our Latest Analysis on Progressive
Progressive Stock Down 0.1%
Shares of Progressive stock opened at $245.33 on Wednesday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.31 and a current ratio of 0.31. The stock has a market capitalization of $143.81 billion, a PE ratio of 13.82, a price-to-earnings-growth ratio of 1.42 and a beta of 0.32. The Progressive Corporation has a 52-week low of $228.54 and a 52-week high of $292.99. The company has a 50-day simple moving average of $246.16 and a two-hundred day simple moving average of $264.19.
Progressive (NYSE:PGR – Get Free Report) last issued its earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.43 by $0.45. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The business had revenue of $20.08 billion during the quarter, compared to analysts’ expectations of $20.39 billion. During the same period in the previous year, the company earned $2.48 earnings per share. The business’s revenue for the quarter was up 12.1% compared to the same quarter last year. On average, analysts anticipate that The Progressive Corporation will post 14.68 EPS for the current fiscal year.
Progressive Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd will be paid a $0.10 dividend. The ex-dividend date is Thursday, October 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive’s payout ratio is currently 2.25%.
About Progressive
(Free Report)
The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related 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.
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