QRG Capital Management Inc. Buys 4,085 Shares of The Progressive Co. (NYSE:PGR)

QRG Capital Management Inc. raised its stake in shares of The Progressive Co. (NYSE:PGRFree Report) by 16.7% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 28,616 shares of the insurance provider’s stock after buying an additional 4,085 shares during the quarter. QRG Capital Management Inc.’s holdings in Progressive were worth $4,558,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Perigon Wealth Management LLC increased its position in shares of Progressive by 3.2% in the third quarter. Perigon Wealth Management LLC now owns 3,161 shares of the insurance provider’s stock worth $440,000 after purchasing an additional 98 shares during the last quarter. Oakworth Capital Inc. increased its stake in Progressive by 35.2% in the third quarter. Oakworth Capital Inc. now owns 526 shares of the insurance provider’s stock valued at $73,000 after acquiring an additional 137 shares during the last quarter. Tranquility Partners LLC raised its position in Progressive by 49.5% during the third quarter. Tranquility Partners LLC now owns 7,894 shares of the insurance provider’s stock valued at $1,100,000 after purchasing an additional 2,612 shares in the last quarter. Allworth Financial LP boosted its holdings in shares of Progressive by 1.0% in the 3rd quarter. Allworth Financial LP now owns 10,320 shares of the insurance provider’s stock worth $1,438,000 after purchasing an additional 106 shares in the last quarter. Finally, Wright Investors Service Inc. increased its position in shares of Progressive by 58.0% during the 3rd quarter. Wright Investors Service Inc. now owns 36,317 shares of the insurance provider’s stock valued at $5,059,000 after purchasing an additional 13,330 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors.

Progressive Stock Performance

NYSE:PGR opened at $212.46 on Tuesday. The Progressive Co. has a 52-week low of $111.41 and a 52-week high of $217.77. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.32 and a current ratio of 0.32. The firm has a market capitalization of $124.44 billion, a PE ratio of 21.75, a P/E/G ratio of 0.85 and a beta of 0.34. The stock has a 50-day simple moving average of $206.73 and a two-hundred day simple moving average of $182.00.

Progressive (NYSE:PGRGet Free Report) last issued its earnings results on Friday, April 12th. The insurance provider reported $3.94 earnings per share for the quarter, topping the consensus estimate of $3.20 by $0.74. The company had revenue of $18.96 billion during the quarter, compared to the consensus estimate of $16.88 billion. Progressive had a net margin of 8.89% and a return on equity of 29.43%. Progressive’s quarterly revenue was up 17.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.65 EPS. Analysts forecast that The Progressive Co. will post 11.29 EPS for the current year.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Thursday, April 4th were given a dividend of $0.10 per share. The ex-dividend date was Wednesday, April 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.19%. Progressive’s payout ratio is 4.09%.

Insider Buying and Selling

In other Progressive news, Director Devin C. Johnson sold 1,000 shares of Progressive stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total value of $208,330.00. Following the completion of the transaction, the director now directly owns 7,176 shares of the company’s stock, valued at approximately $1,494,976.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Devin C. Johnson sold 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $208.33, for a total transaction of $208,330.00. Following the transaction, the director now owns 7,176 shares of the company’s stock, valued at approximately $1,494,976.08. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Karen Bailo sold 8,464 shares of the firm’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $189.49, for a total value of $1,603,843.36. Following the completion of the sale, the insider now owns 32,342 shares of the company’s stock, valued at $6,128,485.58. The disclosure for this sale can be found here. Over the last three months, insiders have sold 39,139 shares of company stock worth $7,458,139. Corporate insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. The Goldman Sachs Group increased their target price on shares of Progressive from $161.00 to $216.00 and gave the stock a “neutral” rating in a report on Monday, March 25th. Wells Fargo & Company boosted their target price on Progressive from $232.00 to $238.00 and gave the company an “overweight” rating in a research note on Thursday, April 11th. Piper Sandler reaffirmed an “overweight” rating and issued a $240.00 price target on shares of Progressive in a research note on Monday, April 1st. HSBC boosted their price objective on shares of Progressive from $174.00 to $200.00 and gave the company a “hold” rating in a research report on Thursday, March 28th. Finally, JPMorgan Chase & Co. raised their target price on shares of Progressive from $171.00 to $202.00 and gave the stock an “overweight” rating in a research report on Monday, April 8th. One analyst has rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $211.88.

Read Our Latest Stock Analysis on Progressive

Progressive Company Profile

(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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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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