Los Angeles Capital Management LLC Increases Position in The Progressive Co. (NYSE:PGR)

Los Angeles Capital Management LLC lifted its position in The Progressive Co. (NYSE:PGRFree Report) by 8.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 878,136 shares of the insurance provider’s stock after purchasing an additional 66,755 shares during the period. Los Angeles Capital Management LLC owned about 0.15% of Progressive worth $181,616,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Sachetta LLC purchased a new position in Progressive during the fourth quarter valued at $25,000. Northwest Bank & Trust Co purchased a new position in Progressive during the fourth quarter valued at $25,000. Valley National Advisers Inc. grew its stake in Progressive by 143.6% during the fourth quarter. Valley National Advisers Inc. now owns 190 shares of the insurance provider’s stock valued at $30,000 after acquiring an additional 112 shares in the last quarter. Pinnacle Bancorp Inc. purchased a new position in Progressive during the fourth quarter valued at $39,000. Finally, Criterion Capital Advisors LLC purchased a new position in Progressive during the fourth quarter valued at $47,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Stock Up 1.2 %

NYSE PGR traded up $2.51 during trading on Wednesday, reaching $210.75. 2,722,082 shares of the company’s stock traded hands, compared to its average volume of 2,402,503. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.32 and a quick ratio of 0.32. The firm has a market cap of $123.44 billion, a price-to-earnings ratio of 21.57, a price-to-earnings-growth ratio of 0.79 and a beta of 0.35. The company’s 50 day simple moving average is $209.16 and its two-hundred day simple moving average is $191.19. The Progressive Co. has a 12-month low of $111.41 and a 12-month high of $217.77.

Progressive (NYSE:PGRGet Free Report) last posted its earnings results on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, beating analysts’ consensus estimates of $3.20 by $0.74. The business had revenue of $18.96 billion for 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%. The company’s revenue for the quarter was up 17.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.65 EPS. As a group, sell-side analysts forecast that The Progressive Co. will post 11.46 EPS for the current fiscal year.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Wednesday, July 3rd will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.19%. The ex-dividend date of this dividend is Wednesday, July 3rd. Progressive’s payout ratio is currently 4.09%.

Insider Transactions at Progressive

In other Progressive news, CAO Mariann Wojtkun Marshall sold 650 shares of the business’s stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $208.11, for a total transaction of $135,271.50. Following the sale, the chief accounting officer now owns 3,981 shares of the company’s stock, valued at approximately $828,485.91. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Progressive news, insider Steven Broz sold 7,361 shares of Progressive stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $207.25, for a total transaction of $1,525,567.25. Following the completion of the sale, the insider now directly owns 35,503 shares in the company, valued at approximately $7,357,996.75. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Mariann Wojtkun Marshall sold 650 shares of Progressive stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $208.11, for a total transaction of $135,271.50. Following the sale, the chief accounting officer now owns 3,981 shares of the company’s stock, valued at $828,485.91. The disclosure for this sale can be found here. Insiders have sold a total of 21,468 shares of company stock valued at $4,415,753 in the last 90 days. Insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on PGR. Jefferies Financial Group lifted their price objective on shares of Progressive from $241.00 to $245.00 and gave the stock a “buy” rating in a research note on Monday, April 15th. HSBC lifted their price objective on shares of Progressive from $174.00 to $200.00 and gave the stock a “hold” rating in a research note on Thursday, March 28th. JPMorgan Chase & Co. lifted their price objective on shares of Progressive from $171.00 to $202.00 and gave the stock an “overweight” rating in a research note on Monday, April 8th. BMO Capital Markets reissued an “outperform” rating and issued a $235.00 price objective on shares of Progressive in a research note on Monday. Finally, Piper Sandler reissued an “overweight” rating and issued a $240.00 price objective on shares of Progressive in a research note on Monday, April 1st. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, Progressive currently has an average rating of “Hold” and an average price target of $216.81.

Get Our Latest Stock Report on Progressive

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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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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