The Progressive Co. (NYSE:PGR) Shares Acquired by Perpetual Ltd

Perpetual Ltd raised its stake in shares of The Progressive Co. (NYSE:PGRFree Report) by 4.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 518,246 shares of the insurance provider’s stock after purchasing an additional 20,040 shares during the quarter. Progressive comprises 1.0% of Perpetual Ltd’s holdings, making the stock its 29th biggest position. Perpetual Ltd owned approximately 0.09% of Progressive worth $107,184,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of the stock. Kestra Advisory Services LLC increased its stake in shares of Progressive by 16.7% in the third quarter. Kestra Advisory Services LLC now owns 7,657 shares of the insurance provider’s stock worth $1,067,000 after acquiring an additional 1,096 shares during the period. QRG Capital Management Inc. acquired a new stake in shares of Progressive in the third quarter worth $3,417,000. Envestnet Portfolio Solutions Inc. acquired a new stake in shares of Progressive in the third quarter worth $4,356,000. V Square Quantitative Management LLC increased its stake in shares of Progressive by 38.2% in the third quarter. V Square Quantitative Management LLC now owns 6,682 shares of the insurance provider’s stock worth $931,000 after acquiring an additional 1,847 shares during the period. Finally, Provence Wealth Management Group acquired a new stake in shares of Progressive in the third quarter worth $210,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Trading Up 0.0 %

PGR stock traded up $0.03 during trading on Thursday, reaching $210.78. 2,545,330 shares of the stock were exchanged, compared to its average volume of 2,571,380. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.32. The business has a 50 day moving average price of $209.26 and a 200-day moving average price of $191.32. The Progressive Co. has a 1 year low of $111.41 and a 1 year high of $217.77. The firm has a market capitalization of $123.45 billion, a price-to-earnings ratio of 21.57, a P/E/G ratio of 0.81 and a beta of 0.35.

Progressive (NYSE:PGRGet Free Report) last announced its quarterly earnings results on Friday, April 12th. The insurance provider reported $3.94 earnings per share for the quarter, beating analysts’ consensus estimates of $3.20 by $0.74. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The business had revenue of $18.96 billion during the quarter, compared to analysts’ expectations of $16.88 billion. During the same period last year, the business earned $0.65 earnings per share. The business’s revenue for the quarter was up 17.7% on a year-over-year basis. On average, research analysts predict that The Progressive Co. will post 11.33 earnings per share for the current year.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Wednesday, July 3rd will be given a dividend of $0.10 per share. 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 dividend payout ratio is presently 4.09%.

Analyst Upgrades and Downgrades

Several analysts recently commented on PGR shares. Roth Mkm raised their price target on shares of Progressive from $215.00 to $235.00 and gave the company a “buy” rating in a research report on Monday, March 18th. Wells Fargo & Company raised their price target on shares of Progressive from $243.00 to $254.00 and gave the company an “overweight” rating in a research report on Monday. Keefe, Bruyette & Woods raised their price target on shares of Progressive from $190.00 to $200.00 and gave the company a “market perform” rating in a research report on Wednesday, April 10th. Jefferies Financial Group raised their price target on shares of Progressive from $241.00 to $245.00 and gave the company a “buy” rating in a research report on Monday, April 15th. Finally, Citigroup raised their price target on shares of Progressive from $230.00 to $232.00 and gave the company a “neutral” rating in a research report on Monday. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $216.81.

Check Out Our Latest Stock Report on Progressive

Insider Buying and Selling at Progressive

In other Progressive news, Director Devin C. Johnson sold 1,000 shares of Progressive stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total transaction of $208,330.00. Following the completion of the sale, the director now directly owns 7,176 shares in the company, valued at $1,494,976.08. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CFO John P. Sauerland sold 12,457 shares of Progressive stock in a transaction that occurred on Wednesday, May 29th. The shares were sold at an average price of $204.43, for a total value of $2,546,584.51. Following the completion of the transaction, the chief financial officer now owns 312,958 shares in the company, valued at $63,978,003.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Devin C. Johnson sold 1,000 shares of Progressive stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total transaction of $208,330.00. Following the completion of the transaction, the director now owns 7,176 shares of the company’s stock, valued at approximately $1,494,976.08. The disclosure for this sale can be found here. Insiders sold a total of 21,468 shares of company stock worth $4,415,753 over the last three months. Insiders own 0.34% of the company’s stock.

Progressive 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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