BTC Capital Management Inc. Buys Shares of 3,572 The Progressive Co. (NYSE:PGR)

BTC Capital Management Inc. purchased a new stake in shares of The Progressive Co. (NYSE:PGRFree Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 3,572 shares of the insurance provider’s stock, valued at approximately $739,000.

Several other institutional investors and hedge funds have also bought and sold shares of the company. TCW Group Inc. purchased a new position in shares of Progressive during the 4th quarter valued at about $1,988,000. Brevan Howard Capital Management LP purchased a new stake in Progressive in the 4th quarter worth $3,090,000. Invesco LLC lifted its position in shares of Progressive by 2.0% in the fourth quarter. Invesco LLC now owns 3,537 shares of the insurance provider’s stock valued at $563,000 after acquiring an additional 70 shares in the last quarter. Strs Ohio grew its position in shares of Progressive by 3.1% during the fourth quarter. Strs Ohio now owns 168,187 shares of the insurance provider’s stock worth $26,788,000 after purchasing an additional 4,983 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Progressive by 2.2% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 210,460 shares of the insurance provider’s stock valued at $33,522,000 after purchasing an additional 4,443 shares during the period. 85.34% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Progressive

In related news, 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 value of $208,330.00. Following the completion of the sale, the director now directly owns 7,176 shares in the company, valued at approximately $1,494,976.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other 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 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO John P. Sauerland sold 12,457 shares of the company’s stock in a transaction 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 directly owns 312,958 shares in the company, valued at $63,978,003.94. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 21,468 shares of company stock worth $4,415,753. Insiders own 0.34% of the company’s stock.

Progressive Price Performance

PGR opened at $209.19 on Friday. The firm has a market capitalization of $122.52 billion, a PE ratio of 21.41, a price-to-earnings-growth ratio of 0.81 and a beta of 0.35. The business’s 50-day moving average is $209.54 and its two-hundred day moving average is $191.78. The Progressive Co. has a 1 year low of $111.41 and a 1 year high of $217.77. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.32 and a quick ratio of 0.32.

Progressive (NYSE:PGRGet Free Report) last released its quarterly earnings results on Friday, April 12th. The insurance provider reported $3.94 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $16.88 billion. During the same period in the previous year, the company earned $0.65 earnings per share. The business’s revenue for the quarter was up 17.7% on a year-over-year basis. Research analysts anticipate that The Progressive Co. will post 11.33 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Wednesday, July 3rd will be paid a dividend of $0.10 per share. The ex-dividend date is Wednesday, July 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%.

Analyst Ratings Changes

Several research analysts have weighed in on PGR shares. Citigroup upped their price target on Progressive from $230.00 to $232.00 and gave the stock a “neutral” rating in a research note on Monday, June 17th. BMO Capital Markets reaffirmed an “outperform” rating and set a $235.00 price objective on shares of Progressive in a report on Monday, June 17th. Bank of America increased their price target on shares of Progressive from $279.00 to $286.00 and gave the company a “buy” rating in a report on Thursday, May 16th. Jefferies Financial Group upped their price objective on Progressive from $241.00 to $245.00 and gave the company a “buy” rating in a research report on Monday, April 15th. Finally, JPMorgan Chase & Co. lifted their target price on Progressive from $171.00 to $202.00 and gave the stock an “overweight” rating in a 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 stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $216.81.

View Our Latest Stock Report on Progressive

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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