111 Capital Makes New $3.34 Million Investment in The Progressive Corporation $PGR

111 Capital bought a new stake in The Progressive Corporation (NYSE:PGR) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 12,498 shares of the insurance provider’s stock, valued at approximately $3,335,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Impact Investors Inc grew its position in shares of Progressive by 7.6% in the second quarter. Impact Investors Inc now owns 4,366 shares of the insurance provider’s stock valued at $1,165,000 after purchasing an additional 310 shares during the period. QRG Capital Management Inc. boosted its position in shares of Progressive by 12.4% in the second quarter. QRG Capital Management Inc. now owns 142,504 shares of the insurance provider’s stock worth $38,029,000 after buying an additional 15,678 shares during the period. Fairvoy Private Wealth LLC lifted its stake in shares of Progressive by 1.1% in the second quarter. Fairvoy Private Wealth LLC now owns 14,154 shares of the insurance provider’s stock worth $3,777,000 after acquiring an additional 156 shares in the last quarter. Barrett & Company Inc. lifted its stake in shares of Progressive by 1,500.0% in the second quarter. Barrett & Company Inc. now owns 176 shares of the insurance provider’s stock worth $47,000 after acquiring an additional 165 shares in the last quarter. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its stake in Progressive by 10.3% during the second quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 4,621 shares of the insurance provider’s stock valued at $1,233,000 after buying an additional 431 shares in the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Progressive Trading Up 1.1%

Shares of PGR opened at $246.10 on Friday. The Progressive Corporation has a 1 year low of $228.54 and a 1 year high of $292.99. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.21. The stock has a 50 day simple moving average of $245.14 and a 200-day simple moving average of $260.84. The stock has a market cap of $144.27 billion, a PE ratio of 13.86, a PEG ratio of 1.36 and a beta of 0.32.

Progressive (NYSE:PGR) last issued its earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.43 by $0.45. The business had revenue of $20.08 billion during the quarter, compared to analysts’ expectations of $20.39 billion. Progressive had a return on equity of 35.37% and a net margin of 12.66%.Progressive’s quarterly revenue was up 12.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.48 EPS. On average, sell-side analysts predict that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Thursday, October 2nd will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date is Thursday, October 2nd. Progressive’s dividend payout ratio (DPR) is presently 2.25%.

Analyst Ratings Changes

Several research firms have recently commented on PGR. BMO Capital Markets set a $252.00 target price on Progressive in a report on Thursday, September 18th. Wall Street Zen downgraded Progressive from a “buy” rating to a “hold” rating in a research report on Sunday, September 21st. Bank of America lifted their price target on Progressive from $343.00 to $350.00 and gave the company a “buy” rating in a report on Monday, September 29th. Weiss Ratings reissued a “buy (b)” rating on shares of Progressive in a research report on Saturday, September 27th. Finally, Jefferies Financial Group reduced their price target on Progressive from $309.00 to $287.00 and set a “buy” rating for the company in a research report on Monday, August 11th. Seven equities research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company. Based on data from MarketBeat, Progressive has an average rating of “Hold” and a consensus price target of $279.63.

Insider Transactions at Progressive

In other news, insider Karen Bailo sold 8,922 shares of the stock in a transaction on Monday, July 28th. The stock was sold at an average price of $249.24, for a total value of $2,223,719.28. Following the transaction, the insider owned 32,346 shares of the company’s stock, valued at $8,061,917.04. This represents a 21.62% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO John P. Sauerland sold 16,664 shares of the stock in a transaction on Monday, July 28th. The shares were sold at an average price of $249.24, for a total value of $4,153,335.36. Following the completion of the transaction, the chief financial officer directly owned 228,024 shares in the company, valued at approximately $56,832,701.76. This trade represents a 6.81% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 130,045 shares of company stock worth $31,997,390. Corporate insiders own 0.34% of the company’s stock.

About Progressive

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.