Pacer Advisors Inc. Grows Position in Progressive Corp (NYSE:PGR)

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Pacer Advisors Inc. raised its holdings in shares of Progressive Corp (NYSE:PGR) by 10.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 61,746 shares of the insurance provider’s stock after purchasing an additional 5,721 shares during the quarter. Pacer Advisors Inc.’s holdings in Progressive were worth $4,770,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in PGR. Weatherly Asset Management L. P. increased its position in shares of Progressive by 3.1% in the second quarter. Weatherly Asset Management L. P. now owns 4,361 shares of the insurance provider’s stock worth $349,000 after purchasing an additional 131 shares during the last quarter. Archford Capital Strategies LLC increased its position in shares of Progressive by 49.5% in the second quarter. Archford Capital Strategies LLC now owns 408 shares of the insurance provider’s stock worth $33,000 after purchasing an additional 135 shares during the last quarter. Cornerstone Advisors Inc. increased its position in shares of Progressive by 5.4% in the second quarter. Cornerstone Advisors Inc. now owns 2,740 shares of the insurance provider’s stock worth $219,000 after purchasing an additional 141 shares during the last quarter. TRUE Private Wealth Advisors increased its position in shares of Progressive by 3.5% in the second quarter. TRUE Private Wealth Advisors now owns 4,254 shares of the insurance provider’s stock worth $340,000 after purchasing an additional 144 shares during the last quarter. Finally, Wetherby Asset Management Inc. increased its position in shares of Progressive by 0.9% in the second quarter. Wetherby Asset Management Inc. now owns 17,456 shares of the insurance provider’s stock worth $1,395,000 after purchasing an additional 163 shares during the last quarter. 78.76% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NYSE PGR opened at $75.22 on Friday. Progressive Corp has a one year low of $56.71 and a one year high of $84.96. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.36 and a quick ratio of 0.36. The firm’s 50 day simple moving average is $75.76 and its two-hundred day simple moving average is $77.70. The stock has a market capitalization of $43.85 billion, a P/E ratio of 17.02, a PEG ratio of 1.89 and a beta of 0.68.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Wednesday, July 17th. The insurance provider reported $1.66 EPS for the quarter, beating analysts’ consensus estimates of $1.43 by $0.23. Progressive had a net margin of 9.19% and a return on equity of 28.12%. The business had revenue of $9.13 billion for the quarter, compared to analysts’ expectations of $9.13 billion. During the same period last year, the business earned $1.19 earnings per share. The business’s quarterly revenue was up 12.7% on a year-over-year basis. As a group, equities analysts expect that Progressive Corp will post 5.4 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, October 7th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.53%. The ex-dividend date of this dividend is Friday, October 4th. Progressive’s payout ratio is currently 9.05%.

In other news, insider John Jo Murphy sold 12,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $81.11, for a total value of $973,320.00. Following the transaction, the insider now owns 24,867 shares in the company, valued at $2,016,962.37. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Susan Patricia Griffith sold 22,500 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $76.47, for a total transaction of $1,720,575.00. Following the completion of the transaction, the chief executive officer now owns 352,795 shares in the company, valued at approximately $26,978,233.65. The disclosure for this sale can be found here. Insiders have sold 46,500 shares of company stock worth $3,624,855 over the last quarter. Company insiders own 0.39% of the company’s stock.

Several research analysts recently weighed in on PGR shares. UBS Group upped their price objective on shares of Progressive from $88.00 to $95.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Janney Montgomery Scott started coverage on shares of Progressive in a research report on Thursday, June 20th. They issued a “neutral” rating and a $59.00 price objective on the stock. Raymond James set a $93.00 price objective on shares of Progressive and gave the stock a “buy” rating in a research report on Thursday, September 26th. Buckingham Research upped their price objective on shares of Progressive from $74.00 to $78.00 and gave the stock a “neutral” rating in a research report on Thursday, September 12th. Finally, ValuEngine upgraded shares of Progressive from a “sell” rating to a “hold” rating in a research report on Saturday, October 5th. Six equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Progressive presently has a consensus rating of “Buy” and an average target price of $83.27.

Progressive Profile

The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.

Further Reading: Different Types of Derivatives

Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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