Prime Capital Investment Advisors LLC Boosts Holdings in The Progressive Corporation $PGR

Prime Capital Investment Advisors LLC boosted its position in shares of The Progressive Corporation (NYSE:PGR) by 12.2% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,642 shares of the insurance provider’s stock after buying an additional 832 shares during the quarter. Prime Capital Investment Advisors LLC’s holdings in Progressive were worth $2,039,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Nuveen LLC bought a new position in shares of Progressive in the first quarter worth about $1,473,180,000. GQG Partners LLC grew its holdings in shares of Progressive by 61.4% in the first quarter. GQG Partners LLC now owns 8,346,133 shares of the insurance provider’s stock worth $2,362,039,000 after purchasing an additional 3,174,632 shares during the last quarter. C WorldWide Group Holding A S grew its holdings in shares of Progressive by 12,110.3% in the first quarter. C WorldWide Group Holding A S now owns 1,248,628 shares of the insurance provider’s stock worth $353,374,000 after purchasing an additional 1,238,402 shares during the last quarter. Alliancebernstein L.P. grew its holdings in shares of Progressive by 15.2% in the first quarter. Alliancebernstein L.P. now owns 8,263,157 shares of the insurance provider’s stock worth $2,338,556,000 after purchasing an additional 1,091,828 shares during the last quarter. Finally, Axiom Investors LLC DE bought a new position in shares of Progressive in the first quarter worth about $194,557,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Progressive news, insider Lori A. Niederst sold 8,063 shares of the business’s stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $250.18, for a total value of $2,017,201.34. Following the completion of the transaction, the insider directly owned 39,040 shares in the company, valued at approximately $9,767,027.20. The trade was a 17.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO John P. Sauerland sold 16,664 shares of the business’s stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $249.24, for a total transaction of $4,153,335.36. Following the completion of the transaction, the chief financial officer owned 228,024 shares of the company’s stock, valued at $56,832,701.76. This represents a 6.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 130,045 shares of company stock valued at $31,997,390 in the last three months. 0.33% of the stock is currently owned by insiders.

Progressive Stock Performance

PGR stock opened at $243.77 on Wednesday. The company has a market capitalization of $142.90 billion, a P/E ratio of 13.73, a PEG ratio of 1.34 and a beta of 0.32. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.31 and a quick ratio of 0.31. The business has a 50-day moving average price of $245.18 and a 200 day moving average price of $260.32. The Progressive Corporation has a 1-year low of $228.54 and a 1-year high of $292.99.

Progressive (NYSE:PGR) last announced its earnings results on Wednesday, July 16th. The insurance provider reported $4.88 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 the consensus estimate of $20.39 billion. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The firm’s revenue was up 12.1% on a year-over-year basis. During the same period in the previous year, the company posted $2.48 earnings per share. As a group, equities research analysts forecast that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Announces Dividend

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

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Cantor Fitzgerald upgraded shares of Progressive to a “hold” rating in a report on Wednesday, August 13th. Wall Street Zen cut shares of Progressive from a “buy” rating to a “hold” rating in a report on Sunday, September 21st. Jefferies Financial Group cut their price target on shares of Progressive from $309.00 to $287.00 and set a “buy” rating on the stock in a report on Monday, August 11th. Bank of America lifted their price objective on Progressive from $343.00 to $350.00 and gave the company a “buy” rating in a report on Monday, September 29th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Progressive in a report on Saturday, September 27th. Seven analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company’s stock. Based on data from MarketBeat, Progressive currently has an average rating of “Hold” and a consensus target price of $279.63.

Progressive Profile

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.