Landscape Capital Management L.L.C. increased its stake in shares of Progressive Corp (NYSE:PGR) by 168.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 51,434 shares of the insurance provider’s stock after acquiring an additional 32,279 shares during the period. Landscape Capital Management L.L.C.’s holdings in Progressive were worth $4,111,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors also recently bought and sold shares of PGR. Dimensional Fund Advisors LP boosted its holdings in Progressive by 4.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,187,539 shares of the insurance provider’s stock valued at $131,969,000 after acquiring an additional 83,994 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Progressive by 7.4% in the fourth quarter. Geode Capital Management LLC now owns 7,478,706 shares of the insurance provider’s stock valued at $450,389,000 after acquiring an additional 515,706 shares in the last quarter. Mercer Global Advisors Inc. ADV bought a new stake in Progressive in the first quarter valued at $236,000. Virtu Financial LLC boosted its holdings in Progressive by 12.7% in the first quarter. Virtu Financial LLC now owns 12,783 shares of the insurance provider’s stock valued at $921,000 after acquiring an additional 1,444 shares in the last quarter. Finally, Ropes Wealth Advisors LLC bought a new stake in Progressive in the first quarter valued at $39,000. 78.51% of the stock is currently owned by hedge funds and other institutional investors.
In other Progressive news, insider John Jo Murphy sold 12,000 shares of the business’s stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $81.11, for a total value of $973,320.00. Following the completion of the transaction, the insider now owns 24,867 shares of the company’s stock, valued at approximately $2,016,962.37. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Michael D. Sieger sold 7,500 shares of the business’s stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $79.16, for a total value of $593,700.00. Following the completion of the transaction, the insider now directly owns 68,969 shares of the company’s stock, valued at approximately $5,459,586.04. The disclosure for this sale can be found here. In the last ninety days, insiders sold 46,500 shares of company stock valued at $3,727,890. 0.39% of the stock is owned by insiders.
Shares of PGR traded up $1.27 during trading hours on Thursday, hitting $76.85. The company had a trading volume of 146,164 shares, compared to its average volume of 2,619,716. The company’s fifty day moving average is $81.23. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.34. The stock has a market capitalization of $46.20 billion, a PE ratio of 17.25, a price-to-earnings-growth ratio of 2.01 and a beta of 0.66. Progressive Corp has a 52-week low of $56.71 and a 52-week high of $84.96.
Progressive (NYSE:PGR) last posted its quarterly earnings results on Wednesday, July 17th. The insurance provider reported $1.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.43 by $0.23. The firm had revenue of $9.13 billion during the quarter, compared to analyst estimates of $9.13 billion. Progressive had a return on equity of 28.12% and a net margin of 9.19%. Progressive’s quarterly revenue was up 12.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.19 EPS. On average, sell-side analysts predict that Progressive Corp will post 5.36 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, October 7th will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.52%. The ex-dividend date is Friday, October 4th. Progressive’s dividend payout ratio is presently 9.05%.
Several research firms recently weighed in on PGR. B. Riley lifted their price target on shares of Progressive from $89.00 to $96.00 and gave the company a “buy” rating in a report on Thursday, June 13th. Raymond James raised their price objective on Progressive from $90.00 to $93.00 and gave the company a “strong-buy” rating in a research report on Thursday, July 25th. Janney Montgomery Scott assumed coverage on Progressive in a research report on Thursday, June 20th. They set a “neutral” rating and a $59.00 price objective for the company. UBS Group raised their price objective on Progressive from $88.00 to $95.00 and gave the company a “buy” rating in a research report on Monday, July 29th. Finally, Credit Suisse Group raised their price objective on Progressive from $80.00 to $84.00 and gave the company an “outperform” rating in a research report on Wednesday, April 17th. Six analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $82.92.
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.
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