The Progressive Corporation $PGR Shares Purchased by Aberdeen Group plc

Aberdeen Group plc increased its position in shares of The Progressive Corporation (NYSE:PGR) by 7.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 471,724 shares of the insurance provider’s stock after purchasing an additional 30,787 shares during the period. Aberdeen Group plc’s holdings in Progressive were worth $125,325,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Highline Wealth Partners LLC raised its holdings in Progressive by 114.0% during the first quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider’s stock worth $26,000 after purchasing an additional 49 shares in the last quarter. TruNorth Capital Management LLC raised its holdings in Progressive by 210.0% during the first quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider’s stock worth $26,000 after purchasing an additional 63 shares in the last quarter. HWG Holdings LP bought a new stake in Progressive during the first quarter worth approximately $28,000. Garde Capital Inc. bought a new stake in Progressive during the first quarter worth approximately $33,000. Finally, Ransom Advisory Ltd bought a new stake in Progressive during the first quarter worth approximately $35,000. Institutional investors own 85.34% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on PGR shares. Wells Fargo & Company boosted their target price on Progressive from $265.00 to $266.00 and gave the stock an “equal weight” rating in a report on Wednesday. Morgan Stanley decreased their price target on shares of Progressive from $267.00 to $265.00 and set an “equal weight” rating on the stock in a research report on Monday, September 22nd. Wolfe Research initiated coverage on shares of Progressive in a research report on Monday, September 15th. They issued a “peer perform” rating on the stock. BMO Capital Markets set a $252.00 price target on shares of Progressive in a research report on Thursday, September 18th. Finally, Citigroup restated a “buy” rating on shares of Progressive in a research report on Friday, August 29th. Seven investment analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the stock. According to data from MarketBeat, Progressive currently has a consensus rating of “Hold” and an average price target of $279.63.

Insider Activity

In other Progressive news, CEO Susan Patricia Griffith sold 30,660 shares of Progressive stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $242.12, for a total transaction of $7,423,399.20. Following the transaction, the chief executive officer directly owned 506,945 shares in the company, valued at approximately $122,741,523.40. The trade was a 5.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Patrick K. Callahan sold 6,420 shares of Progressive stock in a transaction on Friday, September 19th. The shares were sold at an average price of $242.22, for a total transaction of $1,555,052.40. Following the sale, the insider directly owned 15,192 shares of the company’s stock, valued at $3,679,806.24. This trade represents a 29.71% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 130,045 shares of company stock worth $31,997,390. 0.34% of the stock is owned by corporate insiders.

Progressive Trading Down 0.8%

NYSE PGR opened at $240.18 on Friday. The Progressive Corporation has a twelve month low of $228.54 and a twelve month high of $292.99. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.31 and a current ratio of 0.31. The stock has a market cap of $140.80 billion, a price-to-earnings ratio of 13.53, a PEG ratio of 1.35 and a beta of 0.32. The firm’s 50 day moving average price is $245.20 and its two-hundred day moving average price is $259.74.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share for the quarter, topping the consensus estimate of $4.43 by $0.45. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The firm had revenue of $20.08 billion for the quarter, compared to analysts’ expectations of $20.39 billion. During the same period in the previous year, the company posted $2.48 EPS. The company’s quarterly revenue was up 12.1% compared to the same quarter last year. Equities analysts anticipate that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Dividend Announcement

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

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.