The Progressive Corporation $PGR Shares Purchased by Hsbc Holdings PLC

Hsbc Holdings PLC increased its holdings in shares of The Progressive Corporation (NYSE:PGR) by 5.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,418,642 shares of the insurance provider’s stock after buying an additional 79,148 shares during the quarter. Hsbc Holdings PLC’s holdings in Progressive were worth $310,764,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in PGR. Bogart Wealth LLC increased its stake in shares of Progressive by 235.1% during the 1st quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider’s stock valued at $25,000 after acquiring an additional 87 shares during the last quarter. IMG Wealth Management Inc. acquired a new stake in shares of Progressive in the second quarter worth approximately $26,000. Meeder Asset Management Inc. acquired a new stake in shares of Progressive in the second quarter worth approximately $26,000. Bard Associates Inc. purchased a new stake in Progressive in the fourth quarter valued at approximately $27,000. Finally, Kilter Group LLC purchased a new stake in Progressive in the second quarter valued at approximately $27,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Progressive Price Performance

Progressive stock opened at $218.41 on Monday. The firm has a fifty day moving average of $217.56 and a 200-day moving average of $207.81. The Progressive Corporation has a 52-week low of $189.20 and a 52-week high of $249.71. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.24. The firm has a market capitalization of $126.98 billion, a P/E ratio of 10.95, a PEG ratio of 2.92 and a beta of 0.27.

Progressive (NYSE:PGR) last posted its earnings results on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share for the quarter, beating the consensus estimate of $4.64 by $1.03. Progressive had a net margin of 12.84% and a return on equity of 32.92%. The business had revenue of $23.61 billion for the quarter, compared to analyst estimates of $19.49 billion. During the same quarter in the previous year, the business posted $5.40 EPS. The business’s quarterly revenue was up 5.0% on a year-over-year basis. As a group, analysts predict that The Progressive Corporation will post 17.74 EPS for the current year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Thursday, October 1st will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date is Thursday, October 1st. Progressive’s payout ratio is currently 2.01%.

Analysts Set New Price Targets

A number of research firms have weighed in on PGR. Wells Fargo & Company increased their price target on shares of Progressive from $198.00 to $201.00 and gave the stock an “underweight” rating in a research note on Thursday, August 20th. UBS Group boosted their price objective on shares of Progressive from $225.00 to $234.00 and gave the company a “neutral” rating in a research note on Thursday, August 27th. Weiss Ratings upgraded Progressive from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, August 28th. Evercore set a $240.00 target price on Progressive in a research report on Friday, July 10th. Finally, The Goldman Sachs Group reiterated a “buy” rating and issued a $230.00 target price on shares of Progressive in a report on Wednesday, August 19th. Seven analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $236.26.

Insider Activity at Progressive

In related news, Director Jeffrey D. Kelly sold 7,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $216.33, for a total transaction of $1,514,310.00. Following the transaction, the director directly owned 22,546 shares of the company’s stock, valued at approximately $4,877,376.18. The trade was a 23.69% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider John Murphy sold 8,124 shares of the company’s stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $212.70, for a total value of $1,727,974.80. Following the completion of the transaction, the insider owned 41,291 shares of the company’s stock, valued at approximately $8,782,595.70. This represents a 16.44% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 113,714 shares of company stock valued at $24,466,294 over the last 90 days. Corporate insiders own 0.32% of the company’s stock.

Progressive Company Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.