Securian Asset Management Inc raised its position in Progressive Corp (NYSE:PGR) by 1.0% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 60,306 shares of the insurance provider’s stock after buying an additional 578 shares during the period. Securian Asset Management Inc’s holdings in Progressive were worth $4,347,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. CENTRAL TRUST Co increased its position in shares of Progressive by 89.6% in the first quarter. CENTRAL TRUST Co now owns 18,313 shares of the insurance provider’s stock valued at $1,320,000 after acquiring an additional 8,653 shares during the last quarter. Daiwa Securities Group Inc. increased its position in shares of Progressive by 5.3% in the first quarter. Daiwa Securities Group Inc. now owns 22,779 shares of the insurance provider’s stock valued at $1,642,000 after acquiring an additional 1,152 shares during the last quarter. World Asset Management Inc grew its holdings in Progressive by 5.7% during the first quarter. World Asset Management Inc now owns 42,303 shares of the insurance provider’s stock worth $3,050,000 after purchasing an additional 2,292 shares during the period. Private Capital Group LLC grew its holdings in Progressive by 90.7% during the first quarter. Private Capital Group LLC now owns 2,775 shares of the insurance provider’s stock worth $200,000 after purchasing an additional 1,320 shares during the period. Finally, Los Angeles Capital Management & Equity Research Inc. grew its holdings in Progressive by 1.3% during the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 498,015 shares of the insurance provider’s stock worth $35,902,000 after purchasing an additional 6,270 shares during the period. Hedge funds and other institutional investors own 80.76% of the company’s stock.
NYSE PGR traded up $0.38 on Wednesday, reaching $80.45. The company had a trading volume of 2,439,379 shares, compared to its average volume of 3,147,585. The company has a market capitalization of $46.74 billion, a price-to-earnings ratio of 18.20, a PEG ratio of 2.04 and a beta of 0.79. Progressive Corp has a fifty-two week low of $56.71 and a fifty-two week high of $80.53. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 0.38.
Progressive (NYSE:PGR) last posted its quarterly earnings data on Tuesday, April 16th. The insurance provider reported $1.83 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.38 by $0.45. The business had revenue of $9.24 billion during the quarter, compared to the consensus estimate of $9.20 billion. Progressive had a return on equity of 27.10% and a net margin of 8.77%. Progressive’s quarterly revenue was up 16.0% on a year-over-year basis. During the same period in the prior year, the business posted $1.22 earnings per share. Research analysts expect that Progressive Corp will post 5.21 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, July 5th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Wednesday, July 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.50%. Progressive’s dividend payout ratio (DPR) is currently 9.05%.
In other news, insider Michael D. Sieger sold 7,500 shares of the stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $79.16, for a total transaction of $593,700.00. Following the transaction, the insider now owns 68,969 shares of the company’s stock, valued at approximately $5,459,586.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Dyke Kahina Van sold 1,715 shares of the company’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $78.49, for a total transaction of $134,610.35. Following the completion of the sale, the director now owns 2,464 shares in the company, valued at approximately $193,399.36. The disclosure for this sale can be found here. Insiders have sold 145,850 shares of company stock worth $11,143,382 in the last ninety days. Insiders own 0.39% of the company’s stock.
A number of equities analysts recently commented on PGR shares. Wells Fargo & Co reiterated a “hold” rating and set a $70.00 price target on shares of Progressive in a report on Wednesday, January 23rd. Citigroup boosted their price objective on Progressive from $71.00 to $75.00 and gave the stock a “neutral” rating in a report on Thursday, February 14th. Credit Suisse Group boosted their price objective on Progressive from $73.00 to $80.00 and gave the stock an “outperform” rating in a report on Thursday, March 7th. Barclays boosted their price objective on Progressive from $81.00 to $86.00 and gave the stock an “overweight” rating in a report on Monday, April 1st. Finally, Zacks Investment Research upgraded Progressive from a “hold” rating to a “buy” rating and set a $85.00 price target for the company in a research note on Monday, April 22nd. Five equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $79.83.
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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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