Dynamic Capital Management Ltd acquired a new position in Progressive Corp (NYSE:PGR) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 3,101 shares of the insurance provider’s stock, valued at approximately $248,000.
Several other hedge funds have also made changes to their positions in the company. Weatherly Asset Management L. P. grew its stake in Progressive by 3.1% during the second quarter. Weatherly Asset Management L. P. now owns 4,361 shares of the insurance provider’s stock worth $349,000 after buying an additional 131 shares in the last quarter. Archford Capital Strategies LLC grew its stake in Progressive by 49.5% during the second quarter. Archford Capital Strategies LLC now owns 408 shares of the insurance provider’s stock worth $33,000 after buying an additional 135 shares in the last quarter. Cornerstone Advisors Inc. grew its stake in Progressive by 5.4% during the second quarter. Cornerstone Advisors Inc. now owns 2,740 shares of the insurance provider’s stock worth $219,000 after buying an additional 141 shares in the last quarter. TRUE Private Wealth Advisors grew its stake in Progressive by 3.5% during the second quarter. TRUE Private Wealth Advisors now owns 4,254 shares of the insurance provider’s stock worth $340,000 after buying an additional 144 shares in the last quarter. Finally, Global Retirement Partners LLC grew its stake in Progressive by 23.9% during the first quarter. Global Retirement Partners LLC now owns 841 shares of the insurance provider’s stock worth $61,000 after buying an additional 162 shares in the last quarter. 79.87% of the stock is currently owned by institutional investors and hedge funds.
A number of equities research analysts have issued reports on PGR shares. Barclays increased their price objective on shares of Progressive from $90.00 to $95.00 and gave the stock an “overweight” rating in a research note on Monday, July 1st. UBS Group raised their price target on shares of Progressive from $88.00 to $95.00 and gave the company a “buy” rating in a research note on Monday, July 29th. B. Riley raised their price target on shares of Progressive from $89.00 to $96.00 and gave the company a “buy” rating in a research note on Thursday, June 13th. ValuEngine lowered shares of Progressive from a “hold” rating to a “sell” rating in a report on Tuesday. Finally, Zacks Investment Research lowered shares of Progressive from a “buy” rating to a “hold” rating and set a $84.00 price objective for the company. in a report on Monday, May 27th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $84.08.
NYSE PGR traded down $4.62 during mid-day trading on Friday, hitting $72.36. The company’s stock had a trading volume of 2,059,641 shares, compared to its average volume of 2,312,965. The company’s 50 day simple moving average is $78.03 and its 200 day simple moving average is $77.29. Progressive Corp has a twelve month low of $56.71 and a twelve month high of $84.96. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.34. The firm has a market capitalization of $44.51 billion, a price-to-earnings ratio of 16.37, a PEG ratio of 1.92 and a beta of 0.68.
Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, July 17th. The insurance provider reported $1.66 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.43 by $0.23. The firm had revenue of $9.13 billion for the quarter, compared to the consensus estimate of $9.13 billion. Progressive had a net margin of 9.19% and a return on equity of 28.12%. The business’s revenue for the quarter was up 12.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.19 EPS. As a group, research analysts forecast that Progressive Corp will post 5.42 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, October 7th 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 0.55%. The ex-dividend date is Friday, October 4th. Progressive’s payout ratio is 9.05%.
In other news, CEO Susan Patricia Griffith sold 22,500 shares of the company’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $76.47, for a total transaction of $1,720,575.00. Following the sale, the chief executive officer now directly owns 352,795 shares in the company, valued at $26,978,233.65. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO John P. Sauerland sold 12,000 shares of the company’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $77.58, for a total value of $930,960.00. The disclosure for this sale can be found here. Insiders have sold a total of 46,500 shares of company stock worth $3,624,855 over the last quarter. Company insiders own 0.39% of the company’s stock.
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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