Northwestern Mutual Investment Management Company LLC lifted its position in shares of Progressive Corp (NYSE:PGR) by 34.2% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 30,476 shares of the insurance provider’s stock after purchasing an additional 7,766 shares during the quarter. Northwestern Mutual Investment Management Company LLC’s holdings in Progressive were worth $2,250,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Pinnacle Associates Ltd. raised its stake in Progressive by 0.4% during the fourth quarter. Pinnacle Associates Ltd. now owns 35,055 shares of the insurance provider’s stock valued at $2,538,000 after buying an additional 125 shares during the last quarter. McKinley Carter Wealth Services Inc. increased its position in Progressive by 2.8% during the first quarter. McKinley Carter Wealth Services Inc. now owns 5,006 shares of the insurance provider’s stock valued at $370,000 after acquiring an additional 136 shares during the last quarter. Heron Financial Group LLC increased its position in Progressive by 2.4% during the first quarter. Heron Financial Group LLC now owns 6,248 shares of the insurance provider’s stock valued at $503,000 after acquiring an additional 145 shares during the last quarter. Allred Capital Management LLC increased its position in Progressive by 5.6% during the first quarter. Allred Capital Management LLC now owns 2,958 shares of the insurance provider’s stock valued at $218,000 after acquiring an additional 156 shares during the last quarter. Finally, Cornerstone Advisors Inc. increased its position in Progressive by 5.7% during the first quarter. Cornerstone Advisors Inc. now owns 2,943 shares of the insurance provider’s stock valued at $217,000 after acquiring an additional 158 shares during the last quarter. Institutional investors own 78.53% of the company’s stock.
Shares of Progressive stock opened at $74.72 on Friday. The stock has a 50 day moving average of $77.81 and a 200 day moving average of $75.76. Progressive Corp has a 12 month low of $62.18 and a 12 month high of $84.96. The firm has a market cap of $43.91 billion, a PE ratio of 12.33, a PEG ratio of 2.05 and a beta of 0.52. The company has a current ratio of 0.39, a quick ratio of 0.39 and a debt-to-equity ratio of 0.39.
Progressive (NYSE:PGR) last announced its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $2.11 EPS for the quarter, beating analysts’ consensus estimates of $1.45 by $0.66. Progressive had a return on equity of 26.80% and a net margin of 9.18%. The company had revenue of $9.87 billion during the quarter, compared to analyst estimates of $10.28 billion. During the same period in the prior year, the company earned $1.83 earnings per share. The firm’s revenue was up 6.8% on a year-over-year basis. As a group, equities research analysts forecast that Progressive Corp will post 6.1 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, July 7th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Monday, July 6th. This represents a $0.40 dividend on an annualized basis and a yield of 0.54%. Progressive’s dividend payout ratio (DPR) is presently 5.95%.
In other Progressive news, CEO Susan Patricia Griffith sold 34,468 shares of the company’s stock in a transaction that occurred on Thursday, April 16th. The stock was sold at an average price of $78.73, for a total transaction of $2,713,665.64. Following the sale, the chief executive officer now directly owns 352,462 shares in the company, valued at $27,749,333.26. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO John P. Sauerland sold 15,000 shares of the company’s stock in a transaction that occurred on Thursday, April 16th. The shares were sold at an average price of $79.12, for a total value of $1,186,800.00. Following the sale, the chief financial officer now owns 362,326 shares in the company, valued at $28,667,233.12. The disclosure for this sale can be found here. Corporate insiders own 0.38% of the company’s stock.
A number of analysts recently commented on PGR shares. Morgan Stanley upped their price objective on Progressive from $88.00 to $94.00 and gave the company an “overweight” rating in a research report on Monday, May 18th. MKM Partners cut their price target on Progressive from $100.00 to $90.00 in a report on Wednesday, March 18th. Deutsche Bank boosted their price target on Progressive from $88.00 to $90.00 and gave the company a “buy” rating in a report on Friday, May 8th. ValuEngine lowered Progressive from a “hold” rating to a “sell” rating in a report on Monday, May 4th. Finally, B. Riley lowered Progressive from a “buy” rating to a “neutral” rating and cut their price target for the company from $96.00 to $83.00 in a report on Wednesday, March 11th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $83.63.
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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