Bokf Na Has $3.69 Million Stake in The Progressive Co. (NYSE:PGR)

Bokf Na trimmed its position in shares of The Progressive Co. (NYSE:PGR) by 3.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 17,569 shares of the insurance provider’s stock after selling 686 shares during the quarter. Bokf Na’s holdings in Progressive were worth $3,689,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in PGR. Tremblant Capital Group lifted its stake in Progressive by 99.0% in the first quarter. Tremblant Capital Group now owns 8,596 shares of the insurance provider’s stock valued at $1,778,000 after buying an additional 4,276 shares during the period. Magnetar Financial LLC purchased a new position in Progressive during the 1st quarter worth $2,485,000. Lazard Asset Management LLC grew its position in Progressive by 138.1% in the 1st quarter. Lazard Asset Management LLC now owns 10,021 shares of the insurance provider’s stock worth $2,071,000 after purchasing an additional 5,813 shares in the last quarter. LRI Investments LLC purchased a new stake in shares of Progressive during the first quarter valued at approximately $64,000. Finally, 1832 Asset Management L.P. increased its position in shares of Progressive by 13.5% during the 1st quarter. 1832 Asset Management L.P. now owns 1,685,868 shares of the insurance provider’s stock valued at $348,671,000 after purchasing an additional 200,118 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Stock Down 0.3 %

Shares of PGR traded down $0.68 on Monday, reaching $215.00. The stock had a trading volume of 148,495 shares, compared to its average volume of 2,579,131. The firm has a market capitalization of $125.93 billion, a price-to-earnings ratio of 22.08, a price-to-earnings-growth ratio of 0.75 and a beta of 0.35. The company has a 50-day simple moving average of $210.37 and a 200-day simple moving average of $201.48. The Progressive Co. has a 12-month low of $124.06 and a 12-month high of $229.00. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.32 and a current ratio of 0.33.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share for the quarter, beating analysts’ consensus estimates of $2.04 by $0.61. The company had revenue of $17.90 billion during the quarter, compared to analyst estimates of $17.54 billion. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The firm’s revenue for the quarter was up 21.6% on a year-over-year basis. During the same quarter last year, the company earned $0.57 EPS. Sell-side analysts predict that The Progressive Co. will post 12.02 EPS for the current year.

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Wednesday, July 3rd were given a $0.10 dividend. The ex-dividend date of this dividend was Wednesday, July 3rd. This represents a $0.40 annualized dividend and a yield of 0.19%. Progressive’s dividend payout ratio (DPR) is presently 4.09%.

Insider Activity at Progressive

In other Progressive news, CEO Susan Patricia Griffith sold 43,371 shares of Progressive stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $214.01, for a total value of $9,281,827.71. Following the completion of the sale, the chief executive officer now owns 517,105 shares of the company’s stock, valued at approximately $110,665,641.05. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, insider Steven Broz sold 7,361 shares of Progressive stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $207.25, for a total transaction of $1,525,567.25. Following the transaction, the insider now directly owns 35,503 shares of the company’s stock, valued at approximately $7,357,996.75. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Susan Patricia Griffith sold 43,371 shares of the company’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total transaction of $9,281,827.71. Following the completion of the transaction, the chief executive officer now directly owns 517,105 shares of the company’s stock, valued at approximately $110,665,641.05. The disclosure for this sale can be found here. Insiders have sold 108,168 shares of company stock valued at $22,937,984 over the last ninety days. Insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on PGR shares. JPMorgan Chase & Co. lifted their price target on shares of Progressive from $210.00 to $239.00 and gave the stock an “overweight” rating in a report on Thursday, July 11th. Morgan Stanley cut their price target on shares of Progressive from $256.00 to $255.00 and set an “overweight” rating for the company in a report on Monday, June 10th. BMO Capital Markets lifted their target price on shares of Progressive from $235.00 to $239.00 and gave the company an “outperform” rating in a research report on Thursday, July 18th. Piper Sandler reiterated an “overweight” rating and set a $240.00 price objective on shares of Progressive in a research report on Monday, April 1st. Finally, Bank of America upped their price target on shares of Progressive from $276.00 to $293.00 and gave the company a “buy” rating in a research report on Wednesday, July 17th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $222.94.

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.