NuWave Investment Management LLC boosted its position in Progressive Corp (NYSE:PGR) by 133.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,772 shares of the insurance provider’s stock after acquiring an additional 1,585 shares during the quarter. NuWave Investment Management LLC’s holdings in Progressive were worth $219,000 at the end of the most recent reporting period.
Other large investors have also recently made changes to their positions in the company. BlackRock Inc. boosted its position in Progressive by 0.7% in the first quarter. BlackRock Inc. now owns 42,305,646 shares of the insurance provider’s stock valued at $3,123,848,000 after buying an additional 289,836 shares in the last quarter. Wellington Management Group LLP boosted its position in Progressive by 25.6% in the first quarter. Wellington Management Group LLP now owns 38,740,573 shares of the insurance provider’s stock valued at $2,860,604,000 after buying an additional 7,890,461 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Progressive by 4.5% in the first quarter. JPMorgan Chase & Co. now owns 18,296,706 shares of the insurance provider’s stock valued at $1,351,031,000 after buying an additional 787,145 shares in the last quarter. Alliancebernstein L.P. boosted its position in Progressive by 9.3% in the first quarter. Alliancebernstein L.P. now owns 11,394,325 shares of the insurance provider’s stock valued at $841,357,000 after buying an additional 969,841 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in Progressive by 1.1% in the fourth quarter. Geode Capital Management LLC now owns 10,444,973 shares of the insurance provider’s stock valued at $754,913,000 after buying an additional 114,039 shares in the last quarter. 79.76% of the stock is currently owned by institutional investors and hedge funds.
In other Progressive news, CEO Susan Patricia Griffith sold 34,468 shares of Progressive stock in a transaction on Thursday, April 16th. The shares were sold at an average price of $78.73, for a total value of $2,713,665.64. Following the completion of the sale, the chief executive officer now directly owns 352,462 shares of the company’s stock, valued at $27,749,333.26. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO John P. Sauerland sold 15,000 shares of Progressive stock in a transaction on Thursday, April 16th. The shares were sold at an average price of $79.12, for a total transaction of $1,186,800.00. Following the completion of the sale, the chief financial officer now directly owns 362,326 shares of the company’s stock, valued at $28,667,233.12. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 83,468 shares of company stock valued at $6,498,956. Insiders own 0.38% of the company’s stock.
PGR stock opened at $80.33 on Tuesday. The firm has a market cap of $47.27 billion, a price-to-earnings ratio of 13.26, a PEG ratio of 2.17 and a beta of 0.51. The company has a quick ratio of 0.39, a current ratio of 0.39 and a debt-to-equity ratio of 0.39. Progressive Corp has a 12-month low of $62.18 and a 12-month high of $84.96. The company’s fifty day simple moving average is $78.88 and its 200 day simple moving average is $77.53.
Progressive (NYSE:PGR) last released its earnings results on Wednesday, April 15th. The insurance provider reported $2.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.45 by $0.66. The business had revenue of $9.87 billion for the quarter, compared to analyst estimates of $10.28 billion. Progressive had a net margin of 9.18% and a return on equity of 26.80%. Progressive’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.83 earnings per share. Research analysts expect that Progressive Corp will post 6.21 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, July 7th will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.50%. The ex-dividend date is Monday, July 6th. Progressive’s dividend payout ratio (DPR) is currently 5.95%.
A number of brokerages have recently commented on PGR. Raymond James upgraded shares of Progressive from an “outperform” rating to a “strong-buy” rating and lifted their price target for the stock from $85.00 to $90.00 in a report on Friday, April 3rd. Piper Sandler lowered shares of Progressive from an “overweight” rating to a “neutral” rating and set a $88.00 price target on the stock. in a report on Thursday, June 11th. Credit Suisse Group reiterated a “buy” rating and set a $79.00 price target on shares of Progressive in a report on Thursday, April 2nd. Bank of America began coverage on shares of Progressive in a report on Monday, June 1st. They set a “buy” rating on the stock. Finally, Morgan Stanley lifted their price target on shares of Progressive from $88.00 to $94.00 and gave the stock an “overweight” rating in a report on Monday, May 18th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $85.71.
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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