Veriti Management LLC increased its stake in shares of The Progressive Co. (NYSE:PGR – Get Rating) by 6.2% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 15,927 shares of the insurance provider's stock after buying an additional 927 shares during the period. Veriti Management LLC's holdings in Progressive were worth $1,852,000 as of its most recent SEC filing.
Other large investors have also added to or reduced their stakes in the company. Blume Capital Management Inc. purchased a new stake in Progressive during the first quarter worth about $25,000. Cornerstone Advisory LLC purchased a new position in shares of Progressive in the fourth quarter worth about $30,000. Byrne Asset Management LLC purchased a new position in shares of Progressive in the fourth quarter worth about $31,000. Steward Financial Group LLC increased its stake in shares of Progressive by 953.3% in the first quarter. Steward Financial Group LLC now owns 316 shares of the insurance provider's stock worth $36,000 after purchasing an additional 286 shares in the last quarter. Finally, Core Alternative Capital increased its stake in shares of Progressive by 1,254.2% in the first quarter. Core Alternative Capital now owns 325 shares of the insurance provider's stock worth $37,000 after purchasing an additional 301 shares in the last quarter. Hedge funds and other institutional investors own 85.05% of the company's stock.
Get Progressive alerts:Progressive Trading Down 0.7 %
Shares of Progressive stock opened at $121.53 on Friday. The Progressive Co. has a 1 year low of $89.35 and a 1 year high of $129.76. The firm has a market cap of $71.08 billion, a PE ratio of 86.81, a PEG ratio of 0.85 and a beta of 0.42. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.40 and a quick ratio of 0.40. The company has a 50 day simple moving average of $121.15 and a two-hundred day simple moving average of $116.25.
Progressive (NYSE:PGR – Get Rating) last announced its earnings results on Friday, July 15th. The insurance provider reported $0.95 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.95. Progressive had a net margin of 1.79% and a return on equity of 11.52%. The business had revenue of $12.70 billion during the quarter, compared to analyst estimates of $12.87 billion. Analysts expect that The Progressive Co. will post 4.94 earnings per share for the current fiscal year.Progressive Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, October 7th will be given a dividend of $0.10 per share. The ex-dividend date is Thursday, October 6th. This represents a $0.40 annualized dividend and a yield of 0.33%. Progressive's payout ratio is presently 28.57%.
Analysts Set New Price Targets
Several equities analysts have recently weighed in on the stock. Raymond James lifted their target price on shares of Progressive from $135.00 to $140.00 and gave the stock an "outperform" rating in a research note on Monday, August 29th. Jefferies Financial Group lifted their target price on shares of Progressive from $106.00 to $125.00 and gave the stock a "hold" rating in a research note on Tuesday, July 12th. Credit Suisse Group lifted their target price on shares of Progressive from $124.00 to $127.00 and gave the stock a "neutral" rating in a research note on Thursday, August 18th. Evercore ISI set a $129.00 price objective on shares of Progressive in a research report on Tuesday, July 19th. Finally, Morgan Stanley raised their price objective on shares of Progressive from $121.00 to $130.00 and gave the company an "equal weight" rating in a research report on Friday, August 19th. Four analysts have rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $118.08.
Insider Buying and Selling at Progressive
In other Progressive news, insider Andrew J. Quigg sold 3,180 shares of Progressive stock in a transaction that occurred on Friday, August 26th. The shares were sold at an average price of $126.43, for a total transaction of $402,047.40. Following the transaction, the insider now directly owns 24,061 shares of the company's stock, valued at $3,042,032.23. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Progressive news, insider Andrew J. Quigg sold 3,180 shares of Progressive stock in a transaction that occurred on Friday, August 26th. The shares were sold at an average price of $126.43, for a total transaction of $402,047.40. Following the transaction, the insider now directly owns 24,061 shares of the company's stock, valued at $3,042,032.23. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Patrick K. Callahan sold 19,068 shares of Progressive stock in a transaction on Friday, September 16th. The stock was sold at an average price of $125.77, for a total transaction of $2,398,182.36. Following the completion of the transaction, the insider now directly owns 13,151 shares in the company, valued at $1,654,001.27. The disclosure for this sale can be found here. 0.37% of the stock is currently owned by company insiders.
Progressive Profile
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The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, 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.
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