Meeder Asset Management Inc. raised its position in Progressive Corp (NYSE:PGR) by 3.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 15,443 shares of the insurance provider’s stock after acquiring an additional 533 shares during the quarter. Meeder Asset Management Inc.’s holdings in Progressive were worth $1,234,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Hendley & Co. Inc. bought a new stake in shares of Progressive during the 1st quarter valued at about $3,635,000. ZWJ Investment Counsel Inc. boosted its stake in shares of Progressive by 3.4% during the 1st quarter. ZWJ Investment Counsel Inc. now owns 381,525 shares of the insurance provider’s stock valued at $27,504,000 after purchasing an additional 12,642 shares in the last quarter. Zions Bancorporation N.A. bought a new stake in Progressive during the first quarter worth about $125,000. Arden Trust Co bought a new stake in Progressive during the second quarter worth about $613,000. Finally, Ibex Wealth Advisors boosted its stake in Progressive by 9.9% during the second quarter. Ibex Wealth Advisors now owns 40,761 shares of the insurance provider’s stock worth $3,258,000 after acquiring an additional 3,655 shares in the last quarter. 78.56% of the stock is currently owned by hedge funds and other institutional investors.

NYSE:PGR traded up $0.67 during mid-day trading on Wednesday, hitting $77.40. 279,888 shares of the company’s stock were exchanged, compared to its average volume of 2,488,655. Progressive Corp has a one year low of $56.71 and a one year high of $84.96. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.36 and a quick ratio of 0.36. The business has a fifty day moving average price of $80.92 and a 200 day moving average price of $76.54. The company has a market cap of $45.30 billion, a PE ratio of 17.51, a P/E/G ratio of 1.97 and a beta of 0.66.

Progressive (NYSE:PGR) last issued its earnings results on Wednesday, July 17th. The insurance provider reported $1.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.43 by $0.23. The business had revenue of $9.13 billion during the quarter, compared to analysts’ expectations 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 company earned $1.19 earnings per share. On average, equities analysts forecast that Progressive Corp will post 5.4 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, October 7th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Friday, October 4th. This represents a $0.40 annualized dividend and a yield of 0.52%. Progressive’s dividend payout ratio (DPR) is presently 9.05%.

PGR has been the topic of several research reports. ValuEngine lowered shares of Progressive from a “buy” rating to a “hold” rating in a research note on Wednesday, July 17th. B. Riley boosted their price objective on shares of Progressive from $89.00 to $96.00 and gave the stock a “buy” rating in a research note on Thursday, June 13th. Raymond James boosted their price objective on shares of Progressive from $90.00 to $93.00 and gave the stock a “strong-buy” rating in a research note on Thursday, July 25th. Janney Montgomery Scott initiated coverage on shares of Progressive in a research note on Thursday, June 20th. They set a “neutral” rating and a $59.00 price objective on the stock. Finally, Buckingham Research set a $64.00 price objective on shares of Progressive and gave the stock a “hold” rating in a research note on Monday, May 13th. Six investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. Progressive currently has an average rating of “Buy” and a consensus price target of $82.92.

In other Progressive news, insider Steven Broz sold 3,000 shares of Progressive stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $81.49, for a total value of $244,470.00. Following the completion of the transaction, the insider now directly owns 15,701 shares of the company’s stock, valued at $1,279,474.49. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO John P. Sauerland sold 12,000 shares of Progressive stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $77.58, for a total transaction of $930,960.00. The disclosure for this sale can be found here. Insiders sold 39,000 shares of company stock valued at $3,128,310 over the last ninety days. Corporate insiders own 0.39% of the company’s stock.

Progressive Company Profile

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.

Read More: How do analysts define an oversold condition?

Want to see what other hedge funds are holding PGR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Progressive Corp (NYSE:PGR).

Institutional Ownership by Quarter for Progressive (NYSE:PGR)

Receive News & Ratings for Progressive Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Progressive and related companies with MarketBeat.com's FREE daily email newsletter.