Point72 Asset Management L.P. Has $30.32 Million Stake in Progressive Corp (NYSE:PGR)
Point72 Asset Management L.P. boosted its holdings in shares of Progressive Corp (NYSE:PGR) by 2,817.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 379,306 shares of the insurance provider’s stock after buying an additional 366,306 shares during the quarter. Point72 Asset Management L.P. owned about 0.06% of Progressive worth $30,318,000 at the end of the most recent quarter.
A number of other institutional investors have also bought and sold shares of PGR. Manchester Financial Inc. bought a new stake in Progressive during the second quarter valued at about $25,000. Synovus Financial Corp boosted its holdings in Progressive by 752.4% during the second quarter. Synovus Financial Corp now owns 358 shares of the insurance provider’s stock valued at $27,000 after acquiring an additional 316 shares during the period. Archford Capital Strategies LLC boosted its holdings in Progressive by 49.5% during the second quarter. Archford Capital Strategies LLC now owns 408 shares of the insurance provider’s stock valued at $33,000 after acquiring an additional 135 shares during the period. Mirova bought a new stake in Progressive during the second quarter valued at about $43,000. Finally, Virtus ETF Advisers LLC bought a new stake in Progressive during the second quarter valued at about $61,000. 78.76% of the stock is currently owned by hedge funds and other institutional investors.
In related news, CEO Susan Patricia Griffith sold 22,500 shares of the stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $76.47, for a total value of $1,720,575.00. Following the completion of the transaction, the chief executive officer now owns 352,795 shares of the company’s stock, valued at $26,978,233.65. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO John P. Sauerland sold 12,000 shares of the 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. In the last quarter, insiders sold 46,500 shares of company stock valued at $3,624,855. 0.39% of the stock is owned by corporate insiders.
Progressive (NYSE:PGR) last released its earnings results on Wednesday, July 17th. The insurance provider reported $1.66 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.43 by $0.23. Progressive had a net margin of 9.19% and a return on equity of 28.12%. The business had revenue of $9.13 billion during the quarter, compared to analysts’ expectations of $9.13 billion. During the same quarter last year, the company earned $1.19 earnings per share. The firm’s revenue was up 12.7% on a year-over-year basis. As a group, sell-side analysts predict that Progressive Corp will post 5.4 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, October 7th will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.53%. The ex-dividend date of this dividend is Friday, October 4th. Progressive’s payout ratio is presently 9.05%.
PGR has been the subject of a number of recent analyst reports. ValuEngine cut shares of Progressive from a “hold” rating to a “sell” rating in a report on Tuesday, September 10th. B. Riley upped their price target on shares of Progressive from $89.00 to $96.00 and gave the company a “buy” rating in a report on Thursday, June 13th. Barclays set a $90.00 price target on shares of Progressive and gave the company a “buy” rating in a report on Friday, September 13th. UBS Group upped their price target on shares of Progressive from $88.00 to $95.00 and gave the company a “buy” rating in a report on Monday, July 29th. Finally, Zacks Investment Research cut shares of Progressive from a “buy” rating to a “hold” rating and set a $84.00 price target for the company. in a report on Monday, May 27th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $83.42.
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.
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