Optimal Asset Management Inc. increased its holdings in Progressive Corp (NYSE:PGR) by 79.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 26,816 shares of the insurance provider’s stock after buying an additional 11,913 shares during the quarter. Optimal Asset Management Inc.’s holdings in Progressive were worth $1,980,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PGR. WASHINGTON TRUST Co purchased a new stake in shares of Progressive during the first quarter valued at $25,000. Security National Trust Co. purchased a new stake in shares of Progressive during the first quarter valued at $31,000. PrairieView Partners LLC purchased a new stake in shares of Progressive during the first quarter valued at $36,000. Capital Square LLC purchased a new stake in shares of Progressive during the first quarter valued at $36,000. Finally, Harvest Group Wealth Management LLC boosted its stake in shares of Progressive by 701.6% during the first quarter. Harvest Group Wealth Management LLC now owns 513 shares of the insurance provider’s stock valued at $37,000 after purchasing an additional 449 shares during the period. Institutional investors own 80.02% of the company’s stock.

A number of analysts have recently issued reports on PGR shares. Piper Sandler lowered shares of Progressive from an “overweight” rating to a “neutral” rating and set a $88.00 target price for the company. in a research note on Thursday, June 11th. Morgan Stanley lifted their price objective on Progressive from $88.00 to $94.00 and gave the company an “overweight” rating in a report on Monday, May 18th. Raymond James upgraded Progressive from an “outperform” rating to a “strong-buy” rating and lifted their price objective for the company from $85.00 to $90.00 in a report on Friday, April 3rd. B. Riley downgraded Progressive from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $96.00 to $83.00 in a report on Wednesday, March 11th. Finally, MKM Partners decreased their price objective on Progressive from $100.00 to $90.00 in a report on Wednesday, March 18th. One research analyst has rated the stock with a sell rating, six have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Progressive currently has a consensus rating of “Buy” and a consensus price target of $85.71.

In other news, CFO John P. Sauerland sold 15,000 shares of the company’s stock in a transaction dated 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 transaction, the chief financial officer now owns 362,326 shares in the company, valued at $28,667,233.12. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Andrew J. Quigg sold 4,000 shares of the company’s stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $74.26, for a total value of $297,040.00. Following the completion of the sale, the insider now owns 8,063 shares in the company, valued at approximately $598,758.38. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 83,468 shares of company stock worth $6,498,956. Corporate insiders own 0.38% of the company’s stock.

Progressive stock traded down $1.12 during trading hours on Friday, reaching $78.78. The stock had a trading volume of 41,989 shares, compared to its average volume of 2,876,258. The company has a market cap of $45.24 billion, a price-to-earnings ratio of 13.12, a PEG ratio of 2.08 and a beta of 0.51. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.39 and a quick ratio of 0.39. The business’s 50 day moving average price is $77.35 and its 200-day moving average price is $76.90. Progressive Corp has a 52 week low of $62.18 and a 52 week high of $84.96.

Progressive (NYSE:PGR) last announced its earnings results on Wednesday, April 15th. The insurance provider reported $2.11 EPS for the quarter, topping the Zacks’ consensus estimate of $1.45 by $0.66. Progressive had a net margin of 9.18% and a return on equity of 26.80%. The business had revenue of $9.87 billion during the quarter, compared to the consensus estimate of $10.28 billion. During the same period in the previous year, the company posted $1.83 earnings per share. The firm’s revenue was up 6.8% on a year-over-year basis. On average, sell-side analysts forecast that Progressive Corp will post 6.18 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, July 7th will be issued a dividend of $0.10 per share. The ex-dividend date is Monday, July 6th. This represents a $0.40 annualized dividend and a dividend yield of 0.51%. Progressive’s dividend payout ratio (DPR) is currently 5.95%.

Progressive 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.

See Also: Liquidity

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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