Callan Capital LLC Takes $254,000 Position in The Progressive Corporation (NYSE:PGR)

Callan Capital LLC acquired a new stake in shares of The Progressive Corporation (NYSE:PGR) during the first quarter, Holdings Channel reports. The institutional investor acquired 899 shares of the insurance provider’s stock, valued at approximately $254,000.

A number of other large investors have also recently made changes to their positions in PGR. Norges Bank purchased a new stake in shares of Progressive during the fourth quarter valued at $1,843,045,000. GAMMA Investing LLC grew its holdings in shares of Progressive by 39,285.0% during the first quarter. GAMMA Investing LLC now owns 3,046,037 shares of the insurance provider’s stock valued at $862,059,000 after buying an additional 3,038,303 shares during the last quarter. GQG Partners LLC grew its holdings in shares of Progressive by 67.6% during the fourth quarter. GQG Partners LLC now owns 5,171,501 shares of the insurance provider’s stock valued at $1,239,143,000 after buying an additional 2,085,833 shares during the last quarter. Capital Research Global Investors grew its holdings in shares of Progressive by 34.3% during the fourth quarter. Capital Research Global Investors now owns 6,058,187 shares of the insurance provider’s stock valued at $1,451,602,000 after buying an additional 1,547,677 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Progressive by 18.1% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,983,567 shares of the insurance provider’s stock valued at $1,433,722,000 after purchasing an additional 915,643 shares during the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Wall Street Zen raised shares of Progressive from a “hold” rating to a “buy” rating in a report on Saturday, June 21st. UBS Group upped their price target on shares of Progressive from $285.00 to $291.00 and gave the company a “neutral” rating in a report on Wednesday, May 28th. Wells Fargo & Company upped their price target on shares of Progressive from $328.00 to $333.00 and gave the company an “overweight” rating in a report on Friday, June 20th. Barclays lowered their price target on shares of Progressive from $297.00 to $287.00 and set an “equal weight” rating on the stock in a report on Monday. Finally, Bank of America raised shares of Progressive from a “neutral” rating to a “buy” rating and set a $312.00 price target on the stock in a report on Monday, April 28th. Eight investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, Progressive currently has an average rating of “Moderate Buy” and a consensus target price of $285.94.

Progressive Trading Down 0.8%

PGR stock opened at $251.39 on Wednesday. The firm has a market cap of $147.37 billion, a P/E ratio of 16.95, a PEG ratio of 1.56 and a beta of 0.37. The Progressive Corporation has a 52-week low of $207.50 and a 52-week high of $292.99. The company’s 50-day simple moving average is $273.46 and its 200-day simple moving average is $265.61. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.24.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share for the quarter, beating analysts’ consensus estimates of $4.28 by $0.37. The firm had revenue of $22.21 billion for the quarter, compared to analyst estimates of $21.87 billion. Progressive had a net margin of 11.10% and a return on equity of 33.50%. As a group, equities analysts forecast that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Announces Dividend

The business also recently declared a dividend, which will be paid on Friday, July 11th. Investors of record on Friday, July 4th will be paid a $0.10 dividend. This represents a yield of 0.15%. The ex-dividend date of this dividend is Thursday, July 3rd. Progressive’s dividend payout ratio is presently 2.70%.

Insider Transactions at Progressive

In related news, CFO John P. Sauerland sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $275.37, for a total value of $2,753,700.00. Following the transaction, the chief financial officer directly owned 238,024 shares of the company’s stock, valued at approximately $65,544,668.88. This trade represents a 4.03% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Steven Broz sold 1,267 shares of the firm’s stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $260.38, for a total transaction of $329,901.46. Following the completion of the transaction, the insider directly owned 27,621 shares in the company, valued at $7,191,955.98. This represents a 4.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 42,705 shares of company stock worth $11,450,948 in the last three months. 0.33% of the stock is owned by corporate insiders.

About Progressive

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related 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.