Neo Ivy Capital Management Acquires New Holdings in The Progressive Corporation (NYSE:PGR)

Neo Ivy Capital Management acquired a new stake in shares of The Progressive Corporation (NYSE:PGR) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 1,456 shares of the insurance provider’s stock, valued at approximately $412,000.

A number of other institutional investors have also recently bought and sold shares of the company. Assetmark Inc. grew its holdings in Progressive by 31.5% during the first quarter. Assetmark Inc. now owns 80,961 shares of the insurance provider’s stock valued at $22,913,000 after purchasing an additional 19,399 shares during the period. Cetera Investment Advisers boosted its holdings in shares of Progressive by 0.8% in the first quarter. Cetera Investment Advisers now owns 76,283 shares of the insurance provider’s stock valued at $21,589,000 after buying an additional 618 shares during the period. Avantax Advisory Services Inc. boosted its holdings in shares of Progressive by 2.7% in the first quarter. Avantax Advisory Services Inc. now owns 28,906 shares of the insurance provider’s stock valued at $8,181,000 after buying an additional 770 shares during the period. Brookwood Investment Group LLC acquired a new position in shares of Progressive in the first quarter valued at approximately $1,173,000. Finally, Carnegie Investment Counsel boosted its holdings in shares of Progressive by 2.4% in the first quarter. Carnegie Investment Counsel now owns 287,218 shares of the insurance provider’s stock valued at $81,286,000 after buying an additional 6,730 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Analysts Set New Price Targets

PGR has been the subject of several research analyst reports. Barclays reduced their price target on shares of Progressive from $297.00 to $287.00 and set an “equal weight” rating for the company in a report on Monday, July 7th. Evercore ISI cut shares of Progressive from an “outperform” rating to an “in-line” rating and set a $275.00 price target for the company. in a report on Thursday, July 17th. Morgan Stanley reduced their price target on shares of Progressive from $290.00 to $280.00 and set an “equal weight” rating for the company in a report on Monday, July 14th. Keefe, Bruyette & Woods reduced their price target on shares of Progressive from $290.00 to $268.00 and set a “market perform” rating for the company in a report on Thursday, July 17th. Finally, Bank of America reduced their price target on shares of Progressive from $337.00 to $336.00 and set a “buy” rating for the company in a report on Thursday, July 17th. Nine analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $286.88.

Insider Transactions at Progressive

In other news, Director Dyke Kahina Van sold 2,490 shares of the stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $277.67, for a total value of $691,398.30. Following the transaction, the director directly owned 12,429 shares of the company’s stock, valued at $3,451,160.43. This represents a 16.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO John P. Sauerland sold 10,000 shares of the stock in a transaction dated Monday, June 30th. The shares were sold at an average price of $263.79, for a total transaction of $2,637,900.00. Following the completion of the transaction, the chief financial officer directly owned 228,024 shares in the company, valued at $60,150,450.96. The trade was a 4.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 43,972 shares of company stock valued at $11,764,581. 0.34% of the stock is owned by company insiders.

Progressive Stock Performance

Shares of PGR stock opened at $250.22 on Friday. The stock has a market cap of $146.69 billion, a P/E ratio of 14.10, a P/E/G ratio of 1.48 and a beta of 0.37. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.34 and a quick ratio of 0.29. The company has a fifty day moving average price of $264.25 and a two-hundred day moving average price of $265.96. The Progressive Corporation has a one year low of $208.13 and a one year high of $292.99.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, beating analysts’ consensus estimates of $4.43 by $0.45. The firm had revenue of $20.08 billion during the quarter, compared to analysts’ expectations of $20.39 billion. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The company’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same quarter last year, the company posted $2.48 earnings per share. As a group, equities analysts predict that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Dividend Announcement

The company also recently declared a dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, July 4th were paid a $0.10 dividend. This represents a yield of 0.15%. The ex-dividend date was Thursday, July 3rd. Progressive’s dividend payout ratio is currently 2.25%.

Progressive Company Profile

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.