LGT Group Foundation Has $36.17 Million Holdings in The Progressive Corporation (NYSE:PGR)

LGT Group Foundation increased its holdings in The Progressive Corporation (NYSE:PGR) by 17.6% during the first quarter, HoldingsChannel reports. The fund owned 127,803 shares of the insurance provider’s stock after acquiring an additional 19,121 shares during the quarter. LGT Group Foundation’s holdings in Progressive were worth $36,170,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in PGR. Brighton Jones LLC raised its holdings in shares of Progressive by 15.6% in the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock worth $813,000 after acquiring an additional 457 shares during the last quarter. Revolve Wealth Partners LLC purchased a new stake in Progressive in the 4th quarter valued at about $269,000. Highview Capital Management LLC DE increased its stake in Progressive by 3.2% in the 4th quarter. Highview Capital Management LLC DE now owns 11,040 shares of the insurance provider’s stock valued at $2,645,000 after buying an additional 339 shares during the last quarter. Townsquare Capital LLC increased its stake in Progressive by 28.6% in the 4th quarter. Townsquare Capital LLC now owns 10,051 shares of the insurance provider’s stock valued at $2,408,000 after buying an additional 2,238 shares during the last quarter. Finally, Sagespring Wealth Partners LLC purchased a new stake in Progressive in the 4th quarter valued at about $1,413,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Activity at Progressive

In other Progressive news, insider Patrick K. Callahan sold 6,232 shares of the business’s stock in a transaction on Monday, July 28th. The shares were sold at an average price of $242.16, for a total value of $1,509,141.12. Following the completion of the sale, the insider directly owned 27,844 shares of the company’s stock, valued at $6,742,703.04. The trade was a 18.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider John Jo Murphy sold 2,218 shares of the business’s stock in a transaction on Monday, July 28th. The stock was sold at an average price of $249.24, for a total transaction of $552,814.32. Following the completion of the sale, the insider directly owned 47,942 shares of the company’s stock, valued at $11,949,064.08. This represents a 4.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 104,250 shares of company stock worth $26,332,348 in the last three months. 0.33% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. UBS Group decreased their price objective on shares of Progressive from $280.00 to $268.00 and set a “neutral” rating for the company in a research note on Monday, July 21st. Wells Fargo & Company raised their price target on shares of Progressive from $328.00 to $333.00 and gave the stock an “overweight” rating in a research note on Friday, June 20th. Bank of America decreased their price target on shares of Progressive from $337.00 to $336.00 and set a “buy” rating for the company in a research note on Thursday, July 17th. Barclays decreased their price target on shares of Progressive from $297.00 to $287.00 and set an “equal weight” rating for the company in a research note on Monday, July 7th. Finally, Evercore ISI downgraded shares of Progressive from an “outperform” rating to an “in-line” rating and set a $275.00 price objective for the company. in a report on Thursday, July 17th. Nine research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $283.94.

Progressive Stock Performance

NYSE:PGR opened at $244.83 on Tuesday. The stock has a market cap of $143.52 billion, a P/E ratio of 13.79, a PEG ratio of 1.45 and a beta of 0.33. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.21. The business’s 50-day moving average price is $255.91 and its two-hundred day moving average price is $266.49. The Progressive Corporation has a twelve month low of $220.33 and a twelve month high of $292.99.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share (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 the consensus estimate of $20.39 billion. Progressive had a return on equity of 35.37% and a net margin of 12.66%. The company’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same quarter last year, the company posted $2.48 EPS. As a group, equities analysts predict that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. 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.