Virtu Financial LLC Takes $1.67 Million Position in The Progressive Corporation $PGR

Virtu Financial LLC acquired a new stake in shares of The Progressive Corporation (NYSE:PGR) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 7,348 shares of the insurance provider’s stock, valued at approximately $1,673,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank purchased a new stake in Progressive in the 4th quarter worth approximately $1,836,094,000. Capital International Investors grew its position in shares of Progressive by 78.9% during the 3rd quarter. Capital International Investors now owns 13,704,197 shares of the insurance provider’s stock valued at $3,384,082,000 after purchasing an additional 6,045,732 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of Progressive by 181.8% in the fourth quarter. Wellington Management Group LLP now owns 6,506,302 shares of the insurance provider’s stock worth $1,481,615,000 after purchasing an additional 4,197,212 shares during the period. Capital Research Global Investors increased its holdings in shares of Progressive by 26.1% in the third quarter. Capital Research Global Investors now owns 11,167,940 shares of the insurance provider’s stock worth $2,757,905,000 after purchasing an additional 2,314,864 shares during the period. Finally, Life Cycle Investment Partners Ltd purchased a new stake in shares of Progressive in the fourth quarter worth $353,906,000. Institutional investors own 85.34% of the company’s stock.

Progressive Trading Down 0.2%

Shares of PGR stock opened at $204.42 on Friday. The business has a 50-day moving average price of $200.01 and a two-hundred day moving average price of $207.23. The Progressive Corporation has a 12-month low of $189.20 and a 12-month high of $267.92. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.26. The firm has a market cap of $119.45 billion, a P/E ratio of 10.39, a price-to-earnings-growth ratio of 5.88 and a beta of 0.28.

Progressive (NYSE:PGR) last released its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share for the quarter, topping analysts’ consensus estimates of $4.67 by $0.13. The company had revenue of $22.19 billion during the quarter, compared to the consensus estimate of $23.51 billion. Progressive had a return on equity of 33.47% and a net margin of 12.92%.Progressive’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $4.37 EPS. Equities analysts anticipate that The Progressive Corporation will post 16.52 EPS for the current fiscal year.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Thursday, July 2nd will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date is Thursday, July 2nd. Progressive’s dividend payout ratio is presently 2.03%.

Insider Activity

In other news, insider John Jo Murphy sold 5,916 shares of the firm’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $200.00, for a total transaction of $1,183,200.00. Following the transaction, the insider directly owned 41,290 shares of the company’s stock, valued at approximately $8,258,000. This trade represents a 12.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steven Broz sold 1,157 shares of Progressive stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $200.00, for a total value of $231,400.00. Following the completion of the transaction, the insider owned 28,668 shares in the company, valued at approximately $5,733,600. This represents a 3.88% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.32% of the company’s stock.

Key Stories Impacting Progressive

Here are the key news stories impacting Progressive this week:

• Positive Sentiment: May results showed stronger earnings momentum, with higher premiums, investment income, and underwriting performance helping drive a 36% year-over-year earnings increase. Progressive’s May Earnings Increase Y/Y on Higher Investment Income
• Positive Sentiment: Bank of America kept a Buy rating on Progressive despite trimming its price target, which still implies meaningful upside from current levels. Progressive price target lowered by Bank of America Corporation
• Positive Sentiment: Keefe, Bruyette & Woods raised its price target for Progressive, signaling continued confidence in the company’s outlook. Progressive price target raised by Keefe, Bruyette & Woods
• Neutral Sentiment: Progressive is getting attention from investors and appears on undervalued-stock screens, but these are more sentiment-driven than company-specific catalysts. 5 Most Undervalued NYSE Stocks to Invest In
• Neutral Sentiment: Analysts remain split on Progressive, with conflicting views highlighting uncertainty around valuation and future earnings durability. Analysts Have Conflicting Sentiments on These Financial Companies: Progressive (PGR) and Open Lending (LPRO)

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on PGR. Mizuho dropped their price objective on Progressive from $235.00 to $223.00 and set a “neutral” rating for the company in a research note on Friday, March 20th. Evercore reaffirmed a “negative” rating on shares of Progressive in a report on Wednesday, March 18th. BMO Capital Markets reiterated a “market perform” rating and set a $220.00 price target on shares of Progressive in a research report on Wednesday, May 20th. Piper Sandler reissued an “overweight” rating and set a $259.00 price objective on shares of Progressive in a report on Monday, March 2nd. Finally, Morgan Stanley lowered their target price on shares of Progressive from $205.00 to $190.00 and set an “underweight” rating on the stock in a research note on Tuesday, March 31st. Six investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Progressive presently has a consensus rating of “Hold” and an average target price of $237.58.

About Progressive

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.