Formuepleje A S Increases Stock Position in The Progressive Corporation $PGR

Formuepleje A S boosted its holdings in The Progressive Corporation (NYSE:PGR) by 20.9% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 27,574 shares of the insurance provider’s stock after buying an additional 4,759 shares during the period. Formuepleje A S’s holdings in Progressive were worth $6,024,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the business. California State Teachers Retirement System lifted its holdings in shares of Progressive by 23,059.4% during the second quarter. California State Teachers Retirement System now owns 199,767,282 shares of the insurance provider’s stock valued at $43,639,163,000 after purchasing an additional 198,904,705 shares in the last quarter. BlackRock Inc. bought a new stake in Progressive in the 2nd quarter worth about $10,496,271,000. Bank of America Corp DE purchased a new position in Progressive in the 2nd quarter worth about $2,682,342,000. Norges Bank purchased a new position in Progressive in the 4th quarter worth about $1,836,094,000. Finally, GQG Partners LLC bought a new position in Progressive during the 2nd quarter valued at about $1,538,570,000. Institutional investors own 85.34% of the company’s stock.

Insider Buying and Selling

In other news, CFO Andrew J. Quigg sold 3,499 shares of the stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $220.00, for a total value of $769,780.00. Following the completion of the sale, the chief financial officer directly owned 42,595 shares of the company’s stock, valued at $9,370,900. This represents a 7.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Lori A. Niederst sold 7,339 shares of the firm’s stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $209.29, for a total transaction of $1,535,979.31. Following the sale, the insider owned 42,567 shares in the company, valued at $8,908,847.43. The trade was a 14.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 113,714 shares of company stock worth $24,466,294 in the last ninety days. Corporate insiders own 0.32% of the company’s stock.

Progressive Price Performance

NYSE PGR opened at $218.41 on Monday. The company has a 50-day moving average price of $217.56 and a 200-day moving average price of $207.81. The Progressive Corporation has a 52 week low of $189.20 and a 52 week high of $249.71. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.24. The firm has a market capitalization of $126.98 billion, a P/E ratio of 10.95, a PEG ratio of 2.92 and a beta of 0.27.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share for the quarter, topping the consensus estimate of $4.64 by $1.03. The business had revenue of $23.61 billion for the quarter, compared to the consensus estimate of $19.49 billion. Progressive had a net margin of 12.84% and a return on equity of 32.92%. The company’s quarterly revenue was up 5.0% on a year-over-year basis. During the same period last year, the firm earned $5.40 earnings per share. Equities research analysts anticipate that The Progressive Corporation will post 17.74 earnings per share for the current year.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Thursday, October 1st will be paid a dividend of $0.10 per share. The ex-dividend date is Thursday, October 1st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive’s payout ratio is 2.01%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the stock. UBS Group lifted their price target on shares of Progressive from $225.00 to $234.00 and gave the stock a “neutral” rating in a research note on Thursday, August 27th. Morgan Stanley upgraded shares of Progressive from an “underweight” rating to an “equal weight” rating and increased their price objective for the company from $190.00 to $210.00 in a research report on Friday, July 24th. Roth Capital restated a “buy” rating and issued a $245.00 target price on shares of Progressive in a report on Thursday, August 20th. Royal Bank Of Canada set a $208.00 target price on shares of Progressive in a research report on Friday, May 22nd. Finally, Evercore set a $240.00 target price on shares of Progressive in a research note on Friday, July 10th. Seven investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $236.26.

Progressive Profile

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.