Swiss National Bank Has $365.79 Million Position in The Progressive Corporation $PGR

Swiss National Bank reduced its position in shares of The Progressive Corporation (NYSE:PGR) by 4.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,606,300 shares of the insurance provider’s stock after selling 83,500 shares during the period. Swiss National Bank owned about 0.27% of Progressive worth $365,787,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Principal Securities Inc. boosted its position in shares of Progressive by 8.4% during the fourth quarter. Principal Securities Inc. now owns 15,381 shares of the insurance provider’s stock worth $3,503,000 after buying an additional 1,189 shares during the period. Great Lakes Advisors LLC boosted its position in shares of Progressive by 30.2% during the fourth quarter. Great Lakes Advisors LLC now owns 39,057 shares of the insurance provider’s stock worth $8,894,000 after buying an additional 9,060 shares during the period. Aviva PLC boosted its position in shares of Progressive by 6.5% during the fourth quarter. Aviva PLC now owns 498,850 shares of the insurance provider’s stock worth $113,598,000 after buying an additional 30,546 shares during the period. Caerus Investment Advisors LLC raised its holdings in Progressive by 18.0% during the fourth quarter. Caerus Investment Advisors LLC now owns 1,439 shares of the insurance provider’s stock worth $328,000 after acquiring an additional 219 shares in the last quarter. Finally, Sepio Capital LP raised its holdings in Progressive by 5.4% during the fourth quarter. Sepio Capital LP now owns 15,259 shares of the insurance provider’s stock worth $3,475,000 after acquiring an additional 775 shares in the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on PGR shares. Evercore reiterated a “negative” rating on shares of Progressive in a report on Wednesday, March 18th. Mizuho dropped their target price on Progressive from $235.00 to $223.00 and set a “neutral” rating on the stock in a report on Friday, March 20th. Jefferies Financial Group dropped their target price on Progressive from $216.00 to $215.00 and set a “hold” rating on the stock in a report on Tuesday, March 24th. Roth Mkm set a $235.00 target price on Progressive in a report on Thursday, February 19th. Finally, Morgan Stanley dropped their target price on Progressive from $205.00 to $190.00 and set an “underweight” rating on the stock in a report on Tuesday, March 31st. Six research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Progressive presently has a consensus rating of “Hold” and an average target price of $238.11.

Progressive Price Performance

NYSE:PGR opened at $202.41 on Friday. 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 stock’s 50 day moving average price is $199.01 and its two-hundred day moving average price is $208.09. The firm has a market capitalization of $118.27 billion, a price-to-earnings ratio of 10.29, a P/E/G ratio of 5.92 and a beta of 0.28. The Progressive Corporation has a 12-month low of $189.20 and a 12-month high of $269.84.

Progressive (NYSE:PGR) last released its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.67 by $0.13. The firm had revenue of $22.19 billion for the quarter, compared to analyst estimates of $23.51 billion. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The business’s revenue for the quarter was up 6.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $4.37 earnings per share. On average, analysts anticipate that The Progressive Corporation will post 16.35 earnings per share for the current year.

Progressive Dividend Announcement

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

Insider Buying and Selling at Progressive

In other Progressive news, insider John Jo Murphy sold 5,916 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $200.00, for a total value of $1,183,200.00. Following the sale, the insider owned 41,290 shares in the company, valued at $8,258,000. This represents a 12.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Carl G. Joyce sold 270 shares of the company’s stock in a transaction that occurred on Friday, March 20th. The shares were sold at an average price of $206.50, for a total value of $55,755.00. Following the completion of the sale, the chief accounting officer owned 558 shares in the company, valued at $115,227. This represents a 32.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 7,343 shares of company stock worth $1,470,355 over the last 90 days. Company insiders own 0.32% of the company’s stock.

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.