Fideuram Intesa Sanpaolo Private Banking S.P.A. Invests $1.87 Million in The Progressive Corporation $PGR

Fideuram Intesa Sanpaolo Private Banking S.P.A. purchased a new stake in shares of The Progressive Corporation (NYSE:PGR) during the 1st quarter, HoldingsChannel.com reports. The fund purchased 9,419 shares of the insurance provider’s stock, valued at approximately $1,867,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in PGR. Norges Bank bought a new position in Progressive during the 4th quarter worth about $1,836,094,000. Capital International Investors raised its holdings in shares of Progressive by 78.9% in 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 lifted its position in shares of Progressive by 181.8% in the 4th 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. Diamant Asset Management Inc. lifted its position in shares of Progressive by 19,724.0% in the 1st quarter. Diamant Asset Management Inc. now owns 4,068,876 shares of the insurance provider’s stock worth $806,614,000 after purchasing an additional 4,048,351 shares during the period. Finally, Capital Research Global Investors boosted its stake in shares of Progressive by 26.1% during the third quarter. Capital Research Global Investors now owns 11,167,940 shares of the insurance provider’s stock valued at $2,757,905,000 after purchasing an additional 2,314,864 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors.

Insider Transactions at Progressive

In related news, insider John Jo Murphy sold 5,916 shares of the company’s stock in a transaction 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 transaction, the insider directly owned 41,290 shares of the company’s stock, valued at $8,258,000. This represents a 12.53% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeffrey D. Kelly sold 7,000 shares of the firm’s stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $216.33, for a total value of $1,514,310.00. Following the completion of the transaction, the director owned 22,546 shares of the company’s stock, valued at $4,877,376.18. This trade represents a 23.69% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 15,230 shares of company stock worth $3,165,817. Company insiders own 0.32% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on PGR. UBS Group lifted their price objective on shares of Progressive from $220.00 to $230.00 and gave the company a “neutral” rating in a report on Tuesday. Jefferies Financial Group lowered their target price on Progressive from $216.00 to $215.00 and set a “hold” rating for the company in a report on Tuesday, March 24th. Evercore reaffirmed a “negative” rating on shares of Progressive in a research report on Wednesday, March 18th. Bank of America cut their price target on Progressive from $331.00 to $313.00 and set a “buy” rating on the stock in a report on Thursday, June 18th. Finally, Weiss Ratings lowered Progressive from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, May 6th. Six investment analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $237.37.

Progressive Stock Performance

PGR opened at $231.75 on Friday. The Progressive Corporation has a 52-week low of $189.20 and a 52-week high of $261.66. 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 company has a market cap of $135.42 billion, a P/E ratio of 11.78, a price-to-earnings-growth ratio of 7.03 and a beta of 0.26. The firm’s 50-day moving average price is $203.97 and its 200-day moving average price is $206.81.

Progressive (NYSE:PGR) last released its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 EPS 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 analysts’ expectations of $23.51 billion. Progressive had a net margin of 12.92% and a return on equity of 33.47%. Progressive’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same period last year, the business earned $4.37 EPS. As a group, equities analysts anticipate that The Progressive Corporation will post 17.12 EPS for the current fiscal year.

Progressive Dividend Announcement

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

Progressive Company 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.