The Progressive Corporation $PGR Shares Purchased by Hsbc Holdings PLC

Hsbc Holdings PLC raised its stake in shares of The Progressive Corporation (NYSE:PGR) by 5.9% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,418,642 shares of the insurance provider’s stock after acquiring an additional 79,148 shares during the period. Hsbc Holdings PLC owned approximately 0.24% of Progressive worth $310,764,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Meeder Asset Management Inc. acquired a new position in shares of Progressive in the second quarter valued at approximately $26,000. Bard Associates Inc. acquired a new stake in shares of Progressive during the fourth quarter worth $27,000. IMG Wealth Management Inc. acquired a new stake in shares of Progressive during the second quarter worth $26,000. Bogart Wealth LLC grew its position in Progressive by 235.1% in the 1st quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider’s stock valued at $25,000 after buying an additional 87 shares during the last quarter. Finally, Kilter Group LLC purchased a new position in Progressive in the 2nd quarter valued at $27,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Progressive news, insider Karen Bailo sold 8,452 shares of the firm’s stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $212.71, for a total transaction of $1,797,824.92. Following the sale, the insider directly owned 32,348 shares of the company’s stock, valued at $6,880,743.08. This trade represents a 20.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Lori Niederst sold 7,339 shares of Progressive stock in a transaction dated Thursday, August 13th. The stock was 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 of the company’s stock, valued at approximately $8,908,847.43. This trade represents a 14.71% decrease in their ownership of the stock. 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. Insiders sold 113,714 shares of company stock worth $24,466,294 in the last 90 days. 0.32% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have recently commented on PGR shares. Roth Capital restated a “buy” rating and issued a $245.00 target price on shares of Progressive in a research note on Thursday, August 20th. Mizuho set a $236.00 price target on shares of Progressive in a report on Wednesday, August 5th. Cantor Fitzgerald reduced their price objective on shares of Progressive from $220.00 to $200.00 and set a “neutral” rating for the company in a research report on Monday, August 17th. Bank of America lowered their price objective on Progressive from $313.00 to $308.00 and set a “buy” rating on the stock in a report on Thursday, July 16th. Finally, Keefe, Bruyette & Woods upgraded Progressive from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $226.00 to $250.00 in a research report on Thursday, August 20th. Seven investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $236.26.

Progressive Price Performance

Shares of NYSE:PGR opened at $218.41 on Monday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29. The business’s fifty day moving average price is $217.56 and its two-hundred day moving average price is $207.81. The stock has a market cap of $126.98 billion, a PE ratio of 10.95, a price-to-earnings-growth ratio of 2.92 and a beta of 0.27. The Progressive Corporation has a one year low of $189.20 and a one year high of $249.71.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share (EPS) for the quarter, beating 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 return on equity of 32.92% and a net margin of 12.84%.The business’s revenue was up 5.0% on a year-over-year basis. During the same period in the prior year, the business earned $5.40 earnings per share. On average, analysts forecast that The Progressive Corporation will post 17.74 EPS for the current fiscal year.

Progressive Announces Dividend

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

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.