Cwm LLC boosted its holdings in The Progressive Co. (NYSE:PGR – Get Rating) by 647.3% in the first quarter, Holdings Channel.com reports. The institutional investor owned 134,717 shares of the insurance provider’s stock after acquiring an additional 116,691 shares during the period. Cwm LLC’s holdings in Progressive were worth $15,356,000 as of its most recent filing with the SEC.
A number of other large investors have also modified their holdings of PGR. Rational Advisors LLC raised its position in Progressive by 132.7% in the 4th quarter. Rational Advisors LLC now owns 249 shares of the insurance provider’s stock worth $26,000 after buying an additional 142 shares during the last quarter. TAP Consulting LLC purchased a new stake in shares of Progressive during the 4th quarter valued at about $28,000. Cornerstone Advisory LLC purchased a new stake in shares of Progressive during the 4th quarter valued at about $30,000. Capital Advisors Ltd. LLC increased its position in shares of Progressive by 117.5% during the 4th quarter. Capital Advisors Ltd. LLC now owns 298 shares of the insurance provider’s stock valued at $31,000 after purchasing an additional 161 shares during the last quarter. Finally, Byrne Asset Management LLC purchased a new stake in shares of Progressive during the 4th quarter valued at about $31,000. 83.68% of the stock is owned by institutional investors and hedge funds.
In other Progressive news, Director Jeffrey D. Kelly sold 10,000 shares of Progressive stock in a transaction on Thursday, April 7th. The shares were sold at an average price of $120.00, for a total value of $1,200,000.00. Following the completion of the transaction, the director now directly owns 48,720 shares of the company’s stock, valued at approximately $5,846,400. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Steven Broz sold 1,068 shares of the business’s stock in a transaction dated Monday, April 4th. The stock was sold at an average price of $115.00, for a total transaction of $122,820.00. Following the completion of the sale, the insider now owns 32,388 shares in the company, valued at $3,724,620. The disclosure for this sale can be found here. Over the last three months, insiders sold 23,251 shares of company stock valued at $2,719,357. 0.33% of the stock is currently owned by insiders.
PGR stock opened at $118.48 on Friday. The Progressive Co. has a 1-year low of $89.35 and a 1-year high of $121.36. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.33 and a quick ratio of 0.33. The company has a market capitalization of $69.30 billion, a price-to-earnings ratio of 32.20, a PEG ratio of 1.45 and a beta of 0.49. The business has a 50 day simple moving average of $113.30 and a two-hundred day simple moving average of $110.08.
Progressive (NYSE:PGR – Get Rating) last posted its quarterly earnings results on Thursday, April 14th. The insurance provider reported $1.12 earnings per share for the quarter, missing the consensus estimate of $1.24 by ($0.12). Progressive had a return on equity of 12.85% and a net margin of 4.54%. The business had revenue of $12.29 billion during the quarter, compared to the consensus estimate of $12.24 billion. Sell-side analysts anticipate that The Progressive Co. will post 4.54 EPS for the current fiscal year.
Progressive announced that its board has authorized a share repurchase program on Wednesday, May 18th that allows the company to repurchase 25,000,000 outstanding shares. This repurchase authorization allows the insurance provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, July 15th. Investors of record on Thursday, July 7th will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.34%. The ex-dividend date of this dividend is Wednesday, July 6th. Progressive’s dividend payout ratio (DPR) is currently 10.87%.
Several research firms have recently commented on PGR. Morgan Stanley raised shares of Progressive from an “underweight” rating to an “equal weight” rating and raised their price target for the company from $85.00 to $115.00 in a research report on Monday, May 9th. Keefe, Bruyette & Woods raised shares of Progressive from an “underperform” rating to a “market perform” rating and raised their price target for the company from $96.00 to $107.00 in a research report on Thursday, June 23rd. Citigroup began coverage on shares of Progressive in a research report on Monday, May 23rd. They set a “sell” rating and a $93.00 price target for the company. Barclays increased their target price on shares of Progressive from $88.00 to $90.00 and gave the stock an “underweight” rating in a report on Thursday, May 19th. Finally, Credit Suisse Group began coverage on shares of Progressive in a report on Thursday, April 28th. They issued a “neutral” rating and a $124.00 target price for the company. Five research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $107.23.
Progressive Company Profile: (Get Rating)
The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments. Personal Lines, Commercial Lines, and Property.
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