Empowered Funds LLC raised its position in The Progressive Co. (NYSE:PGR – Get Rating) by 46.8% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 20,779 shares of the insurance provider’s stock after buying an additional 6,622 shares during the quarter. Empowered Funds LLC’s holdings in Progressive were worth $2,368,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Rational Advisors LLC increased its stake in Progressive by 132.7% in the 4th quarter. Rational Advisors LLC now owns 249 shares of the insurance provider’s stock valued at $26,000 after buying an additional 142 shares during the period. TAP Consulting LLC acquired a new position in Progressive in the 4th quarter valued at $28,000. Cornerstone Advisory LLC acquired a new position in Progressive in the 4th quarter valued at $30,000. Capital Advisors Ltd. LLC increased its stake in Progressive by 117.5% in the 4th quarter. Capital Advisors Ltd. LLC now owns 298 shares of the insurance provider’s stock valued at $31,000 after buying an additional 161 shares during the period. Finally, Byrne Asset Management LLC acquired a new position in Progressive in the 4th quarter valued at $31,000. 83.68% of the stock is currently owned by institutional investors.
A number of equity analysts have recently weighed in on the stock. Jefferies Financial Group raised shares of Progressive from an “underperform” rating to a “hold” rating and raised their price target for the stock from $99.00 to $106.00 in a research note on Tuesday, May 10th. Barclays raised their price target on shares of Progressive from $88.00 to $90.00 and gave the stock an “underweight” rating in a research note on Thursday, May 19th. Citigroup assumed coverage on shares of Progressive in a research note on Monday, May 23rd. They set a “sell” rating and a $93.00 price target on the stock. Keefe, Bruyette & Woods raised shares of Progressive from an “underperform” rating to a “market perform” rating and raised their price target for the stock from $96.00 to $107.00 in a research note on Thursday, June 23rd. Finally, Wells Fargo & Company raised their price target on shares of Progressive from $88.00 to $96.00 and gave the stock an “underweight” rating in a research note on Tuesday, April 12th. Five equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $107.23.
In other Progressive news, Director Jeffrey D. Kelly sold 10,000 shares of the company’s stock in a transaction dated 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 transaction, the director now directly owns 48,720 shares in the company, valued at approximately $5,846,400. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Daniel P. Mascaro sold 558 shares of the stock in a transaction dated Tuesday, May 24th. The stock was sold at an average price of $112.94, for a total transaction of $63,020.52. Following the transaction, the insider now owns 38,887 shares in the company, valued at $4,391,897.78. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 23,251 shares of company stock worth $2,719,357. 0.37% of the stock is owned by insiders.
Shares of NYSE PGR opened at $118.48 on Friday. The stock has a market cap of $69.30 billion, a price-to-earnings ratio of 32.20, a PEG ratio of 1.49 and a beta of 0.49. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 0.39. The company’s 50-day moving average price is $113.30 and its 200-day moving average price is $110.14. The Progressive Co. has a 52 week low of $89.35 and a 52 week high of $121.36.
Progressive (NYSE:PGR – Get Rating) last released its earnings results on Thursday, April 14th. The insurance provider reported $1.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.24 by ($0.12). The firm had revenue of $12.29 billion during the quarter, compared to analysts’ expectations of $12.24 billion. Progressive had a net margin of 4.54% and a return on equity of 12.85%. As a group, research analysts expect that The Progressive Co. will post 4.54 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, July 15th. Shareholders of record on Thursday, July 7th will be issued a $0.10 dividend. The ex-dividend date is Wednesday, July 6th. This represents a $0.40 dividend on an annualized basis and a yield of 0.34%. Progressive’s dividend payout ratio (DPR) is 10.87%.
Progressive declared that its Board of Directors has authorized a stock buyback program on Wednesday, May 18th that authorizes the company to buyback 25,000,000 outstanding shares. This buyback authorization authorizes the insurance provider to repurchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its stock is undervalued.
About Progressive: (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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