The Progressive Co. (NYSE:PGR) Stock Position Increased by Prudential PLC

Prudential PLC boosted its position in shares of The Progressive Co. (NYSE:PGR) by 40.2% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 88,743 shares of the insurance provider’s stock after buying an additional 25,468 shares during the quarter. Prudential PLC’s holdings in Progressive were worth $18,433,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. Sachetta LLC acquired a new position in shares of Progressive in the 4th quarter worth approximately $25,000. Northwest Bank & Trust Co bought a new position in shares of Progressive in the fourth quarter valued at $25,000. WR Wealth Planners LLC lifted its position in shares of Progressive by 119.6% during the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after acquiring an additional 67 shares during the last quarter. Indiana Trust & Investment Management CO bought a new stake in shares of Progressive during the 1st quarter worth $32,000. Finally, Hilltop National Bank grew its holdings in shares of Progressive by 126.0% in the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 92 shares during the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Progressive Stock Performance

Shares of PGR opened at $249.30 on Monday. The firm has a market cap of $146.01 billion, a price-to-earnings ratio of 25.45, a price-to-earnings-growth ratio of 0.82 and a beta of 0.35. The company’s fifty day moving average is $225.47 and its 200-day moving average is $212.99. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.30. The Progressive Co. has a 12 month low of $134.34 and a 12 month high of $254.83.

Progressive (NYSE:PGR) last posted its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 EPS for the quarter, topping the consensus estimate of $2.04 by $0.61. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The firm had revenue of $17.90 billion for the quarter, compared to the consensus estimate of $17.54 billion. During the same period in the prior year, the business posted $0.57 earnings per share. The business’s quarterly revenue was up 21.6% on a year-over-year basis. Equities analysts expect that The Progressive Co. will post 12.19 EPS for the current fiscal year.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Thursday, October 3rd will be issued a $0.10 dividend. The ex-dividend date is Thursday, October 3rd. This represents a $0.40 annualized dividend and a yield of 0.16%. Progressive’s dividend payout ratio (DPR) is currently 4.09%.

Insiders Place Their Bets

In related news, CAO Mariann Wojtkun Marshall sold 650 shares of Progressive stock in a transaction on Monday, June 17th. The shares were sold at an average price of $208.11, for a total value of $135,271.50. Following the transaction, the chief accounting officer now owns 3,981 shares in the company, valued at approximately $828,485.91. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Progressive news, CAO Mariann Wojtkun Marshall sold 650 shares of the firm’s stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $208.11, for a total value of $135,271.50. Following the sale, the chief accounting officer now owns 3,981 shares of the company’s stock, valued at approximately $828,485.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Susan Patricia Griffith sold 43,370 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total value of $10,937,914.00. Following the transaction, the chief executive officer now owns 473,735 shares of the company’s stock, valued at $119,475,967. The disclosure for this sale can be found here. Insiders sold 147,354 shares of company stock valued at $33,502,680 over the last 90 days. 0.34% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have recently commented on PGR shares. The Goldman Sachs Group raised Progressive from a “neutral” rating to a “buy” rating and upped their target price for the company from $230.00 to $262.00 in a report on Thursday, August 15th. Bank of America lifted their target price on shares of Progressive from $294.00 to $312.00 and gave the stock a “buy” rating in a research report on Tuesday, September 3rd. Evercore ISI upped their price target on shares of Progressive from $243.00 to $246.00 and gave the company an “outperform” rating in a research report on Wednesday, August 7th. Morgan Stanley decreased their price objective on shares of Progressive from $256.00 to $255.00 and set an “overweight” rating for the company in a research note on Monday, June 10th. Finally, Roth Mkm boosted their target price on shares of Progressive from $235.00 to $270.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. Six analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $252.24.

Progressive Profile

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related 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.