Sava Infond d.o.o. Raises Stake in The Progressive Corporation $PGR

Sava Infond d.o.o. boosted its stake in The Progressive Corporation (NYSE:PGR) by 3.4% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 7,886 shares of the insurance provider’s stock after acquiring an additional 260 shares during the quarter. Sava Infond d.o.o.’s holdings in Progressive were worth $2,104,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PGR. Brighton Jones LLC boosted its holdings in Progressive by 15.6% in the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock worth $813,000 after acquiring an additional 457 shares during the period. Revolve Wealth Partners LLC purchased a new position in Progressive in the 4th quarter worth approximately $269,000. Bison Wealth LLC boosted its holdings in Progressive by 3.2% in the 4th quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock worth $615,000 after acquiring an additional 80 shares during the period. NBC Securities Inc. boosted its holdings in Progressive by 168,400.0% in the 1st quarter. NBC Securities Inc. now owns 1,685 shares of the insurance provider’s stock worth $477,000 after acquiring an additional 1,684 shares during the period. Finally, Beacon Financial Group boosted its holdings in Progressive by 1.1% in the 1st quarter. Beacon Financial Group now owns 3,659 shares of the insurance provider’s stock worth $1,036,000 after acquiring an additional 39 shares during the period. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insider Buying and Selling at Progressive

In other Progressive news, insider Lori A. Niederst sold 8,063 shares of the stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $250.18, for a total value of $2,017,201.34. Following the sale, the insider directly owned 39,040 shares of the company’s stock, valued at $9,767,027.20. This trade represents a 17.12% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Patrick K. Callahan sold 6,420 shares of the stock in a transaction on Friday, September 19th. The stock was sold at an average price of $242.22, for a total value of $1,555,052.40. Following the completion of the sale, the insider directly owned 15,192 shares in the company, valued at $3,679,806.24. This represents a 29.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 130,045 shares of company stock worth $31,997,390. 0.34% of the stock is owned by insiders.

Progressive Stock Performance

PGR stock opened at $246.10 on Friday. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.21. The firm has a market cap of $144.27 billion, a P/E ratio of 13.86, a P/E/G ratio of 1.36 and a beta of 0.32. The Progressive Corporation has a 12-month low of $228.54 and a 12-month high of $292.99. The stock’s 50 day simple moving average is $245.14 and its 200 day simple moving average is $260.84.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.43 by $0.45. The business had revenue of $20.08 billion for the quarter, compared to analyst estimates of $20.39 billion. Progressive had a return on equity of 35.37% and a net margin of 12.66%.The business’s revenue was up 12.1% compared to the same quarter last year. During the same period in the prior year, the company posted $2.48 EPS. As a group, equities research analysts predict that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Thursday, October 2nd will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend is Thursday, October 2nd. Progressive’s dividend payout ratio is currently 2.25%.

Wall Street Analysts Forecast Growth

PGR has been the subject of a number of analyst reports. Wells Fargo & Company restated an “equal weight” rating and issued a $265.00 price target (down previously from $327.00) on shares of Progressive in a report on Thursday, September 18th. Citigroup reiterated a “buy” rating on shares of Progressive in a research note on Friday, August 29th. Bank of America increased their target price on Progressive from $343.00 to $350.00 and gave the company a “buy” rating in a research note on Monday, September 29th. Morgan Stanley reduced their target price on Progressive from $267.00 to $265.00 and set an “equal weight” rating for the company in a research note on Monday, September 22nd. Finally, Jefferies Financial Group reduced their target price on Progressive from $309.00 to $287.00 and set a “buy” rating for the company in a research note on Monday, August 11th. Seven analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. Based on data from MarketBeat, Progressive has a consensus rating of “Hold” and a consensus target price of $279.63.

About Progressive

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.