New York Life Investment Management LLC Acquires 1,192 Shares of The Progressive Corporation $PGR

New York Life Investment Management LLC grew its holdings in The Progressive Corporation (NYSE:PGR) by 1.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 87,760 shares of the insurance provider’s stock after purchasing an additional 1,192 shares during the period. New York Life Investment Management LLC’s holdings in Progressive were worth $23,420,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. TruNorth Capital Management LLC raised its position in shares of Progressive by 210.0% in the first quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider’s stock valued at $26,000 after purchasing an additional 63 shares during the period. Ransom Advisory Ltd bought a new stake in Progressive during the 1st quarter worth approximately $35,000. Activest Wealth Management increased its holdings in Progressive by 6,350.0% during the 1st quarter. Activest Wealth Management now owns 129 shares of the insurance provider’s stock worth $37,000 after acquiring an additional 127 shares during the period. Richardson Financial Services Inc. increased its holdings in Progressive by 1,885.7% during the 2nd quarter. Richardson Financial Services Inc. now owns 139 shares of the insurance provider’s stock worth $37,000 after acquiring an additional 132 shares during the period. Finally, Accent Capital Management LLC bought a new stake in Progressive during the 1st quarter worth approximately $39,000. Institutional investors own 85.34% of the company’s stock.

Insider Buying and Selling

In other news, insider John Jo Murphy sold 2,218 shares of the company’s stock in a transaction on Friday, September 19th. The shares were sold at an average price of $242.10, for a total value of $536,977.80. Following the completion of the sale, the insider owned 43,506 shares of the company’s stock, valued at approximately $10,532,802.60. This represents a 4.85% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Steven Broz sold 1,345 shares of the company’s stock in a transaction on Friday, September 19th. The shares were sold at an average price of $242.10, for a total transaction of $325,624.50. Following the completion of the sale, the insider directly owned 30,388 shares of the company’s stock, valued at $7,356,934.80. This trade represents a 4.24% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 58,500 shares of company stock worth $14,430,089 in the last ninety days. 0.34% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

PGR has been the topic of a number of analyst reports. Bank of America upped their target price on shares of Progressive from $350.00 to $351.00 and gave the stock a “buy” rating in a report on Thursday, October 16th. Jefferies Financial Group decreased their target price on shares of Progressive from $309.00 to $287.00 and set a “buy” rating on the stock in a report on Monday, August 11th. BMO Capital Markets decreased their target price on shares of Progressive from $252.00 to $247.00 and set a “market perform” rating on the stock in a report on Thursday, October 16th. JPMorgan Chase & Co. upped their target price on shares of Progressive from $301.00 to $303.00 and gave the stock an “overweight” rating in a report on Thursday, October 9th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Progressive in a report on Wednesday, October 8th. Eight analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Progressive presently has a consensus rating of “Hold” and a consensus price target of $268.90.

Progressive Price Performance

Shares of NYSE:PGR opened at $216.29 on Tuesday. The company’s fifty day moving average price is $240.48 and its 200-day moving average price is $255.91. The firm has a market capitalization of $126.79 billion, a price-to-earnings ratio of 11.86, a PEG ratio of 1.26 and a beta of 0.32. The Progressive Corporation has a one year low of $216.10 and a one year high of $292.99. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.32 and a quick ratio of 0.31.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Wednesday, October 15th. The insurance provider reported $4.45 EPS for the quarter, missing analysts’ consensus estimates of $5.04 by ($0.59). The company had revenue of $21.38 billion during the quarter, compared to the consensus estimate of $21.64 billion. Progressive had a return on equity of 33.88% and a net margin of 12.57%.During the same period in the previous year, the company earned $3.58 EPS. On average, equities research analysts anticipate that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd were paid a $0.10 dividend. The ex-dividend date of this dividend was Thursday, October 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive’s dividend payout ratio is 2.19%.

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.