Wellington Management Group LLP Has $1.25 Billion Stock Holdings in The Progressive Corporation $PGR

Wellington Management Group LLP decreased its holdings in shares of The Progressive Corporation (NYSE:PGR) by 11.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,729,113 shares of the insurance provider’s stock after selling 749,882 shares during the quarter. Wellington Management Group LLP owned 0.99% of Progressive worth $1,251,525,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of PGR. Bogart Wealth LLC grew its stake in Progressive by 235.1% during the 1st quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider’s stock valued at $25,000 after acquiring an additional 87 shares in the last quarter. IMG Wealth Management Inc. acquired a new position in shares of Progressive in the 2nd quarter valued at about $26,000. Meeder Asset Management Inc. purchased a new stake in shares of Progressive in the second quarter worth approximately $26,000. Bard Associates Inc. purchased a new stake in shares of Progressive in the fourth quarter worth approximately $27,000. Finally, Kilter Group LLC acquired a new stake in shares of Progressive during the second quarter worth approximately $27,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Progressive Trading Up 0.6%

NYSE:PGR opened at $218.90 on Friday. The company has a market capitalization of $127.26 billion, a P/E ratio of 10.98, a P/E/G ratio of 2.90 and a beta of 0.27. The stock’s 50 day moving average price is $217.19 and its 200 day moving average price is $207.23. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29. The Progressive Corporation has a 52 week low of $189.20 and a 52 week high of $249.83.

Progressive (NYSE:PGR) last posted its earnings results on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.64 by $1.03. The firm had revenue of $23.61 billion during the quarter, compared to analysts’ expectations of $19.49 billion. Progressive had a net margin of 12.84% and a return on equity of 32.92%. The company’s revenue was up 5.0% compared to the same quarter last year. During the same period in the previous year, the company earned $5.40 earnings per share. On average, research analysts forecast that The Progressive Corporation will post 17.74 EPS for the current fiscal year.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Thursday, October 1st will be issued a dividend of $0.10 per share. The ex-dividend date is Thursday, October 1st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive’s dividend payout ratio (DPR) is currently 2.01%.

Insider Buying and Selling at Progressive

In other Progressive news, Director Jeffrey D. Kelly sold 7,000 shares of the stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $216.33, for a total transaction of $1,514,310.00. Following the transaction, the director directly owned 22,546 shares of the company’s stock, valued at $4,877,376.18. This represents a 23.69% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider John Jo Murphy sold 8,124 shares of the firm’s stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $212.70, for a total value of $1,727,974.80. Following the transaction, the insider owned 41,291 shares in the company, valued at approximately $8,782,595.70. This trade represents a 16.44% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 83,449 shares of company stock worth $17,685,203 in the last ninety days. Company insiders own 0.32% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. William Blair reaffirmed a “market perform” rating on shares of Progressive in a research report on Wednesday, July 15th. Wells Fargo & Company increased their target price on shares of Progressive from $198.00 to $201.00 and gave the stock an “underweight” rating in a research report on Thursday, August 20th. Morgan Stanley raised shares of Progressive from an “underweight” rating to an “equal weight” rating and lifted their target price for the company from $190.00 to $210.00 in a research note on Friday, July 24th. The Goldman Sachs Group restated a “buy” rating and set a $230.00 price target on shares of Progressive in a report on Wednesday, August 19th. Finally, Roth Capital reaffirmed a “buy” rating and issued a $245.00 price target on shares of Progressive in a research note on Thursday, August 20th. Seven research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $236.26.

Progressive Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.