The Progressive Corporation $PGR Holdings Lifted by NEOS Investment Management LLC

NEOS Investment Management LLC boosted its holdings in shares of The Progressive Corporation (NYSE:PGR) by 15.0% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 96,651 shares of the insurance provider’s stock after acquiring an additional 12,575 shares during the quarter. NEOS Investment Management LLC’s holdings in Progressive were worth $21,113,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the business. Bogart Wealth LLC grew its position in Progressive by 235.1% during the first quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider’s stock valued at $25,000 after purchasing an additional 87 shares in the last quarter. IMG Wealth Management Inc. purchased a new stake in Progressive in the 2nd quarter worth approximately $26,000. Meeder Asset Management Inc. acquired a new stake in shares of Progressive during the 2nd quarter valued at $26,000. Bard Associates Inc. acquired a new stake in shares of Progressive during the 4th quarter valued at $27,000. Finally, Kilter Group LLC acquired a new position in shares of Progressive in the second quarter worth $27,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Activity at Progressive

In related news, CEO Susan Griffith sold 37,338 shares of the firm’s stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $219.50, for a total value of $8,195,691.00. Following the transaction, the chief executive officer directly owned 485,438 shares in the company, valued at approximately $106,553,641. This trade represents a 7.14% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeffrey D. Kelly sold 7,000 shares of Progressive stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $216.33, for a total transaction of $1,514,310.00. Following the completion of the transaction, the director owned 22,546 shares in the company, valued at $4,877,376.18. This trade represents a 23.69% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 113,714 shares of company stock valued at $24,466,294. 0.32% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

PGR has been the subject of a number of research reports. Cantor Fitzgerald reduced their price objective on Progressive from $220.00 to $200.00 and set a “neutral” rating for the company in a research report on Monday, August 17th. HSBC upped their target price on Progressive from $214.00 to $221.00 and gave the stock a “hold” rating in a research report on Monday, July 6th. BMO Capital Markets reiterated a “market perform” rating on shares of Progressive in a report on Wednesday, August 19th. UBS Group boosted their price target on Progressive from $225.00 to $234.00 and gave the company a “neutral” rating in a research note on Thursday, August 27th. Finally, Royal Bank Of Canada set a $208.00 price objective on Progressive in a report on Friday, May 22nd. Seven investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $236.26.

Progressive Price Performance

NYSE PGR opened at $218.41 on Friday. The Progressive Corporation has a fifty-two week low of $189.20 and a fifty-two week high of $249.71. The stock’s 50-day moving average is $217.56 and its two-hundred day moving average is $207.79. The firm has a market cap of $126.98 billion, a P/E ratio of 10.95, a price-to-earnings-growth ratio of 2.98 and a beta of 0.27. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Wednesday, July 15th. The insurance provider reported $5.67 EPS for the quarter, beating analysts’ consensus estimates of $4.64 by $1.03. Progressive had a return on equity of 32.92% and a net margin of 12.84%.The business had revenue of $23.61 billion for the quarter, compared to analyst estimates of $19.49 billion. During the same quarter in the prior year, the firm posted $5.40 EPS. The firm’s revenue for the quarter was up 5.0% on a year-over-year basis. On average, analysts anticipate that The Progressive Corporation will post 17.74 earnings per share for the current fiscal year.

Progressive Announces Dividend

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

Progressive Company 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.