The Progressive Corporation $PGR Shares Acquired by State Street Corp

State Street Corp lifted its holdings in The Progressive Corporation (NYSE:PGR) by 2.5% during the second quarter, Holdings Channel reports. The fund owned 26,526,959 shares of the insurance provider’s stock after buying an additional 656,249 shares during the quarter. State Street Corp’s holdings in Progressive were worth $5,794,814,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also modified their holdings of the stock. Bogart Wealth LLC grew its stake in shares of Progressive by 235.1% during the 1st quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider’s stock worth $25,000 after purchasing an additional 87 shares during the period. IMG Wealth Management Inc. acquired a new position in shares of Progressive in the second quarter worth about $26,000. Meeder Asset Management Inc. purchased a new stake in shares of Progressive during the 2nd quarter worth about $26,000. Bard Associates Inc. purchased a new stake in shares of Progressive during the 4th quarter worth about $27,000. Finally, Kilter Group LLC acquired a new stake in shares of Progressive during the 2nd quarter valued at about $27,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Transactions at Progressive

In other Progressive news, insider Lori Niederst sold 7,339 shares of the company’s stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $209.29, for a total transaction of $1,535,979.31. Following the completion of the sale, the insider directly owned 42,567 shares in the company, valued at $8,908,847.43. This represents a 14.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeffrey Kelly sold 7,000 shares of the firm’s 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 sale, the director directly owned 22,546 shares of the company’s stock, valued at approximately $4,877,376.18. The trade was a 23.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 112,557 shares of company stock valued at $24,229,387. Corporate insiders own 0.32% of the company’s stock.

Analysts Set New Price Targets

PGR has been the topic of a number of recent analyst reports. Roth Capital reiterated a “buy” rating and set a $245.00 price target on shares of Progressive in a research report on Thursday, August 20th. UBS Group reissued a “neutral” rating on shares of Progressive in a research note on Monday. Morgan Stanley raised shares of Progressive from an “underweight” rating to an “equal weight” rating and increased their price objective for the company from $190.00 to $210.00 in a report on Friday, July 24th. Keefe, Bruyette & Woods restated an “outperform” rating and set a $250.00 price target on shares of Progressive in a research report on Friday. Finally, Raymond James Financial reissued an “outperform” rating and set a $245.00 target price on shares of Progressive in a report on Monday. Seven investment analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $234.89.

Progressive Trading Down 2.5%

NYSE:PGR traded down $5.26 during trading hours on Tuesday, hitting $206.98. The company had a trading volume of 2,165,952 shares, compared to its average volume of 3,076,857. The Progressive Corporation has a 1 year low of $189.20 and a 1 year high of $248.17. The company has a market cap of $120.33 billion, a P/E ratio of 10.38, a P/E/G ratio of 2.74 and a beta of 0.27. The company has a 50-day moving average of $214.84 and a 200 day moving average of $208.52. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.24.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.64 by $1.03. Progressive had a net margin of 12.84% and a return on equity of 32.92%. The business had revenue of $23.61 billion during the quarter, compared to the consensus estimate of $19.49 billion. During the same quarter last year, the firm earned $5.40 EPS. The business’s revenue was up 5.0% compared to the same quarter last year. Sell-side analysts expect that The Progressive Corporation will post 17.85 earnings per share for the current year.

Progressive Dividend Announcement

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

Progressive Profile

Progressive Corporation, founded in 1937 and headquartered in Mayfield Village, Ohio, is an insurance company that primarily serves customers in the United States. The company is best known for its personal and commercial auto insurance businesses and distributes products through independent agents, direct channels and digital platforms.

Progressive offers a broad range of insurance products, including coverage for automobiles, motorcycles, boats, recreational vehicles, homes and renters.