Temasek Holdings Private Ltd Purchases 32,908 Shares of The Progressive Corporation $PGR

Temasek Holdings Private Ltd raised its stake in The Progressive Corporation (NYSE:PGR) by 3.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 993,588 shares of the insurance provider’s stock after purchasing an additional 32,908 shares during the period. Progressive accounts for approximately 0.7% of Temasek Holdings Private Ltd’s investment portfolio, making the stock its 27th largest holding. Temasek Holdings Private Ltd’s holdings in Progressive were worth $226,260,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bard Associates Inc. purchased a new position in Progressive in the fourth quarter valued at about $27,000. Dagco Inc. purchased a new position in Progressive in the fourth quarter valued at about $28,000. IFC & Insurance Marketing Inc. purchased a new position in Progressive in the fourth quarter valued at about $29,000. Ameriflex Group Inc. grew its stake in Progressive by 106.6% in the third quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock valued at $31,000 after purchasing an additional 65 shares during the last quarter. Finally, Entrust Financial LLC purchased a new position in Progressive in the fourth quarter valued at about $33,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insider Buying and Selling

In related news, insider Steven Broz sold 1,157 shares of Progressive stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $200.00, for a total transaction of $231,400.00. Following the completion of the sale, the insider owned 28,668 shares of the company’s stock, valued at $5,733,600. The trade was a 3.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider John Jo Murphy sold 5,916 shares of the business’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $200.00, for a total value of $1,183,200.00. Following the completion of the transaction, the insider directly owned 41,290 shares of the company’s stock, valued at $8,258,000. The trade was a 12.53% 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 sold 7,343 shares of company stock valued at $1,470,355 over the last quarter. 0.32% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on PGR shares. Barclays set a $247.00 target price on Progressive in a research note on Wednesday, March 18th. Keefe, Bruyette & Woods reiterated a “market perform” rating on shares of Progressive in a research note on Friday, May 22nd. The Goldman Sachs Group reiterated a “buy” rating and issued a $225.00 target price on shares of Progressive in a research note on Monday, February 23rd. Jefferies Financial Group dropped their price target on Progressive from $216.00 to $215.00 and set a “hold” rating on the stock in a research note on Tuesday, March 24th. Finally, BMO Capital Markets restated a “market perform” rating and set a $220.00 price target on shares of Progressive in a research note on Wednesday, May 20th. Six 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, the stock currently has a consensus rating of “Hold” and a consensus target price of $238.11.

Progressive Trading Up 0.1%

Progressive stock opened at $203.40 on Tuesday. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.26. The Progressive Corporation has a 52 week low of $189.20 and a 52 week high of $269.78. The company has a market capitalization of $118.85 billion, a price-to-earnings ratio of 10.34, a price-to-earnings-growth ratio of 5.89 and a beta of 0.28. The stock has a 50-day moving average price of $199.37 and a 200 day moving average price of $207.77.

Progressive (NYSE:PGR) last released its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, topping analysts’ consensus estimates of $4.67 by $0.13. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The firm had revenue of $22.19 billion during the quarter, compared to the consensus estimate of $23.51 billion. During the same quarter in the previous year, the company posted $4.37 earnings per share. The company’s revenue was up 6.5% compared to the same quarter last year. Sell-side analysts anticipate that The Progressive Corporation will post 16.35 EPS for the current year.

Progressive Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Thursday, July 2nd will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, July 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive’s payout ratio is 2.03%.

About Progressive

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.