Polianta Ltd Buys New Position in The Progressive Corporation $PGR

Polianta Ltd purchased a new position in shares of The Progressive Corporation (NYSE:PGR) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 7,600 shares of the insurance provider’s stock, valued at approximately $1,506,000.

A number of other institutional investors and hedge funds have also bought and sold shares of PGR. Allstate Corp grew its holdings in shares of Progressive by 106.1% in the fourth quarter. Allstate Corp now owns 44,513 shares of the insurance provider’s stock valued at $10,136,000 after acquiring an additional 22,915 shares in the last quarter. Norges Bank purchased a new stake in shares of Progressive during the fourth quarter valued at approximately $1,836,094,000. Mariner LLC lifted its holdings in Progressive by 7.9% during the third quarter. Mariner LLC now owns 644,636 shares of the insurance provider’s stock worth $159,183,000 after acquiring an additional 47,248 shares during the period. Sumitomo Mitsui Trust Group Inc. lifted its holdings in Progressive by 5.7% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,807,068 shares of the insurance provider’s stock worth $411,506,000 after acquiring an additional 97,275 shares during the period. Finally, Investment House LLC purchased a new position in Progressive in the fourth quarter worth $8,447,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive News Summary

Here are the key news stories impacting Progressive this week:

• Positive Sentiment: May results showed stronger earnings momentum, with higher premiums, investment income, and underwriting performance helping drive a 36% year-over-year earnings increase. Progressive’s May Earnings Increase Y/Y on Higher Investment Income
• Positive Sentiment: Bank of America kept a Buy rating on Progressive despite trimming its price target, which still implies meaningful upside from current levels. Progressive price target lowered by Bank of America Corporation
• Positive Sentiment: Keefe, Bruyette & Woods raised its price target for Progressive, signaling continued confidence in the company’s outlook. Progressive price target raised by Keefe, Bruyette & Woods
• Neutral Sentiment: Progressive is getting attention from investors and appears on undervalued-stock screens, but these are more sentiment-driven than company-specific catalysts. 5 Most Undervalued NYSE Stocks to Invest In
• Neutral Sentiment: Analysts remain split on Progressive, with conflicting views highlighting uncertainty around valuation and future earnings durability. Analysts Have Conflicting Sentiments on These Financial Companies: Progressive (PGR) and Open Lending (LPRO)

Progressive Price Performance

Shares of NYSE PGR opened at $204.42 on Friday. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.26. The stock has a fifty day simple moving average of $200.01 and a two-hundred day simple moving average of $207.23. The Progressive Corporation has a 1-year low of $189.20 and a 1-year high of $267.92. The firm has a market cap of $119.45 billion, a price-to-earnings ratio of 10.39, a price-to-earnings-growth ratio of 5.88 and a beta of 0.28.

Progressive (NYSE:PGR) last issued its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $23.51 billion. During the same period in the previous year, the company posted $4.37 earnings per share. The business’s revenue was up 6.5% on a year-over-year basis. Analysts anticipate that The Progressive Corporation will post 16.82 earnings per share for the current year.

Progressive Announces Dividend

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

Insider Transactions at Progressive

In other news, insider John Jo Murphy sold 5,916 shares of Progressive stock in a transaction dated 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 owned 41,290 shares in the company, valued at $8,258,000. This trade represents a 12.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steven Broz sold 1,157 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 transaction of $231,400.00. Following the completion of the sale, the insider directly owned 28,668 shares in the company, valued at approximately $5,733,600. This trade represents a 3.88% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.32% of the company’s stock.

Wall Street Analysts Forecast Growth

PGR has been the subject of a number of recent analyst reports. Mizuho reduced their price objective on Progressive from $235.00 to $223.00 and set a “neutral” rating for the company in a research note on Friday, March 20th. Argus upgraded Progressive to a “hold” rating in a research note on Thursday, March 5th. Bank of America cut their price target on shares of Progressive from $331.00 to $313.00 and set a “buy” rating on the stock in a report on Thursday. Zacks Research upgraded shares of Progressive from a “strong sell” rating to a “hold” rating in a research report on Tuesday, February 24th. Finally, Piper Sandler restated an “overweight” rating and set a $259.00 price objective on shares of Progressive in a report on Monday, March 2nd. Six equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Progressive has a consensus rating of “Hold” and a consensus price target of $237.58.

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.