IFM Investors Pty Ltd Buys 4,007 Shares of The Progressive Corporation $PGR

IFM Investors Pty Ltd lifted its position in The Progressive Corporation (NYSE:PGR) by 3.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 116,935 shares of the insurance provider’s stock after acquiring an additional 4,007 shares during the period. IFM Investors Pty Ltd’s holdings in Progressive were worth $23,181,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of PGR. iA Global Asset Management Inc. increased its stake in Progressive by 40.8% in the first quarter. iA Global Asset Management Inc. now owns 45,747 shares of the insurance provider’s stock valued at $9,069,000 after purchasing an additional 13,252 shares in the last quarter. Impact Partnership Wealth LLC raised its holdings in Progressive by 48.1% in the first quarter. Impact Partnership Wealth LLC now owns 9,460 shares of the insurance provider’s stock worth $1,875,000 after purchasing an additional 3,071 shares during the period. Premier Path Wealth Partners LLC boosted its position in shares of Progressive by 15.6% during the first quarter. Premier Path Wealth Partners LLC now owns 4,500 shares of the insurance provider’s stock worth $892,000 after purchasing an additional 606 shares in the last quarter. SevenBridge Financial Group LLC boosted its position in shares of Progressive by 33.4% during the first quarter. SevenBridge Financial Group LLC now owns 13,757 shares of the insurance provider’s stock worth $2,789,000 after purchasing an additional 3,446 shares in the last quarter. Finally, Capital Investment Counsel LLC grew its holdings in shares of Progressive by 109.4% in the 1st quarter. Capital Investment Counsel LLC now owns 2,871 shares of the insurance provider’s stock valued at $569,000 after buying an additional 1,500 shares during the period. Institutional investors own 85.34% of the company’s stock.

Progressive Trading Down 0.8%

Shares of NYSE:PGR opened at $218.17 on Wednesday. The firm has a market cap of $127.48 billion, a price-to-earnings ratio of 11.09, a PEG ratio of 6.67 and a beta of 0.28. The Progressive Corporation has a 12 month low of $189.20 and a 12 month high of $267.00. The company’s fifty day simple moving average is $202.48 and its 200 day simple moving average is $206.69. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.26.

Progressive (NYSE:PGR) last announced its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share for the quarter, topping analysts’ consensus estimates of $4.67 by $0.13. The firm had revenue of $22.19 billion during the quarter, compared to analyst estimates of $23.51 billion. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The company’s revenue for the quarter was up 6.5% compared to the same quarter last year. During the same period in the prior year, the business earned $4.37 EPS. As a group, research analysts forecast that The Progressive Corporation will post 17.08 EPS for the current fiscal year.

Progressive Announces Dividend

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

Wall Street Analyst Weigh In

A number of research firms recently commented on PGR. Jefferies Financial Group lowered their price objective on shares of Progressive from $216.00 to $215.00 and set a “hold” rating for the company in a research report on Tuesday, March 24th. Morgan Stanley decreased their target price on Progressive from $205.00 to $190.00 and set an “underweight” rating for the company in a research note on Tuesday, March 31st. Keefe, Bruyette & Woods increased their price target on Progressive from $208.00 to $210.00 and gave the stock a “market perform” rating in a report on Thursday, June 18th. Royal Bank Of Canada set a $208.00 price target on Progressive in a research report on Friday, May 22nd. Finally, Bank of America dropped their price target on Progressive from $331.00 to $313.00 and set a “buy” rating on the stock in a research report on Thursday, June 18th. Six research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, Progressive presently has a consensus rating of “Hold” and a consensus target price of $237.37.

Insider Transactions at Progressive

In related news, insider John Jo Murphy sold 5,916 shares of the stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $200.00, for a total transaction of $1,183,200.00. Following the completion of the transaction, the insider directly owned 41,290 shares in the company, valued at approximately $8,258,000. This trade represents a 12.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steven Broz sold 1,157 shares of Progressive stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $204.76, for a total value of $236,907.32. Following the completion of the sale, the insider directly owned 27,511 shares in the company, valued at approximately $5,633,152.36. This represents a 4.04% decrease in their position. 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 15,230 shares of company stock valued at $3,165,817 over the last three months. Company insiders own 0.32% of the company’s stock.

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.