Progressive Corp (NYSE:PGR) Shares Bought by GWM Advisors LLC

GWM Advisors LLC lifted its stake in Progressive Corp (NYSE:PGR) by 103.4% during the first quarter, Holdings Channel reports. The institutional investor owned 19,995 shares of the insurance provider’s stock after acquiring an additional 10,167 shares during the quarter. GWM Advisors LLC’s holdings in Progressive were worth $1,441,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Vanguard Group Inc boosted its stake in shares of Progressive by 1.4% in the third quarter. Vanguard Group Inc now owns 42,481,196 shares of the insurance provider’s stock worth $3,017,865,000 after buying an additional 582,761 shares during the last quarter. BlackRock Inc. boosted its stake in shares of Progressive by 0.9% in the first quarter. BlackRock Inc. now owns 41,390,620 shares of the insurance provider’s stock worth $2,983,849,000 after buying an additional 358,718 shares during the last quarter. Janus Henderson Group PLC boosted its stake in shares of Progressive by 2.9% in the first quarter. Janus Henderson Group PLC now owns 13,147,056 shares of the insurance provider’s stock worth $947,787,000 after buying an additional 374,526 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Progressive by 0.7% in the first quarter. JPMorgan Chase & Co. now owns 10,367,630 shares of the insurance provider’s stock worth $747,404,000 after buying an additional 72,786 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund boosted its stake in shares of Progressive by 4,886.0% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 9,709,752 shares of the insurance provider’s stock worth $161,000 after buying an additional 9,515,013 shares during the last quarter. Hedge funds and other institutional investors own 79.11% of the company’s stock.

In other Progressive news, CFO John P. Sauerland sold 12,000 shares of the stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $72.65, for a total transaction of $871,800.00. Following the completion of the transaction, the chief financial officer now owns 371,815 shares of the company’s stock, valued at $27,012,359.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Michael D. Sieger sold 7,500 shares of the stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $79.16, for a total value of $593,700.00. Following the transaction, the insider now directly owns 68,969 shares of the company’s stock, valued at approximately $5,459,586.04. The disclosure for this sale can be found here. Insiders have sold 143,350 shares of company stock valued at $10,961,057 in the last three months. Insiders own 0.39% of the company’s stock.

A number of analysts have recently commented on the company. Credit Suisse Group upped their target price on Progressive from $80.00 to $84.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 17th. Citigroup upped their price target on Progressive from $71.00 to $75.00 and gave the stock a “neutral” rating in a report on Thursday, February 14th. B. Riley upped their price target on Progressive from $89.00 to $96.00 and gave the stock a “buy” rating in a report on Thursday. Zacks Investment Research cut Progressive from a “buy” rating to a “hold” rating and set a $84.00 price target for the company. in a report on Monday, May 27th. Finally, Buckingham Research set a $64.00 price target on Progressive and gave the stock a “hold” rating in a report on Monday, May 13th. Four equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $81.00.

NYSE PGR traded down $0.06 during trading hours on Thursday, reaching $81.07. The company’s stock had a trading volume of 28,970 shares, compared to its average volume of 2,785,621. The stock has a market capitalization of $48.22 billion, a price-to-earnings ratio of 18.35, a PEG ratio of 2.17 and a beta of 0.74. Progressive Corp has a 1-year low of $56.71 and a 1-year high of $84.30. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 0.38.

Progressive (NYSE:PGR) last released its quarterly earnings results on Tuesday, April 16th. The insurance provider reported $1.83 earnings per share for the quarter, topping analysts’ consensus estimates of $1.38 by $0.45. The company had revenue of $9.24 billion during the quarter, compared to analysts’ expectations of $9.20 billion. Progressive had a return on equity of 27.10% and a net margin of 8.77%. Progressive’s quarterly revenue was up 16.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.22 EPS. Equities analysts predict that Progressive Corp will post 5.2 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, July 5th will be issued a dividend of $0.10 per share. The ex-dividend date is Wednesday, July 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.49%. Progressive’s payout ratio is currently 9.05%.

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Progressive Profile

The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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