Strategy Asset Managers LLC Invests $1.14 Million in The Progressive Co. (NYSE:PGR)

Strategy Asset Managers LLC purchased a new stake in shares of The Progressive Co. (NYSE:PGR) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 5,501 shares of the insurance provider’s stock, valued at approximately $1,143,000.

Other institutional investors have also added to or reduced their stakes in the company. Aviance Capital Partners LLC purchased a new position in Progressive during the 1st quarter valued at about $3,628,000. TCW Group Inc. purchased a new stake in Progressive in the fourth quarter worth $1,988,000. Brevan Howard Capital Management LP bought a new stake in Progressive in the fourth quarter valued at $3,090,000. Concurrent Investment Advisors LLC increased its position in Progressive by 66.4% during the 1st quarter. Concurrent Investment Advisors LLC now owns 6,814 shares of the insurance provider’s stock valued at $1,409,000 after purchasing an additional 2,719 shares during the period. Finally, Banque Cantonale Vaudoise raised its holdings in Progressive by 90.4% in the 1st quarter. Banque Cantonale Vaudoise now owns 21,056 shares of the insurance provider’s stock worth $4,354,000 after purchasing an additional 10,000 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Stock Performance

Shares of NYSE PGR traded up $0.05 during midday trading on Wednesday, hitting $252.37. 295,114 shares of the stock traded hands, compared to its average volume of 2,522,997. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.31 and a current ratio of 0.31. The Progressive Co. has a one year low of $133.15 and a one year high of $254.83. The firm has a market capitalization of $147.81 billion, a P/E ratio of 25.82, a PEG ratio of 0.83 and a beta of 0.35. The firm has a 50-day moving average of $222.97 and a two-hundred day moving average of $211.70.

Progressive (NYSE:PGR) last released its quarterly earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.04 by $0.61. The business had revenue of $17.90 billion during the quarter, compared to the consensus estimate of $17.54 billion. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The business’s quarterly revenue was up 21.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.57 EPS. On average, equities analysts forecast that The Progressive Co. will post 12.2 EPS for the current fiscal year.

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Thursday, October 3rd will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.16%. The ex-dividend date is Thursday, October 3rd. Progressive’s payout ratio is 4.09%.

Analysts Set New Price Targets

Several brokerages recently issued reports on PGR. Citigroup reduced their price target on shares of Progressive from $232.00 to $225.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 17th. Jefferies Financial Group raised their target price on Progressive from $256.00 to $257.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. BMO Capital Markets dropped their price target on Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Morgan Stanley decreased their price objective on Progressive from $256.00 to $255.00 and set an “overweight” rating for the company in a report on Monday, June 10th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Progressive from $210.00 to $239.00 and gave the company an “overweight” rating in a report on Thursday, July 11th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $237.24.

Insider Transactions at Progressive

In other Progressive news, CEO Susan Patricia Griffith sold 43,371 shares of the business’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $214.01, for a total transaction of $9,281,827.71. Following the completion of the sale, the chief executive officer now owns 517,105 shares of the company’s stock, valued at $110,665,641.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CAO Mariann Wojtkun Marshall sold 650 shares of the business’s stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $208.11, for a total value of $135,271.50. Following the transaction, the chief accounting officer now directly owns 3,981 shares of the company’s stock, valued at approximately $828,485.91. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Susan Patricia Griffith sold 43,371 shares of the stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $214.01, for a total transaction of $9,281,827.71. Following the sale, the chief executive officer now directly owns 517,105 shares of the company’s stock, valued at $110,665,641.05. The disclosure for this sale can be found here. Insiders sold 103,984 shares of company stock worth $22,564,766 in the last three months. Corporate insiders own 0.34% of the company’s stock.

Progressive Company Profile

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.