Edgestream Partners L.P. Has $9.33 Million Stock Position in The Progressive Co. (NYSE:PGR)

Edgestream Partners L.P. raised its position in The Progressive Co. (NYSE:PGR) by 27.2% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 44,936 shares of the insurance provider’s stock after buying an additional 9,616 shares during the period. Progressive accounts for about 0.4% of Edgestream Partners L.P.’s investment portfolio, making the stock its 20th biggest position. Edgestream Partners L.P.’s holdings in Progressive were worth $9,334,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Citizens Financial Group Inc. RI grew its position in Progressive by 51.1% during the 2nd quarter. Citizens Financial Group Inc. RI now owns 12,960 shares of the insurance provider’s stock worth $2,692,000 after acquiring an additional 4,382 shares during the last quarter. One Capital Management LLC acquired a new position in Progressive in the second quarter worth $541,000. Mesirow Financial Investment Management Inc. grew its holdings in shares of Progressive by 29.2% during the second quarter. Mesirow Financial Investment Management Inc. now owns 10,559 shares of the insurance provider’s stock worth $2,201,000 after purchasing an additional 2,385 shares during the last quarter. Quantbot Technologies LP increased its stake in shares of Progressive by 32.1% in the second quarter. Quantbot Technologies LP now owns 37,204 shares of the insurance provider’s stock valued at $7,728,000 after buying an additional 9,050 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Progressive by 20.3% in the second quarter. Dimensional Fund Advisors LP now owns 1,467,191 shares of the insurance provider’s stock valued at $304,775,000 after buying an additional 247,144 shares during the last quarter. 85.34% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have weighed in on PGR shares. Evercore ISI raised their price objective on shares of Progressive from $243.00 to $246.00 and gave the company an “outperform” rating in a research report on Wednesday, August 7th. BMO Capital Markets dropped their price objective on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Citigroup reduced their price objective on Progressive from $232.00 to $225.00 and set a “neutral” rating on the stock in a report on Wednesday, July 17th. Wells Fargo & Company boosted their target price on Progressive from $281.00 to $282.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 10th. Finally, Morgan Stanley raised their price target on Progressive from $260.00 to $300.00 and gave the company an “overweight” rating in a report on Monday. Six equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $256.12.

Insider Activity

In related news, CEO Susan Patricia Griffith sold 43,370 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the sale, the chief executive officer now directly owns 473,735 shares in the company, valued at $119,475,967. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CEO Susan Patricia Griffith sold 43,370 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the completion of the transaction, the chief executive officer now directly owns 473,735 shares of the company’s stock, valued at $119,475,967. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Philip Bleser sold 2,129 shares of Progressive stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $219.08, for a total value of $466,421.32. Following the completion of the sale, the director now directly owns 974 shares in the company, valued at approximately $213,383.92. The disclosure for this sale can be found here. Insiders sold 146,704 shares of company stock worth $33,367,408 over the last quarter. 0.34% of the stock is currently owned by company insiders.

Progressive Stock Up 0.3 %

Shares of NYSE:PGR opened at $256.31 on Tuesday. The company has a 50 day moving average price of $230.47 and a two-hundred day moving average price of $215.53. The company has a market capitalization of $150.12 billion, a PE ratio of 26.23, a PEG ratio of 0.82 and a beta of 0.35. The Progressive Co. has a 52 week low of $137.59 and a 52 week high of $260.46. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.31 and a current ratio of 0.31.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 EPS for the quarter, topping the consensus estimate of $2.04 by $0.61. The business had revenue of $17.90 billion for 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 firm’s revenue was up 21.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.57 EPS. Analysts forecast that The Progressive Co. will post 12.29 earnings per share for the current year.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Thursday, October 3rd will be issued a dividend of $0.10 per share. The ex-dividend date is Thursday, October 3rd. This represents a $0.40 annualized dividend and a yield of 0.16%. Progressive’s dividend payout ratio (DPR) is currently 4.09%.

Progressive 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.