GQG Partners LLC Has $165.87 Million Stock Position in The Progressive Co. (NYSE:PGR)

GQG Partners LLC raised its stake in The Progressive Co. (NYSE:PGR) by 90.0% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 1,689,371 shares of the insurance provider’s stock after buying an additional 800,312 shares during the period. GQG Partners LLC’s holdings in The Progressive were worth $165,865,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the business. Epoch Investment Partners Inc. boosted its position in The Progressive by 0.4% in the second quarter. Epoch Investment Partners Inc. now owns 44,400 shares of the insurance provider’s stock valued at $4,361,000 after buying an additional 171 shares in the last quarter. Seeyond lifted its holdings in shares of The Progressive by 11.6% during the second quarter. Seeyond now owns 36,610 shares of the insurance provider’s stock worth $3,595,000 after purchasing an additional 3,809 shares during the period. Covington Capital Management lifted its holdings in shares of The Progressive by 13,820.0% during the second quarter. Covington Capital Management now owns 1,392 shares of the insurance provider’s stock worth $137,000 after purchasing an additional 1,382 shares during the period. Toroso Investments LLC lifted its holdings in shares of The Progressive by 422.7% during the second quarter. Toroso Investments LLC now owns 17,186 shares of the insurance provider’s stock worth $1,688,000 after purchasing an additional 13,898 shares during the period. Finally, Kore Private Wealth LLC acquired a new position in shares of The Progressive during the second quarter worth $314,000. Hedge funds and other institutional investors own 82.14% of the company’s stock.

In other news, insider Steven Broz sold 2,311 shares of the business’s stock in a transaction dated Tuesday, September 21st. The shares were sold at an average price of $92.39, for a total transaction of $213,513.29. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Lori A. Niederst sold 9,126 shares of the business’s stock in a transaction dated Monday, July 19th. The stock was sold at an average price of $95.29, for a total transaction of $869,616.54. Following the transaction, the insider now owns 18,085 shares in the company, valued at $1,723,319.65. The disclosure for this sale can be found here. Over the last three months, insiders have sold 89,063 shares of company stock valued at $8,373,977. 0.37% of the stock is currently owned by insiders.

A number of brokerages have recently commented on PGR. Evercore ISI cut their price target on shares of The Progressive from $93.00 to $90.00 and set an “in-line” rating on the stock in a report on Tuesday, August 17th. Wolfe Research began coverage on shares of The Progressive in a report on Monday, August 16th. They set an “underperform” rating and a $85.00 price target on the stock. lowered their target price on shares of The Progressive from $97.00 to $95.00 and set a “neutral” rating for the company in a research note on Monday, June 21st. Barclays lowered their target price on shares of The Progressive from $86.00 to $84.00 and set an “underweight” rating for the company in a research note on Friday, July 16th. Finally, Wells Fargo & Company reissued a “sell” rating on shares of The Progressive in a research note on Thursday, June 17th. Six equities research analysts have rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat, The Progressive currently has a consensus rating of “Hold” and an average target price of $95.21.

PGR traded up $0.03 during midday trading on Thursday, hitting $90.85. The company had a trading volume of 54,223 shares, compared to its average volume of 2,791,574. The Progressive Co. has a 52 week low of $84.89 and a 52 week high of $107.58. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $53.16 billion, a price-to-earnings ratio of 9.78, a PEG ratio of 3.51 and a beta of 0.46. The stock’s 50 day moving average price is $94.04 and its 200 day moving average price is $96.70.

The Progressive (NYSE:PGR) last posted its earnings results on Tuesday, August 3rd. The insurance provider reported $0.72 EPS for the quarter, missing the consensus estimate of $1.08 by ($0.36). The Progressive had a return on equity of 23.52% and a net margin of 12.00%. Research analysts predict that The Progressive Co. will post 4.42 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 15th. Stockholders of record on Thursday, October 7th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.44%. The ex-dividend date is Wednesday, October 6th. The Progressive’s payout ratio is presently 5.35%.

The Progressive Profile

Progressive Corp. is an insurance holding company, which engages in the provision of personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services. It operates through the following segments: Personal Lines, Commercial Lines and Property.

Further Reading: Trading Strategy

Want to see what other hedge funds are holding PGR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Progressive Co. (NYSE:PGR).

Institutional Ownership by Quarter for The Progressive (NYSE:PGR)

Receive News & Ratings for The Progressive Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for The Progressive and related companies with MarketBeat.com's FREE daily email newsletter.