Range Financial Group LLC Raises Stock Holdings in The Progressive Corporation $PGR

Range Financial Group LLC boosted its holdings in The Progressive Corporation (NYSE:PGR) by 296.8% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 10,682 shares of the insurance provider’s stock after purchasing an additional 7,990 shares during the period. Progressive comprises 1.1% of Range Financial Group LLC’s portfolio, making the stock its 23rd largest position. Range Financial Group LLC’s holdings in Progressive were worth $2,851,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PGR. Vanguard Group Inc. raised its stake in Progressive by 1.2% during the first quarter. Vanguard Group Inc. now owns 54,022,956 shares of the insurance provider’s stock valued at $15,289,037,000 after buying an additional 622,590 shares in the last quarter. GQG Partners LLC raised its stake in Progressive by 61.4% during the first quarter. GQG Partners LLC now owns 8,346,133 shares of the insurance provider’s stock valued at $2,362,039,000 after buying an additional 3,174,632 shares in the last quarter. Alliancebernstein L.P. raised its stake in Progressive by 15.2% during the first quarter. Alliancebernstein L.P. now owns 8,263,157 shares of the insurance provider’s stock valued at $2,338,556,000 after buying an additional 1,091,828 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Progressive by 6.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 6,380,134 shares of the insurance provider’s stock valued at $1,805,642,000 after buying an additional 396,567 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Progressive by 18.1% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,983,567 shares of the insurance provider’s stock valued at $1,433,722,000 after buying an additional 915,643 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. UBS Group cut their price objective on Progressive from $280.00 to $268.00 and set a “neutral” rating on the stock in a research note on Monday, July 21st. Bank of America upped their price objective on Progressive from $344.00 to $347.00 and gave the company a “buy” rating in a research note on Wednesday, September 10th. Evercore ISI cut Progressive from an “outperform” rating to an “in-line” rating and set a $275.00 price target on the stock. in a research report on Thursday, July 17th. Keefe, Bruyette & Woods dropped their price target on Progressive from $290.00 to $268.00 and set a “market perform” rating on the stock in a research report on Thursday, July 17th. Finally, Jefferies Financial Group dropped their price target on Progressive from $309.00 to $287.00 and set a “buy” rating on the stock in a research report on Monday, August 11th. Nine investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $284.82.

Progressive Stock Performance

Shares of NYSE PGR opened at $245.45 on Tuesday. The stock has a fifty day moving average price of $246.28 and a two-hundred day moving average price of $264.32. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.31 and a current ratio of 0.31. The firm has a market cap of $143.88 billion, a P/E ratio of 13.83, a PEG ratio of 1.44 and a beta of 0.32. The Progressive Corporation has a 1 year low of $228.54 and a 1 year high of $292.99.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.43 by $0.45. The firm had revenue of $20.08 billion during the quarter, compared to analyst estimates of $20.39 billion. Progressive had a return on equity of 35.37% and a net margin of 12.66%.The firm’s quarterly revenue was up 12.1% on a year-over-year basis. During the same period last year, the company posted $2.48 EPS. Research analysts forecast that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, October 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive’s dividend payout ratio (DPR) is currently 2.25%.

Insider Buying and Selling at Progressive

In other news, insider John Jo Murphy sold 2,218 shares of the firm’s stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $250.78, for a total transaction of $556,230.04. Following the completion of the sale, the insider directly owned 45,724 shares of the company’s stock, valued at $11,466,664.72. This trade represents a 4.63% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Patrick K. Callahan sold 6,232 shares of the firm’s stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $249.96, for a total value of $1,557,750.72. Following the sale, the insider directly owned 21,612 shares of the company’s stock, valued at approximately $5,402,135.52. This represents a 22.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 139,010 shares of company stock worth $34,547,699. 0.33% of the stock is owned by insiders.

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.