Quantbot Technologies LP Purchases Shares of 6,015 The Progressive Corporation $PGR

Quantbot Technologies LP acquired a new position in shares of The Progressive Corporation (NYSE:PGR) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 6,015 shares of the insurance provider’s stock, valued at approximately $1,314,000.

Several other institutional investors and hedge funds have also recently modified their holdings of PGR. Brighton Jones LLC grew its stake in shares of Progressive by 15.6% in the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock worth $813,000 after acquiring an additional 457 shares in the last quarter. Revolve Wealth Partners LLC bought a new position in shares of Progressive during the fourth quarter valued at about $269,000. Bison Wealth LLC boosted its holdings in Progressive by 3.2% during the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock worth $615,000 after purchasing an additional 80 shares during the last quarter. HUB Investment Partners LLC grew its position in Progressive by 7.8% in the 2nd quarter. HUB Investment Partners LLC now owns 2,282 shares of the insurance provider’s stock worth $609,000 after purchasing an additional 166 shares in the last quarter. Finally, Diversify Wealth Management LLC grew its position in Progressive by 12.0% in the 2nd quarter. Diversify Wealth Management LLC now owns 15,146 shares of the insurance provider’s stock worth $3,681,000 after purchasing an additional 1,622 shares in the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Stock Down 1.0%

Shares of PGR opened at $221.77 on Wednesday. The Progressive Corporation has a 1 year low of $189.20 and a 1 year high of $249.83. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29. The stock has a 50 day simple moving average of $216.29 and a two-hundred day simple moving average of $206.94. The firm has a market cap of $128.93 billion, a P/E ratio of 11.12, a P/E/G ratio of 2.99 and a beta of 0.27.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Wednesday, July 15th. The insurance provider reported $5.67 EPS for the quarter, topping the consensus estimate of $4.64 by $1.03. Progressive had a net margin of 12.84% and a return on equity of 32.92%. The firm had revenue of $23.61 billion for the quarter, compared to the consensus estimate of $19.49 billion. During the same period last year, the firm posted $5.40 earnings per share. The business’s revenue was up 5.0% compared to the same quarter last year. On average, analysts forecast that The Progressive Corporation will post 17.72 earnings per share for the current fiscal year.

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Thursday, October 1st will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date is Thursday, October 1st. Progressive’s dividend payout ratio (DPR) is presently 2.01%.

Insiders Place Their Bets

In other news, CIO Jonathan S. Bauer sold 2,242 shares of the business’s stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $212.71, for a total value of $476,895.82. Following the completion of the sale, the executive owned 26,250 shares of the company’s stock, valued at approximately $5,583,637.50. The trade was a 7.87% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Karen Bailo sold 8,452 shares of the firm’s stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $212.71, for a total value of $1,797,824.92. Following the transaction, the insider owned 32,348 shares in the company, valued at approximately $6,880,743.08. The trade was a 20.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 83,449 shares of company stock valued at $17,685,203 over the last three months. 0.32% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. William Blair reissued a “market perform” rating on shares of Progressive in a research report on Wednesday, July 15th. Roth Capital reaffirmed a “buy” rating and issued a $245.00 target price on shares of Progressive in a report on Thursday, August 20th. BMO Capital Markets reaffirmed a “market perform” rating on shares of Progressive in a research report on Wednesday, August 19th. Royal Bank Of Canada set a $208.00 price target on Progressive in a research report on Friday, May 22nd. Finally, Jefferies Financial Group reissued a “hold” rating and issued a $228.00 price target on shares of Progressive in a research report on Wednesday, August 19th. Seven research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $236.05.

Progressive Company Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.