State Street Corp Boosts Stock Position in The Progressive Corporation $PGR

State Street Corp grew its holdings in The Progressive Corporation (NYSE:PGR) by 2.5% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 26,526,959 shares of the insurance provider’s stock after purchasing an additional 656,249 shares during the period. State Street Corp owned about 4.56% of Progressive worth $5,794,814,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Bogart Wealth LLC grew its stake in Progressive by 235.1% in the 1st quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider’s stock worth $25,000 after acquiring an additional 87 shares in the last quarter. IMG Wealth Management Inc. bought a new stake in shares of Progressive during the second quarter valued at approximately $26,000. Meeder Asset Management Inc. purchased a new stake in shares of Progressive in the second quarter valued at approximately $26,000. Bard Associates Inc. purchased a new stake in shares of Progressive in the fourth quarter valued at approximately $27,000. Finally, Kilter Group LLC bought a new position in Progressive in the second quarter worth approximately $27,000. 85.34% of the stock is currently owned by institutional investors.

Progressive Stock Down 2.5%

Shares of NYSE PGR traded down $5.26 during trading hours on Tuesday, hitting $206.98. 2,165,952 shares of the stock were exchanged, compared to its average volume of 3,076,857. The Progressive Corporation has a 12 month low of $189.20 and a 12 month high of $248.17. The firm has a fifty day moving average price of $214.84 and a 200-day moving average price of $208.52. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.24. The company has a market cap of $120.33 billion, a PE ratio of 10.38, a PEG ratio of 2.74 and a beta of 0.27.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.64 by $1.03. Progressive had a return on equity of 32.92% and a net margin of 12.84%.The business had revenue of $23.61 billion for the quarter, compared to the consensus estimate of $19.49 billion. During the same period in the prior year, the firm posted $5.40 earnings per share. The business’s quarterly revenue was up 5.0% on a year-over-year basis. On average, sell-side analysts expect that The Progressive Corporation will post 17.85 EPS for the current year.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Thursday, October 1st will be paid a dividend of $0.10 per share. The ex-dividend date is Thursday, October 1st. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive’s dividend payout ratio is presently 2.01%.

Insiders Place Their Bets

In other news, insider John Murphy sold 8,124 shares of Progressive stock in a transaction on Monday, July 27th. The shares were sold at an average price of $212.70, for a total transaction of $1,727,974.80. Following the completion of the sale, the insider directly owned 41,291 shares in the company, valued at approximately $8,782,595.70. The trade was a 16.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeffrey Kelly sold 7,000 shares of the business’s stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $216.33, for a total transaction of $1,514,310.00. Following the sale, the director directly owned 22,546 shares in the company, valued at $4,877,376.18. This trade represents a 23.69% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 112,557 shares of company stock valued at $24,229,387. Corporate insiders own 0.32% of the company’s stock.

Analysts Set New Price Targets

PGR has been the subject of a number of research analyst reports. Jefferies Financial Group reaffirmed a “hold” rating and set a $228.00 target price on shares of Progressive in a research report on Wednesday, August 19th. The Goldman Sachs Group reissued a “buy” rating and set a $230.00 price target on shares of Progressive in a research report on Wednesday, August 19th. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $250.00 price objective on shares of Progressive in a report on Friday. Mizuho reduced their price objective on shares of Progressive from $236.00 to $230.00 and set a “neutral” rating for the company in a research note on Wednesday, September 16th. Finally, JPMorgan Chase & Co. lowered their target price on Progressive from $250.00 to $241.00 and set a “neutral” rating for the company in a report on Tuesday, August 4th. Seven investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $234.89.

Progressive Company Profile

Progressive Corporation, founded in 1937 and headquartered in Mayfield Village, Ohio, is an insurance company that primarily serves customers in the United States. The company is best known for its personal and commercial auto insurance businesses and distributes products through independent agents, direct channels and digital platforms.

Progressive offers a broad range of insurance products, including coverage for automobiles, motorcycles, boats, recreational vehicles, homes and renters.