The Progressive Co. (NYSE:PGR) Stock Holdings Trimmed by Chesapeake Wealth Management

Chesapeake Wealth Management decreased its holdings in The Progressive Co. (NYSE:PGR) by 4.4% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,078 shares of the insurance provider’s stock after selling 50 shares during the quarter. Chesapeake Wealth Management’s holdings in Progressive were worth $224,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of the business. Vanguard Group Inc. lifted its stake in shares of Progressive by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 51,751,851 shares of the insurance provider’s stock worth $10,703,318,000 after acquiring an additional 285,070 shares during the period. Capital International Investors boosted its stake in Progressive by 15.7% during the 1st quarter. Capital International Investors now owns 4,925,019 shares of the insurance provider’s stock valued at $1,018,592,000 after purchasing an additional 670,006 shares in the last quarter. FIL Ltd increased its position in shares of Progressive by 0.4% during the 4th quarter. FIL Ltd now owns 4,885,731 shares of the insurance provider’s stock valued at $778,199,000 after purchasing an additional 19,724 shares during the period. Baird Financial Group Inc. raised its stake in shares of Progressive by 2.5% in the 4th quarter. Baird Financial Group Inc. now owns 3,577,731 shares of the insurance provider’s stock worth $569,861,000 after buying an additional 86,686 shares in the last quarter. Finally, American Century Companies Inc. lifted its holdings in shares of Progressive by 3.0% in the second quarter. American Century Companies Inc. now owns 2,392,773 shares of the insurance provider’s stock valued at $497,003,000 after buying an additional 69,709 shares during the period. 85.34% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on PGR shares. Bank of America boosted their price target on shares of Progressive from $294.00 to $312.00 and gave the stock a “buy” rating in a research report on Tuesday, September 3rd. Barclays began coverage on shares of Progressive in a research note on Wednesday, September 4th. They set an “equal weight” rating and a $367.00 target price for the company. Evercore ISI lifted their price target on shares of Progressive from $243.00 to $246.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 7th. Hsbc Global Res raised shares of Progressive from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 12th. Finally, Morgan Stanley increased their target price on shares of Progressive from $260.00 to $300.00 and gave the stock an “overweight” rating in a research report on Monday, September 16th. Six analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Progressive currently has an average rating of “Moderate Buy” and an average price target of $257.18.

Progressive Stock Performance

Shares of NYSE PGR opened at $259.23 on Friday. The firm has a market capitalization of $151.82 billion, a price-to-earnings ratio of 26.53, a PEG ratio of 0.74 and a beta of 0.35. The Progressive Co. has a one year low of $137.59 and a one year high of $260.46. The business has a fifty day simple moving average of $234.16 and a 200 day simple moving average of $217.06. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.30.

Progressive (NYSE:PGR) last released its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 EPS for the quarter, topping analysts’ consensus estimates of $2.04 by $0.61. The company had revenue of $17.90 billion during the quarter, compared to the consensus estimate of $17.54 billion. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The firm’s revenue for the quarter was up 21.6% compared to the same quarter last year. During the same period last year, the firm earned $0.57 EPS. Sell-side analysts expect that The Progressive Co. will post 12.7 EPS for the current year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Thursday, October 3rd will be paid a $0.10 dividend. The ex-dividend date of this dividend is Thursday, October 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.15%. Progressive’s dividend payout ratio is currently 4.09%.

Insider Transactions at Progressive

In related news, insider Steven Broz sold 3,050 shares of the business’s stock in a transaction on Monday, June 24th. The stock was sold at an average price of $209.81, for a total value of $639,920.50. Following the sale, the insider now owns 32,453 shares of the company’s stock, valued at approximately $6,808,963.93. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Progressive news, CEO Susan Patricia Griffith sold 43,371 shares of Progressive stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total value of $9,281,827.71. Following the completion of the transaction, the chief executive officer now owns 517,105 shares in the company, valued at approximately $110,665,641.05. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Steven Broz sold 3,050 shares of the stock in a transaction on Monday, June 24th. The stock was sold at an average price of $209.81, for a total value of $639,920.50. Following the sale, the insider now owns 32,453 shares in the company, valued at approximately $6,808,963.93. The disclosure for this sale can be found here. In the last ninety days, insiders sold 146,704 shares of company stock valued at $33,367,408. Corporate insiders own 0.34% of the company’s stock.

Progressive Company 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.