Profund Advisors LLC Has $1.83 Million Stake in The Progressive Co. (NYSE:PGR)

Profund Advisors LLC decreased its position in The Progressive Co. (NYSE:PGR) by 2.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,808 shares of the insurance provider’s stock after selling 187 shares during the quarter. Profund Advisors LLC’s holdings in Progressive were worth $1,830,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. 1832 Asset Management L.P. grew its position in Progressive by 237.8% during the fourth quarter. 1832 Asset Management L.P. now owns 1,485,750 shares of the insurance provider’s stock worth $236,650,000 after buying an additional 1,045,883 shares in the last quarter. SG Americas Securities LLC grew its position in Progressive by 4,545.0% during the first quarter. SG Americas Securities LLC now owns 705,243 shares of the insurance provider’s stock worth $145,858,000 after buying an additional 690,060 shares in the last quarter. Canada Pension Plan Investment Board grew its position in Progressive by 548.2% during the first quarter. Canada Pension Plan Investment Board now owns 811,653 shares of the insurance provider’s stock worth $167,866,000 after buying an additional 686,433 shares in the last quarter. Capital International Investors grew its position in Progressive by 15.7% during the first quarter. Capital International Investors now owns 4,925,019 shares of the insurance provider’s stock worth $1,018,592,000 after buying an additional 670,006 shares in the last quarter. Finally, Swedbank AB acquired a new stake in Progressive during the first quarter worth approximately $116,852,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Stock Up 1.5 %

Shares of NYSE:PGR opened at $259.24 on Monday. The firm has a market cap of $151.84 billion, a P/E ratio of 26.53, a P/E/G ratio of 0.74 and a beta of 0.35. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.30. The Progressive Co. has a 12-month low of $137.59 and a 12-month high of $260.46. The business has a fifty day simple moving average of $234.16 and a 200 day simple moving average of $217.40.

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

Progressive Announces Dividend

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

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Jefferies Financial Group upped their target price on Progressive from $256.00 to $257.00 and gave the stock a “buy” rating in a research note on Wednesday, July 17th. Roth Mkm upped their target price on Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. Bank of America upped their target price on Progressive from $294.00 to $312.00 and gave the stock a “buy” rating in a research note on Tuesday, September 3rd. Wells Fargo & Company upped their target price on Progressive from $281.00 to $282.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 10th. Finally, Piper Sandler upped their target price on Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a research note on Thursday, August 15th. Six research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $257.18.

Insiders Place Their Bets

In other Progressive news, insider Andrew J. Quigg sold 3,975 shares of the stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $214.01, for a total transaction of $850,689.75. Following the completion of the sale, the insider now directly owns 32,780 shares in the company, valued at approximately $7,015,247.80. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Progressive news, insider John Jo Murphy sold 9,512 shares of the stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $237.50, for a total transaction of $2,259,100.00. Following the completion of the sale, the insider now directly owns 45,787 shares in the company, valued at approximately $10,874,412.50. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Andrew J. Quigg sold 3,975 shares of the stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $214.01, for a total value of $850,689.75. Following the sale, the insider now owns 32,780 shares of the company’s stock, valued at $7,015,247.80. The disclosure for this sale can be found here. In the last ninety days, insiders sold 143,654 shares of company stock worth $32,727,488. Company 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.