The Progressive Co. (NYSE:PGR) Shares Purchased by Tremblant Capital Group

Tremblant Capital Group grew its holdings in shares of The Progressive Co. (NYSE:PGR) by 42.8% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 12,279 shares of the insurance provider’s stock after purchasing an additional 3,683 shares during the period. Tremblant Capital Group’s holdings in Progressive were worth $2,550,000 at the end of the most recent reporting period.

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

Progressive Trading Down 0.6 %

PGR stock opened at $257.60 on Tuesday. The company has a market cap of $150.88 billion, a price-to-earnings ratio of 26.37, a PEG 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 business has a fifty day simple moving average of $234.97 and a 200-day simple moving average of $217.84. The Progressive Co. has a 52 week low of $137.59 and a 52 week high of $260.46.

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 business had revenue of $17.90 billion during the quarter, compared to the consensus estimate of $17.54 billion. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The business’s revenue for the quarter was up 21.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.57 EPS. On average, equities research analysts expect that The Progressive Co. will post 12.7 EPS for the current year.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Thursday, October 3rd will be issued a $0.10 dividend. The ex-dividend date of this dividend is Thursday, October 3rd. This represents a $0.40 annualized dividend and a yield of 0.16%. Progressive’s dividend payout ratio is currently 4.09%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on PGR shares. Roth Mkm boosted their price target on Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. HSBC raised Progressive from a “hold” rating to a “buy” rating and set a $253.00 price target on the stock in a research note on Monday, August 12th. Bank of America boosted their price target on Progressive from $294.00 to $312.00 and gave the stock a “buy” rating in a research note on Tuesday, September 3rd. Hsbc Global Res raised Progressive from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 12th. Finally, Barclays began coverage on Progressive in a research note on Wednesday, September 4th. They issued an “equal weight” rating and a $367.00 target price on the stock. Six research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Progressive presently has an average rating of “Moderate Buy” and a consensus target price of $257.18.

Insider Activity at Progressive

In related news, insider Andrew J. Quigg sold 3,975 shares of the stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total value 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 legal filing with the SEC, which can be accessed through the SEC website. In related news, insider Andrew J. Quigg sold 3,975 shares of the stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total value 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 legal filing with the SEC, which can be accessed through the SEC website. Also, CFO John P. Sauerland sold 10,000 shares of the stock in a transaction on Friday, June 28th. The shares were sold at an average price of $210.40, for a total value of $2,104,000.00. Following the completion of the sale, the chief financial officer now owns 302,958 shares of the company’s stock, valued at $63,742,363.20. The disclosure for this sale can be found here. In the last three months, insiders sold 151,350 shares of company stock worth $34,691,584. 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.