The Progressive Co. (NYSE:PGR) Shares Acquired by Anchor Investment Management LLC

Anchor Investment Management LLC increased its position in shares of The Progressive Co. (NYSE:PGR) by 5.5% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,021 shares of the insurance provider’s stock after purchasing an additional 53 shares during the quarter. Anchor Investment Management LLC’s holdings in Progressive were worth $212,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings 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 valued at $10,703,318,000 after buying an additional 285,070 shares during the period. Capital International Investors grew its holdings in shares of Progressive by 15.7% during the first 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 during the last quarter. Legal & General Group Plc grew its holdings in shares of Progressive by 1.9% during the second quarter. Legal & General Group Plc now owns 4,922,743 shares of the insurance provider’s stock valued at $1,022,507,000 after purchasing an additional 92,212 shares during the last quarter. FIL Ltd raised 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 worth $778,199,000 after purchasing an additional 19,724 shares during the period. Finally, Baird Financial Group Inc. lifted its holdings 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 purchasing an additional 86,686 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Transactions at Progressive

In other news, CEO Susan Patricia Griffith sold 43,371 shares of Progressive stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $214.01, for a total value of $9,281,827.71. Following the transaction, the chief executive officer now directly owns 517,105 shares of the company’s stock, valued at $110,665,641.05. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, CEO Susan Patricia Griffith sold 43,371 shares of Progressive stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $214.01, for a total value of $9,281,827.71. Following the transaction, the chief executive officer now directly owns 517,105 shares of the company’s stock, valued at $110,665,641.05. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Andrew J. Quigg sold 3,975 shares of Progressive stock in a transaction that occurred on 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 transaction, the insider now directly owns 32,780 shares in the company, valued at approximately $7,015,247.80. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 146,512 shares of company stock valued at $33,912,874 in the last quarter. Insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

PGR has been the topic of a number of recent research reports. Roth Mkm raised their target price on Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a research note on Monday, September 16th. Evercore ISI lifted their price objective on shares of Progressive from $243.00 to $246.00 and gave the company an “outperform” rating in a research report on Wednesday, August 7th. HSBC upgraded shares of Progressive from a “hold” rating to a “buy” rating and set a $253.00 target price for the company in a research report on Monday, August 12th. Barclays assumed coverage on Progressive in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $367.00 price objective for the company. Finally, Wells Fargo & Company raised their target price on Progressive from $281.00 to $282.00 and gave the company an “overweight” rating in a research report on Tuesday, September 10th. Six research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $257.18.

Progressive Stock Performance

Shares of PGR opened at $255.34 on Friday. The firm’s 50 day moving average is $241.69 and its 200-day moving average is $220.92. The stock has a market capitalization of $149.55 billion, a P/E ratio of 26.14, a P/E/G ratio of 0.70 and a beta of 0.35. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.31 and a quick ratio of 0.31. The Progressive Co. has a 12-month low of $141.73 and a 12-month high of $260.46.

Progressive (NYSE:PGR) last announced its quarterly earnings data 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 company had revenue of $17.90 billion for the quarter, compared to analysts’ expectations of $17.54 billion. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The business’s revenue was up 21.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.57 EPS. Equities research analysts anticipate that The Progressive Co. will post 13.02 EPS for the current fiscal year.

Progressive Dividend Announcement

The firm 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 is Thursday, October 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.16%. Progressive’s dividend payout ratio is currently 4.09%.

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.