The Progressive Co. (NYSE:PGR) Shares Purchased by Capco Asset Management LLC

Capco Asset Management LLC grew its holdings in The Progressive Co. (NYSE:PGR) by 1.3% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 333,248 shares of the insurance provider’s stock after acquiring an additional 4,354 shares during the quarter. Progressive accounts for about 16.4% of Capco Asset Management LLC’s investment portfolio, making the stock its largest holding. Capco Asset Management LLC owned about 0.06% of Progressive worth $69,219,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. Sachetta LLC bought a new stake in Progressive during the 4th quarter worth approximately $25,000. Northwest Bank & Trust Co acquired a new stake in shares of Progressive during the fourth quarter worth $25,000. WR Wealth Planners LLC raised its holdings in shares of Progressive by 119.6% during the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after acquiring an additional 67 shares during the period. Indiana Trust & Investment Management CO acquired a new position in Progressive in the 1st quarter worth $32,000. Finally, Hilltop National Bank boosted its stake in Progressive by 126.0% in the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 92 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Stock Performance

PGR opened at $257.69 on Thursday. 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 stock has a market cap of $150.93 billion, a price-to-earnings ratio of 26.38, a PEG ratio of 0.82 and a beta of 0.35. The Progressive Co. has a 12-month low of $137.59 and a 12-month high of $260.46. The business has a 50 day moving average of $232.38 and a 200-day moving average of $216.31.

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 firm had revenue of $17.90 billion during 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 company’s revenue for the quarter was up 21.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.57 earnings per share. On average, equities research analysts expect that The Progressive Co. will post 12.29 earnings per share for the current year.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Thursday, October 3rd will be given a dividend of $0.10 per share. 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 (DPR) is presently 4.09%.

Insider Activity

In related news, CEO Susan Patricia Griffith sold 43,370 shares of Progressive stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the completion of the sale, the chief executive officer now directly owns 473,735 shares of the company’s stock, valued at approximately $119,475,967. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, CEO Susan Patricia Griffith sold 43,370 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the transaction, the chief executive officer now directly owns 473,735 shares of the company’s stock, valued at $119,475,967. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Steven Broz sold 3,050 shares of the business’s stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $209.81, for a total transaction of $639,920.50. Following the completion of the sale, the insider now directly owns 32,453 shares of the company’s stock, valued at approximately $6,808,963.93. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 146,704 shares of company stock valued at $33,367,408. 0.34% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

PGR has been the topic of a number of research reports. Jefferies Financial Group boosted their price target on Progressive from $256.00 to $257.00 and gave the company a “buy” rating in a report on Wednesday, July 17th. Evercore ISI upped their price target on Progressive from $243.00 to $246.00 and gave the stock 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 price objective on the stock in a report on Monday, August 12th. Bank of America raised their target price on shares of Progressive from $294.00 to $312.00 and gave the company a “buy” rating in a research report on Tuesday, September 3rd. Finally, BMO Capital Markets lowered their price target on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Six investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $257.18.

About Progressive

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.