Patton Fund Management Inc. acquired a new position in shares of The Progressive Co. (NYSE:PGR – Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 24,133 shares of the insurance provider’s stock, valued at approximately $3,194,000.
Other institutional investors have also recently made changes to their positions in the company. Aspire Private Capital LLC bought a new stake in Progressive in the 1st quarter worth about $18,597,800,000. Sunbelt Securities Inc. purchased a new position in shares of Progressive in the 1st quarter worth approximately $31,000. Exos TFP Holdings LLC grew its holdings in shares of Progressive by 270.0% in the first quarter. Exos TFP Holdings LLC now owns 222 shares of the insurance provider’s stock valued at $32,000 after acquiring an additional 162 shares in the last quarter. Horan Securities Inc. increased its position in shares of Progressive by 588.6% during the first quarter. Horan Securities Inc. now owns 241 shares of the insurance provider’s stock valued at $34,000 after acquiring an additional 206 shares during the last quarter. Finally, Arlington Partners LLC boosted its position in Progressive by 47.1% in the first quarter. Arlington Partners LLC now owns 256 shares of the insurance provider’s stock worth $37,000 after purchasing an additional 82 shares during the last quarter. Institutional investors own 83.66% of the company’s stock.
Insider Activity at Progressive
In related news, CFO John P. Sauerland sold 12,000 shares of Progressive stock in a transaction on Thursday, July 27th. The shares were sold at an average price of $126.51, for a total value of $1,518,120.00. Following the transaction, the chief financial officer now owns 309,507 shares in the company, valued at approximately $39,155,730.57. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CFO John P. Sauerland sold 12,000 shares of Progressive stock in a transaction on Thursday, July 27th. The shares were sold at an average price of $126.51, for a total value of $1,518,120.00. Following the transaction, the chief financial officer now directly owns 309,507 shares of the company’s stock, valued at $39,155,730.57. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Barbara R. Snyder sold 21,731 shares of the firm’s stock in a transaction dated Wednesday, August 30th. The stock was sold at an average price of $133.09, for a total value of $2,892,178.79. Following the completion of the sale, the director now directly owns 6,610 shares in the company, valued at $879,724.90. The disclosure for this sale can be found here. In the last three months, insiders have sold 74,801 shares of company stock valued at $9,826,244. Corporate insiders own 0.33% of the company’s stock.
Progressive Price Performance
Progressive (NYSE:PGR – Get Free Report) last announced its earnings results on Thursday, July 13th. The insurance provider reported $0.50 earnings per share for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.38). Progressive had a return on equity of 12.02% and a net margin of 3.12%. The business had revenue of $15.23 billion during the quarter, compared to the consensus estimate of $15.24 billion. On average, analysts expect that The Progressive Co. will post 4.67 EPS for the current fiscal year.
Progressive Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Friday, October 13th. Shareholders of record on Thursday, October 5th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Wednesday, October 4th. This represents a $0.40 dividend on an annualized basis and a yield of 0.28%. Progressive’s payout ratio is 13.70%.
Analyst Ratings Changes
PGR has been the subject of several research reports. Barclays increased their price target on shares of Progressive from $107.00 to $109.00 and gave the company an “underweight” rating in a research report on Thursday, August 17th. Bank of America raised their price target on shares of Progressive from $198.00 to $206.00 in a research note on Thursday, June 15th. Morgan Stanley upped their price objective on Progressive from $114.00 to $124.00 and gave the company an “underweight” rating in a research note on Monday. Roth Mkm reissued a “buy” rating and issued a $165.00 target price on shares of Progressive in a research report on Monday. Finally, StockNews.com cut Progressive from a “buy” rating to a “hold” rating in a research report on Wednesday, September 13th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $142.93.
The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, 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.
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