M&G Plc Raises Holdings in The Progressive Co. (NYSE:PGR)

M&G Plc lifted its holdings in shares of The Progressive Co. (NYSE:PGR) by 5.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 91,286 shares of the insurance provider’s stock after buying an additional 4,565 shares during the period. M&G Plc’s holdings in Progressive were worth $18,987,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of PGR. Sachetta LLC purchased a new position in shares of Progressive during the 4th quarter worth approximately $25,000. Northwest Bank & Trust Co purchased a new position in Progressive in the 4th quarter valued at approximately $25,000. Indiana Trust & Investment Management CO purchased a new position in Progressive in the 1st quarter valued at approximately $32,000. Hilltop National Bank increased its stake in Progressive by 126.0% in the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 92 shares in the last quarter. Finally, Register Financial Advisors LLC purchased a new position in Progressive in the 1st quarter valued at approximately $35,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Price Performance

PGR stock opened at $222.33 on Wednesday. The Progressive Co. has a 52-week low of $124.06 and a 52-week high of $229.00. The stock’s fifty day simple moving average is $212.78 and its 200-day simple moving average is $205.30. The company has a quick ratio of 0.32, a current ratio of 0.31 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $130.22 billion, a price-to-earnings ratio of 22.76, a price-to-earnings-growth ratio of 0.75 and a beta of 0.35.

Progressive (NYSE:PGR) last issued its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share for the quarter, topping the consensus estimate of $2.04 by $0.61. The business had revenue of $17.90 billion for 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%. The business’s quarterly revenue was up 21.6% on a year-over-year basis. During the same period last year, the company posted $0.57 EPS. Equities research analysts expect that The Progressive Co. will post 12.02 EPS for the current year.

Progressive Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Thursday, October 3rd will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.18%. The ex-dividend date of this dividend is Thursday, October 3rd. Progressive’s dividend payout ratio (DPR) is currently 4.09%.

Insider Buying and Selling

In related news, CFO John P. Sauerland sold 12,457 shares of the stock in a transaction on Wednesday, May 29th. The stock was sold at an average price of $204.43, for a total value of $2,546,584.51. Following the transaction, the chief financial officer now directly owns 312,958 shares of the company’s stock, valued at approximately $63,978,003.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Progressive news, CFO John P. Sauerland sold 12,457 shares of the firm’s stock in a transaction dated Wednesday, May 29th. The stock was sold at an average price of $204.43, for a total value of $2,546,584.51. Following the transaction, the chief financial officer now directly owns 312,958 shares of the company’s stock, valued at $63,978,003.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Mariann Wojtkun Marshall sold 650 shares of the firm’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $208.11, for a total value of $135,271.50. Following the completion of the transaction, the chief accounting officer now directly owns 3,981 shares in the company, valued at $828,485.91. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 100,807 shares of company stock valued at $21,412,417. 0.34% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

PGR has been the subject of several research analyst reports. Roth Mkm reaffirmed a “buy” rating and issued a $235.00 price objective on shares of Progressive in a research note on Wednesday, July 17th. UBS Group raised their price objective on Progressive from $216.00 to $218.00 and gave the company a “neutral” rating in a research note on Wednesday, April 17th. Bank of America raised their price objective on Progressive from $276.00 to $293.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. JPMorgan Chase & Co. increased their target price on Progressive from $210.00 to $239.00 and gave the company an “overweight” rating in a report on Thursday, July 11th. Finally, Citigroup lowered their target price on Progressive from $232.00 to $225.00 and set a “neutral” rating on the stock in a report on Wednesday, July 17th. One research analyst has rated the stock with a sell rating, six have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Progressive has a consensus rating of “Moderate Buy” and an average price target of $227.29.

Progressive 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.