Krilogy Financial LLC Raises Stock Position in The Progressive Corporation $PGR

Krilogy Financial LLC grew its stake in The Progressive Corporation (NYSE:PGR) by 39.7% in the 1st quarter, Holdings Channel reports. The firm owned 8,144 shares of the insurance provider’s stock after purchasing an additional 2,314 shares during the period. Krilogy Financial LLC’s holdings in Progressive were worth $1,657,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Norges Bank purchased a new position in shares of Progressive during the fourth quarter valued at about $1,836,094,000. Capital International Investors lifted its holdings in Progressive by 78.9% in the third quarter. Capital International Investors now owns 13,704,197 shares of the insurance provider’s stock worth $3,384,082,000 after buying an additional 6,045,732 shares during the period. Wellington Management Group LLP lifted its holdings in Progressive by 181.8% in the fourth quarter. Wellington Management Group LLP now owns 6,506,302 shares of the insurance provider’s stock worth $1,481,615,000 after buying an additional 4,197,212 shares during the period. Capital Research Global Investors boosted its position in Progressive by 26.1% during the 3rd quarter. Capital Research Global Investors now owns 11,167,940 shares of the insurance provider’s stock valued at $2,757,905,000 after acquiring an additional 2,314,864 shares in the last quarter. Finally, Life Cycle Investment Partners Ltd purchased a new position in shares of Progressive during the 4th quarter worth approximately $353,906,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Progressive

In related news, insider John Jo Murphy sold 5,916 shares of the business’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $200.00, for a total value of $1,183,200.00. Following the completion of the transaction, the insider directly owned 41,290 shares in the company, valued at $8,258,000. The trade was a 12.53% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steven Broz sold 1,157 shares of the company’s stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $204.76, for a total value of $236,907.32. Following the completion of the transaction, the insider directly owned 27,511 shares in the company, valued at $5,633,152.36. This trade represents a 4.04% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 8,230 shares of company stock valued at $1,651,507 in the last three months. 0.32% of the stock is owned by insiders.

Progressive Stock Performance

Shares of PGR opened at $220.66 on Thursday. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.26. The stock has a market cap of $128.94 billion, a P/E ratio of 11.22, a P/E/G ratio of 6.61 and a beta of 0.28. The business’s 50 day moving average price is $201.02 and its 200-day moving average price is $206.81. The Progressive Corporation has a 52 week low of $189.20 and a 52 week high of $267.92.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share for the quarter, beating analysts’ consensus estimates of $4.67 by $0.13. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The company had revenue of $22.19 billion during the quarter, compared to analyst estimates of $23.51 billion. During the same quarter last year, the company earned $4.37 EPS. The firm’s revenue for the quarter was up 6.5% on a year-over-year basis. Equities research analysts anticipate that The Progressive Corporation will post 16.91 earnings per share for the current fiscal year.

Progressive Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd will be issued a dividend of $0.10 per share. The ex-dividend date is Thursday, July 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive’s dividend payout ratio is presently 2.03%.

Analyst Upgrades and Downgrades

PGR has been the subject of several research reports. Piper Sandler reissued an “overweight” rating and issued a $259.00 target price on shares of Progressive in a research report on Monday, March 2nd. BMO Capital Markets restated a “market perform” rating and set a $220.00 price target on shares of Progressive in a research report on Wednesday, May 20th. Mizuho reduced their price target on Progressive from $235.00 to $223.00 and set a “neutral” rating on the stock in a research note on Friday, March 20th. Royal Bank Of Canada set a $208.00 price objective on Progressive in a report on Friday, May 22nd. Finally, Bank of America dropped their target price on shares of Progressive from $331.00 to $313.00 and set a “buy” rating on the stock in a report on Thursday, June 18th. Six investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Progressive presently has a consensus rating of “Hold” and an average price target of $237.58.

Progressive Company Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.