GQG Partners LLC grew its stake in The Progressive Co. (NYSE:PGR) by 90.0% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,689,371 shares of the insurance provider’s stock after acquiring an additional 800,312 shares during the quarter. GQG Partners LLC owned about 0.29% of The Progressive worth $165,865,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently modified their holdings of the business. Epoch Investment Partners Inc. increased its position in shares of The Progressive by 0.4% during the 2nd quarter. Epoch Investment Partners Inc. now owns 44,400 shares of the insurance provider’s stock worth $4,361,000 after purchasing an additional 171 shares during the last quarter. Seeyond increased its position in shares of The Progressive by 11.6% during the 2nd quarter. Seeyond now owns 36,610 shares of the insurance provider’s stock worth $3,595,000 after purchasing an additional 3,809 shares during the last quarter. Covington Capital Management increased its position in shares of The Progressive by 13,820.0% during the 2nd quarter. Covington Capital Management now owns 1,392 shares of the insurance provider’s stock worth $137,000 after purchasing an additional 1,382 shares during the last quarter. Toroso Investments LLC increased its position in shares of The Progressive by 422.7% during the 2nd quarter. Toroso Investments LLC now owns 17,186 shares of the insurance provider’s stock worth $1,688,000 after purchasing an additional 13,898 shares during the last quarter. Finally, Kore Private Wealth LLC acquired a new stake in shares of The Progressive during the 2nd quarter worth about $314,000. 82.14% of the stock is owned by institutional investors and hedge funds.
PGR stock traded up $0.03 during trading on Thursday, hitting $90.85. The company had a trading volume of 54,223 shares, compared to its average volume of 2,791,574. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.30. The firm has a 50-day moving average price of $94.04 and a 200-day moving average price of $96.70. The Progressive Co. has a 12 month low of $84.89 and a 12 month high of $107.58. The stock has a market cap of $53.16 billion, a price-to-earnings ratio of 9.78, a PEG ratio of 3.51 and a beta of 0.46.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 15th. Shareholders of record on Thursday, October 7th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.44%. The ex-dividend date of this dividend is Wednesday, October 6th. The Progressive’s payout ratio is 5.35%.
In related news, CFO John P. Sauerland sold 12,000 shares of the company’s stock in a transaction on Thursday, August 19th. The shares were sold at an average price of $95.47, for a total value of $1,145,640.00. Following the completion of the sale, the chief financial officer now owns 24,917 shares in the company, valued at approximately $2,378,825.99. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Lori A. Niederst sold 9,126 shares of the company’s stock in a transaction on Monday, July 19th. The shares were sold at an average price of $95.29, for a total transaction of $869,616.54. Following the completion of the sale, the insider now owns 18,085 shares of the company’s stock, valued at approximately $1,723,319.65. The disclosure for this sale can be found here. Insiders have sold a total of 89,063 shares of company stock valued at $8,373,977 in the last quarter. Corporate insiders own 0.37% of the company’s stock.
A number of analysts recently issued reports on the company. Raymond James cut their price objective on The Progressive from $115.00 to $105.00 and set an “outperform” rating for the company in a research report on Friday, July 16th. Evercore ISI lowered their target price on The Progressive from $93.00 to $90.00 and set an “in-line” rating for the company in a report on Tuesday, August 17th. Bank of America decreased their target price on The Progressive from $127.00 to $123.00 and set a “buy” rating for the company in a research note on Thursday, June 17th. Barclays cut their price target on The Progressive from $86.00 to $84.00 and set an “underweight” rating on the stock in a research report on Friday, July 16th. Finally, Wolfe Research started coverage on The Progressive in a report on Monday, August 16th. They issued an “underperform” rating and a $85.00 target price on the stock. Six equities research analysts have rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $95.21.
The Progressive Company Profile
Progressive Corp. is an insurance holding company, which engages in the provision of personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services. It operates through the following segments: Personal Lines, Commercial Lines and Property.
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