Tobam Increases Holdings in The Progressive Corporation $PGR

Tobam increased its position in The Progressive Corporation (NYSE:PGR) by 7,479.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,457 shares of the insurance provider’s stock after acquiring an additional 5,385 shares during the period. Tobam’s holdings in Progressive were worth $1,243,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of Progressive by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 55,261,140 shares of the insurance provider’s stock valued at $12,584,067,000 after buying an additional 593,612 shares in the last quarter. State Street Corp boosted its position in shares of Progressive by 0.3% in the 3rd quarter. State Street Corp now owns 25,808,762 shares of the insurance provider’s stock worth $6,373,474,000 after buying an additional 78,374 shares in the last quarter. Capital International Investors grew its stake in Progressive by 8.9% in the 4th quarter. Capital International Investors now owns 14,921,724 shares of the insurance provider’s stock valued at $3,398,123,000 after acquiring an additional 1,217,527 shares during the last quarter. Capital Research Global Investors grew its stake in Progressive by 26.1% in 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 during the last quarter. Finally, GQG Partners LLC increased its holdings in Progressive by 11.7% during the 4th quarter. GQG Partners LLC now owns 10,432,549 shares of the insurance provider’s stock valued at $2,375,706,000 after acquiring an additional 1,092,151 shares in the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on PGR shares. Piper Sandler restated an “overweight” rating and set a $259.00 price objective on shares of Progressive in a research report on Monday, March 2nd. Bank of America lowered their target price on Progressive from $331.00 to $313.00 and set a “buy” rating on the stock in a report on Thursday. BMO Capital Markets reissued a “market perform” rating and set a $220.00 price target on shares of Progressive in a research report on Wednesday, May 20th. Argus raised Progressive to a “hold” rating in a report on Thursday, March 5th. Finally, Royal Bank Of Canada set a $208.00 price objective on Progressive in a research report on Friday, May 22nd. Six analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Progressive presently has an average rating of “Hold” and a consensus target price of $237.58.

Progressive Stock Down 0.2%

Shares of NYSE PGR opened at $204.42 on Friday. The Progressive Corporation has a 1 year low of $189.20 and a 1 year high of $267.92. The firm’s 50 day moving average price is $200.01 and its 200 day moving average price is $207.23. The firm has a market cap of $119.45 billion, a P/E ratio of 10.39, a price-to-earnings-growth ratio of 5.88 and a beta of 0.28. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.27 and a current ratio of 0.27.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share for the quarter, beating the consensus estimate 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 the consensus estimate of $23.51 billion. During the same period in the previous year, the firm posted $4.37 EPS. Progressive’s revenue was up 6.5% on a year-over-year basis. As a group, sell-side analysts anticipate that The Progressive Corporation will post 16.52 earnings per share for the current year.

Progressive Dividend Announcement

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

Progressive News Summary

Here are the key news stories impacting Progressive this week:

• Positive Sentiment: May results showed stronger earnings momentum, with higher premiums, investment income, and underwriting performance helping drive a 36% year-over-year earnings increase. Progressive’s May Earnings Increase Y/Y on Higher Investment Income
• Positive Sentiment: Bank of America kept a Buy rating on Progressive despite trimming its price target, which still implies meaningful upside from current levels. Progressive price target lowered by Bank of America Corporation
• Positive Sentiment: Keefe, Bruyette & Woods raised its price target for Progressive, signaling continued confidence in the company’s outlook. Progressive price target raised by Keefe, Bruyette & Woods
• Neutral Sentiment: Progressive is getting attention from investors and appears on undervalued-stock screens, but these are more sentiment-driven than company-specific catalysts. 5 Most Undervalued NYSE Stocks to Invest In
• Neutral Sentiment: Analysts remain split on Progressive, with conflicting views highlighting uncertainty around valuation and future earnings durability. Analysts Have Conflicting Sentiments on These Financial Companies: Progressive (PGR) and Open Lending (LPRO)

Insider Transactions at Progressive

In related news, insider Steven Broz sold 1,157 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 $231,400.00. Following the completion of the sale, the insider directly owned 28,668 shares in the company, valued at approximately $5,733,600. The trade was a 3.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider John Jo Murphy sold 5,916 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $200.00, for a total transaction of $1,183,200.00. Following the transaction, the insider directly owned 41,290 shares of the company’s stock, valued at $8,258,000. This trade represents a 12.53% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.32% of the company’s stock.

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.