Fmr LLC Acquires 490,215 Shares of Progressive Corp (NYSE:PGR)

FMR LLC raised its holdings in Progressive Corp (NYSE:PGR) by 11.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,851,497 shares of the insurance provider’s stock after purchasing an additional 490,215 shares during the quarter. FMR LLC owned 0.83% of Progressive worth $349,744,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Norges Bank acquired a new position in shares of Progressive during the 4th quarter worth approximately $346,597,000. Amundi Pioneer Asset Management Inc. raised its holdings in Progressive by 101.1% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 4,989,430 shares of the insurance provider’s stock valued at $359,688,000 after acquiring an additional 2,508,171 shares during the last quarter. PNC Financial Services Group Inc. raised its holdings in Progressive by 266.9% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,907,393 shares of the insurance provider’s stock valued at $137,505,000 after acquiring an additional 1,387,591 shares during the last quarter. AGF Investments Inc. acquired a new position in Progressive in the 1st quarter valued at $59,119,000. Finally, California Public Employees Retirement System raised its holdings in Progressive by 35.0% in the 4th quarter. California Public Employees Retirement System now owns 3,145,119 shares of the insurance provider’s stock valued at $189,745,000 after acquiring an additional 815,149 shares during the last quarter. 79.01% of the stock is currently owned by institutional investors.

Several research analysts have weighed in on the company. ValuEngine downgraded Universal Electronics from a “strong-buy” rating to a “buy” rating in a report on Thursday, June 6th. UBS Group set a $25.00 price target on Macy’s and gave the company a “hold” rating in a report on Friday, May 17th. Zacks Investment Research upgraded GALP ENERGIA SG/ADR from a “sell” rating to a “hold” rating in a report on Monday, May 27th. Buckingham Research set a $64.00 price objective on shares of Progressive and gave the company a “hold” rating in a research note on Monday, May 13th. Finally, B. Riley set a $18.00 price objective on shares of TiVo and gave the company a “buy” rating in a research note on Thursday, June 13th. Five research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $80.00.

In other news, CFO John P. Sauerland sold 12,000 shares of the company’s stock in a transaction dated Thursday, April 18th. The shares were sold at an average price of $76.12, for a total value of $913,440.00. Following the sale, the chief financial officer now owns 359,815 shares in the company, valued at approximately $27,389,117.80. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Steven Broz sold 3,000 shares of the company’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $81.49, for a total transaction of $244,470.00. Following the completion of the sale, the insider now owns 15,701 shares in the company, valued at approximately $1,279,474.49. The disclosure for this sale can be found here. Insiders sold a total of 146,350 shares of company stock worth $11,313,287 in the last quarter. 0.39% of the stock is currently owned by company insiders.

PGR stock traded up $0.64 during trading on Friday, reaching $84.39. The stock had a trading volume of 1,418,381 shares, compared to its average volume of 2,562,709. Progressive Corp has a 1-year low of $56.71 and a 1-year high of $84.41. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.40 and a quick ratio of 0.40. The firm has a market capitalization of $49.28 billion, a P/E ratio of 19.09, a P/E/G ratio of 2.16 and a beta of 0.69. The company has a fifty day moving average of $81.51.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Tuesday, April 16th. The insurance provider reported $1.83 EPS for the quarter, topping analysts’ consensus estimates of $1.38 by $0.45. Progressive had a net margin of 8.77% and a return on equity of 27.10%. The firm had revenue of $9.24 billion for the quarter, compared to analyst estimates of $9.20 billion. During the same quarter in the previous year, the business posted $1.22 EPS. The firm’s revenue was up 16.0% compared to the same quarter last year. On average, research analysts expect that Progressive Corp will post 5.34 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, July 5th will be issued a $0.10 dividend. The ex-dividend date is Wednesday, July 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.47%. Progressive’s dividend payout ratio is currently 9.05%.

About Progressive

The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.

Recommended Story: Why do earnings reports matter?

Institutional Ownership by Quarter for Progressive (NYSE:PGR)

Receive News & Ratings for Progressive Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Progressive and related companies with MarketBeat.com's FREE daily email newsletter.