Ethic Inc. Raises Position in The Progressive Co. (NYSE:PGR)

Ethic Inc. raised its position in shares of The Progressive Co. (NYSE:PGRGet Rating) by 26.3% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 18,872 shares of the insurance provider’s stock after purchasing an additional 3,928 shares during the period. Ethic Inc.’s holdings in Progressive were worth $2,151,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Oak Thistle LLC purchased a new stake in Progressive during the first quarter valued at about $239,000. CAPROCK Group Inc. raised its position in Progressive by 9.6% during the first quarter. CAPROCK Group Inc. now owns 5,950 shares of the insurance provider’s stock valued at $678,000 after purchasing an additional 522 shares in the last quarter. Western Wealth Management LLC raised its position in Progressive by 70.5% during the first quarter. Western Wealth Management LLC now owns 6,002 shares of the insurance provider’s stock valued at $685,000 after purchasing an additional 2,482 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in Progressive by 5.3% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 111,102 shares of the insurance provider’s stock valued at $12,665,000 after purchasing an additional 5,565 shares in the last quarter. Finally, Exchange Traded Concepts LLC raised its position in Progressive by 56.6% during the first quarter. Exchange Traded Concepts LLC now owns 14,891 shares of the insurance provider’s stock valued at $1,697,000 after purchasing an additional 5,384 shares in the last quarter. Hedge funds and other institutional investors own 85.05% of the company’s stock.

Progressive Stock Performance

Shares of PGR opened at $128.68 on Monday. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.40 and a quick ratio of 0.40. The Progressive Co. has a one year low of $89.35 and a one year high of $129.24. The company has a 50-day simple moving average of $119.67 and a two-hundred day simple moving average of $114.91. The firm has a market capitalization of $75.27 billion, a PE ratio of 91.91, a price-to-earnings-growth ratio of 1.53 and a beta of 0.42.

Progressive announced that its Board of Directors has approved a stock buyback program on Wednesday, May 18th that authorizes the company to repurchase 25,000,000 shares. This repurchase authorization authorizes the insurance provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, October 7th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Thursday, October 6th. This represents a $0.40 annualized dividend and a yield of 0.31%. Progressive’s dividend payout ratio (DPR) is presently 28.57%.

Insiders Place Their Bets

In other Progressive news, insider Andrew J. Quigg sold 3,180 shares of the firm’s stock in a transaction dated Friday, August 26th. The shares were sold at an average price of $126.43, for a total value of $402,047.40. Following the completion of the sale, the insider now directly owns 24,061 shares in the company, valued at $3,042,032.23. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.33% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research analysts have recently issued reports on PGR shares. Morgan Stanley raised their price objective on Progressive from $121.00 to $130.00 and gave the company an “equal weight” rating in a research note on Friday, August 19th. Jefferies Financial Group raised their price objective on Progressive from $106.00 to $125.00 and gave the company a “hold” rating in a research note on Tuesday, July 12th. Raymond James raised their price objective on Progressive from $135.00 to $140.00 and gave the company an “outperform” rating in a research note on Monday, August 29th. Wells Fargo & Company reaffirmed a “sell” rating and set a $98.00 price objective on shares of Progressive in a research note on Friday, July 15th. Finally, TheStreet cut Progressive from a “b” rating to a “c+” rating in a research note on Friday, July 15th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $118.08.

Progressive Company Profile

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The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, 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.

See Also

Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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