Noked Capital LTD decreased its holdings in Progressive Corp (NYSE:PGR) by 56.5% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 3,000 shares of the insurance provider’s stock after selling 3,900 shares during the quarter. Noked Capital LTD’s holdings in Progressive were worth $240,000 as of its most recent SEC filing.
A number of other institutional investors have also bought and sold shares of the business. California Public Employees Retirement System grew its position in Progressive by 15.3% in the second quarter. California Public Employees Retirement System now owns 4,468,680 shares of the insurance provider’s stock worth $357,182,000 after buying an additional 593,443 shares during the last quarter. Cambridge Investment Research Advisors Inc. grew its position in Progressive by 1.8% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 30,586 shares of the insurance provider’s stock worth $2,445,000 after buying an additional 545 shares during the last quarter. Orleans Capital Management Corp LA grew its position in Progressive by 9.8% in the second quarter. Orleans Capital Management Corp LA now owns 20,247 shares of the insurance provider’s stock worth $1,618,000 after buying an additional 1,815 shares during the last quarter. Voloridge Investment Management LLC acquired a new position in Progressive in the second quarter worth approximately $10,191,000. Finally, Waddell & Reed Financial Inc. grew its position in Progressive by 38.9% in the second quarter. Waddell & Reed Financial Inc. now owns 1,190,264 shares of the insurance provider’s stock worth $95,138,000 after buying an additional 333,245 shares during the last quarter. Hedge funds and other institutional investors own 78.76% of the company’s stock.
PGR has been the topic of several recent research reports. B. Riley lifted their price target on shares of Progressive from $89.00 to $96.00 and gave the stock a “buy” rating in a research report on Thursday, June 13th. Janney Montgomery Scott initiated coverage on shares of Progressive in a research report on Thursday, June 20th. They issued a “neutral” rating and a $59.00 price target on the stock. Raymond James lifted their price target on shares of Progressive from $90.00 to $93.00 and gave the stock a “strong-buy” rating in a research report on Thursday, July 25th. Barclays set a $90.00 price target on shares of Progressive and gave the stock a “buy” rating in a research report on Friday, September 13th. Finally, UBS Group lifted their price target on shares of Progressive from $88.00 to $95.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $83.42.
NYSE PGR traded up $0.10 on Wednesday, hitting $76.66. 67,841 shares of the stock were exchanged, compared to its average volume of 3,137,164. Progressive Corp has a 52-week low of $56.71 and a 52-week high of $84.96. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.36 and a quick ratio of 0.36. The company has a market capitalization of $44.44 billion, a price-to-earnings ratio of 17.32, a P/E/G ratio of 1.92 and a beta of 0.68. The company’s 50-day moving average price is $76.54 and its two-hundred day moving average price is $77.41.
Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, July 17th. The insurance provider reported $1.66 earnings per share for the quarter, topping the consensus estimate of $1.43 by $0.23. Progressive had a net margin of 9.19% and a return on equity of 28.12%. The firm had revenue of $9.13 billion for the quarter, compared to analysts’ expectations of $9.13 billion. During the same period in the previous year, the company posted $1.19 EPS. The company’s quarterly revenue was up 12.7% compared to the same quarter last year. Equities analysts predict that Progressive Corp will post 5.4 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, October 7th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.52%. The ex-dividend date is Friday, October 4th. Progressive’s payout ratio is 9.05%.
Progressive Company Profile
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.
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