Duality Advisers LP Makes New Investment in Progressive Corp (NYSE:PGR)

Duality Advisers LP bought a new stake in shares of Progressive Corp (NYSE:PGR) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 15,076 shares of the insurance provider’s stock, valued at approximately $1,208,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Everett Harris & Co. CA raised its holdings in shares of Progressive by 7.1% in the second quarter. Everett Harris & Co. CA now owns 347,886 shares of the insurance provider’s stock worth $27,869,000 after buying an additional 23,167 shares during the period. Sciencast Management LP bought a new position in Progressive in the 2nd quarter valued at $324,000. Pacer Advisors Inc. increased its stake in Progressive by 5,380.8% in the second quarter. Pacer Advisors Inc. now owns 49,601 shares of the insurance provider’s stock worth $3,974,000 after purchasing an additional 48,696 shares during the period. Chicago Capital LLC lifted its position in shares of Progressive by 0.6% during the second quarter. Chicago Capital LLC now owns 593,964 shares of the insurance provider’s stock worth $47,582,000 after purchasing an additional 3,821 shares during the last quarter. Finally, Cornerstone Advisors Inc. boosted its stake in shares of Progressive by 10.7% during the second quarter. Cornerstone Advisors Inc. now owns 3,258 shares of the insurance provider’s stock valued at $261,000 after purchasing an additional 315 shares during the period. 79.76% of the stock is currently owned by hedge funds and other institutional investors.

Several research analysts recently commented on PGR shares. Benchmark downgraded shares of Progressive from a “buy” rating to a “hold” rating in a research note on Friday. Raymond James lifted their price target on shares of Progressive from $95.00 to $100.00 and gave the company a “strong-buy” rating in a research note on Tuesday, July 21st. Bank of America assumed coverage on Progressive in a report on Monday, June 1st. They issued a “buy” rating for the company. Piper Sandler downgraded Progressive from an “overweight” rating to a “neutral” rating and set a $88.00 price objective on the stock. in a report on Thursday, June 11th. Finally, Morgan Stanley lifted their target price on Progressive from $88.00 to $94.00 and gave the company an “overweight” rating in a research report on Monday, May 18th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Hold” and an average price target of $86.15.

In other news, CFO John P. Sauerland sold 15,000 shares of the business’s stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $74.52, for a total transaction of $1,117,800.00. Following the sale, the chief financial officer now owns 347,326 shares in the company, valued at $25,882,733.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Michael D. Sieger sold 2,868 shares of the company’s stock in a transaction dated Tuesday, July 21st. The shares were sold at an average price of $88.05, for a total transaction of $252,527.40. Following the transaction, the insider now owns 60,433 shares in the company, valued at approximately $5,321,125.65. The disclosure for this sale can be found here. Insiders sold 63,823 shares of company stock worth $5,187,221 over the last ninety days. Corporate insiders own 0.38% of the company’s stock.

Shares of PGR stock opened at $90.34 on Friday. The stock’s 50-day moving average is $82.03 and its 200 day moving average is $78.80. Progressive Corp has a 1-year low of $62.18 and a 1-year high of $90.72. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.50 and a quick ratio of 0.39. The company has a market cap of $52.88 billion, a P/E ratio of 12.94, a PEG ratio of 2.46 and a beta of 0.51.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, July 15th. The insurance provider reported $1.84 earnings per share for the quarter, beating analysts’ consensus estimates of $1.74 by $0.10. Progressive had a net margin of 10.85% and a return on equity of 28.79%. The business had revenue of $10.14 billion for the quarter, compared to analysts’ expectations of $9.72 billion. During the same period last year, the business earned $1.66 EPS. The company’s revenue was up 11.1% compared to the same quarter last year. On average, analysts anticipate that Progressive Corp will post 6.46 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, July 7th were paid a $0.10 dividend. The ex-dividend date was Monday, July 6th. This represents a $0.40 annualized dividend and a yield of 0.44%. Progressive’s dividend payout ratio (DPR) is 5.95%.

Progressive 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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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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