The Progressive Co. (NYSE:PGR) Shares Bought by JPMorgan Chase & Co.

JPMorgan Chase & Co. grew its holdings in The Progressive Co. (NYSE:PGR) by 3.2% in the 1st quarter, HoldingsChannel.com reports. The fund owned 17,366,711 shares of the insurance provider’s stock after buying an additional 540,825 shares during the quarter. JPMorgan Chase & Co.’s holdings in The Progressive were worth $1,660,429,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of PGR. CIBC Private Wealth Group LLC increased its holdings in The Progressive by 3.1% during the 1st quarter. CIBC Private Wealth Group LLC now owns 34,647 shares of the insurance provider’s stock worth $3,311,000 after purchasing an additional 1,045 shares during the period. Quilter Plc grew its holdings in The Progressive by 7.9% during the 1st quarter. Quilter Plc now owns 2,320 shares of the insurance provider’s stock worth $222,000 after acquiring an additional 170 shares in the last quarter. Panagora Asset Management Inc. increased its position in shares of The Progressive by 3.4% in the 1st quarter. Panagora Asset Management Inc. now owns 47,614 shares of the insurance provider’s stock valued at $4,552,000 after purchasing an additional 1,569 shares during the last quarter. Summitry LLC acquired a new stake in shares of The Progressive in the 1st quarter valued at $3,468,000. Finally, Insight Wealth Strategies LLC purchased a new stake in shares of The Progressive during the 1st quarter worth $935,000. 81.01% of the stock is currently owned by institutional investors and hedge funds.

NYSE PGR traded down $0.16 on Friday, reaching $93.86. The stock had a trading volume of 15,546 shares, compared to its average volume of 2,850,275. The firm has a market capitalization of $54.92 billion, a PE ratio of 8.56, a P/E/G ratio of 2.45 and a beta of 0.46. The Progressive Co. has a 12-month low of $75.00 and a 12-month high of $107.58. The company’s 50-day moving average is $100.05. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.38 and a current ratio of 0.38.

The Progressive (NYSE:PGR) last issued its quarterly earnings results on Tuesday, May 4th. The insurance provider reported $1.72 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $1.72. The Progressive had a net margin of 14.50% and a return on equity of 25.38%. On average, equities research analysts anticipate that The Progressive Co. will post 5.97 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 15th. Investors of record on Wednesday, July 7th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.43%. The ex-dividend date of this dividend is Tuesday, July 6th. The Progressive’s dividend payout ratio is currently 5.35%.

In other The Progressive news, CFO John P. Sauerland sold 12,000 shares of the business’s stock in a transaction on Thursday, March 18th. The shares were sold at an average price of $91.40, for a total value of $1,096,800.00. Following the transaction, the chief financial officer now directly owns 332,721 shares of the company’s stock, valued at approximately $30,410,699.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Steven Broz sold 1,243 shares of the company’s stock in a transaction on Monday, April 5th. The stock was sold at an average price of $95.90, for a total transaction of $119,203.70. Following the transaction, the insider now owns 32,564 shares of the company’s stock, valued at approximately $3,122,887.60. The disclosure for this sale can be found here. Insiders sold a total of 14,488 shares of company stock worth $1,343,380 in the last 90 days. 0.37% of the stock is currently owned by insiders.

PGR has been the topic of several recent analyst reports. Morgan Stanley lowered The Progressive from an “equal weight” rating to an “underweight” rating and dropped their target price for the company from $90.00 to $85.00 in a report on Monday. Edward Jones upgraded The Progressive from a “hold” rating to a “buy” rating in a report on Thursday, March 18th. Finally, Raymond James restated an “outperform” rating and set a $115.00 target price on shares of The Progressive in a research note on Monday, April 26th. Five equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $96.31.

About The Progressive

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.

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

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