Van ECK Associates Corp Raises Holdings in The Progressive Co. (NYSE:PGR)

Van ECK Associates Corp increased its holdings in shares of The Progressive Co. (NYSE:PGR) by 35.1% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 65,127 shares of the insurance provider’s stock after purchasing an additional 16,906 shares during the quarter. Van ECK Associates Corp’s holdings in The Progressive were worth $6,396,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Jarislowsky Fraser Ltd lifted its stake in The Progressive by 9,885.7% during the 2nd quarter. Jarislowsky Fraser Ltd now owns 314,749 shares of the insurance provider’s stock valued at $30,911,000 after acquiring an additional 311,597 shares during the period. Forsta AP Fonden boosted its holdings in The Progressive by 9.3% in the first quarter. Forsta AP Fonden now owns 173,200 shares of the insurance provider’s stock worth $16,560,000 after purchasing an additional 14,700 shares during the last quarter. Marathon Asset Management LLP grew its position in The Progressive by 110.6% in the 2nd quarter. Marathon Asset Management LLP now owns 1,045,967 shares of the insurance provider’s stock worth $102,724,000 after purchasing an additional 549,349 shares during the period. Livforsakringsbolaget Skandia Omsesidigt raised its stake in The Progressive by 9.1% during the 1st quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 18,028 shares of the insurance provider’s stock valued at $1,723,000 after buying an additional 1,500 shares during the last quarter. Finally, Rowland & Co. Investment Counsel ADV lifted its holdings in shares of The Progressive by 0.7% during the 1st quarter. Rowland & Co. Investment Counsel ADV now owns 139,190 shares of the insurance provider’s stock valued at $13,308,000 after buying an additional 1,020 shares during the period. 82.14% of the stock is currently owned by institutional investors.

In other news, CMO M Jeffrey Charney sold 14,300 shares of The Progressive stock in a transaction that occurred on Thursday, August 19th. The shares were sold at an average price of $95.89, for a total transaction of $1,371,227.00. Following the completion of the sale, the chief marketing officer now owns 55,777 shares of the company’s stock, valued at $5,348,456.53. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO John P. Sauerland sold 12,000 shares of the firm’s stock in a transaction on Thursday, July 15th. The stock was sold at an average price of $90.54, for a total value of $1,086,480.00. Following the transaction, the chief financial officer now owns 284,721 shares in the company, valued at $25,778,639.34. The disclosure for this sale can be found here. Insiders have sold a total of 53,752 shares of company stock valued at $5,079,943 over the last three months. 0.37% of the stock is owned by corporate insiders.

A number of research analysts have weighed in on PGR shares. Wolfe Research initiated coverage on The Progressive in a report on Monday, August 16th. They issued an “underperform” rating and a $85.00 target price on the stock. Raymond James decreased their price target on shares of The Progressive from $115.00 to $105.00 and set an “outperform” rating on the stock in a research report on Friday, July 16th. Barclays cut their price objective on shares of The Progressive from $86.00 to $84.00 and set an “underweight” rating for the company in a research report on Friday, July 16th. lowered their target price on The Progressive from $97.00 to $95.00 and set a “neutral” rating on the stock in a research report on Monday, June 21st. Finally, Evercore ISI decreased their price objective on The Progressive from $93.00 to $90.00 and set an “in-line” rating on the stock in a research note on Tuesday, August 17th. Six research analysts have rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, The Progressive presently has an average rating of “Hold” and a consensus price target of $95.21.

Shares of PGR opened at $92.61 on Friday. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.30. The Progressive Co. has a 52-week low of $84.89 and a 52-week high of $107.58. The company has a market cap of $54.19 billion, a PE ratio of 9.97, a P/E/G ratio of 3.51 and a beta of 0.46. The business has a fifty day moving average of $95.62 and a 200 day moving average of $96.68.

The Progressive (NYSE:PGR) last released its quarterly earnings results on Tuesday, August 3rd. The insurance provider reported $0.72 EPS for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.36). The Progressive had a return on equity of 23.52% and a net margin of 12.00%. As a group, research analysts anticipate that The Progressive Co. will post 4.42 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 15th. Stockholders of record on Thursday, October 7th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Wednesday, October 6th. This represents a $0.40 annualized dividend and a dividend yield of 0.43%. The Progressive’s payout ratio is 5.35%.

The Progressive Company Profile

Progressive Corp. is an insurance holding company, which engages in the provision of personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services. It operates through the following segments: Personal Lines, Commercial Lines and Property.

Further Reading: What is Considered a Good Return on Equity (ROE)?

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

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