Custom Index Systems LLC Has $484,000 Holdings in The Progressive Co. (NYSE:PGR)

Custom Index Systems LLC raised its position in The Progressive Co. (NYSE:PGR) by 8.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,330 shares of the insurance provider’s stock after purchasing an additional 175 shares during the quarter. Custom Index Systems LLC’s holdings in Progressive were worth $484,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of Progressive by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 51,751,851 shares of the insurance provider’s stock valued at $10,703,318,000 after purchasing an additional 285,070 shares during the period. Massachusetts Financial Services Co. MA raised its stake in shares of Progressive by 3.6% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 14,935,652 shares of the insurance provider’s stock valued at $2,378,951,000 after purchasing an additional 520,742 shares during the period. Norges Bank acquired a new stake in shares of Progressive in the 4th quarter valued at about $1,078,831,000. Capital International Investors raised its stake in shares of Progressive by 15.7% in the 1st quarter. Capital International Investors now owns 4,925,019 shares of the insurance provider’s stock valued at $1,018,592,000 after purchasing an additional 670,006 shares during the period. Finally, FIL Ltd raised its stake in shares of Progressive by 0.4% in the 4th quarter. FIL Ltd now owns 4,885,731 shares of the insurance provider’s stock valued at $778,199,000 after purchasing an additional 19,724 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Analyst Upgrades and Downgrades

PGR has been the topic of several recent research reports. Bank of America lifted their price target on Progressive from $294.00 to $312.00 and gave the company a “buy” rating in a research note on Tuesday, September 3rd. Jefferies Financial Group lifted their target price on Progressive from $256.00 to $257.00 and gave the company a “buy” rating in a research report on Wednesday, July 17th. Wells Fargo & Company lifted their target price on Progressive from $262.00 to $281.00 and gave the company an “overweight” rating in a research report on Thursday, August 15th. Hsbc Global Res raised Progressive from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 12th. Finally, Barclays assumed coverage on Progressive in a research report on Wednesday. They issued an “equal weight” rating and a $367.00 target price on the stock. Six investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $252.24.

Progressive Stock Performance

Shares of PGR stock opened at $248.69 on Friday. The Progressive Co. has a 52 week low of $134.34 and a 52 week high of $254.83. The company has a market capitalization of $145.66 billion, a price-to-earnings ratio of 25.45, a PEG ratio of 0.83 and a beta of 0.35. The company has a 50-day simple moving average of $225.47 and a 200 day simple moving average of $212.83. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.31 and a current ratio of 0.31.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.04 by $0.61. The company had revenue of $17.90 billion during the quarter, compared to analysts’ expectations of $17.54 billion. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The business’s revenue was up 21.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.57 earnings per share. On average, sell-side analysts predict that The Progressive Co. will post 12.2 earnings per share for the current year.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Thursday, October 3rd will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.16%. The ex-dividend date of this dividend is Thursday, October 3rd. Progressive’s payout ratio is 4.09%.

Insider Transactions at Progressive

In other Progressive news, CEO Susan Patricia Griffith sold 43,370 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total value of $10,937,914.00. Following the completion of the sale, the chief executive officer now owns 473,735 shares of the company’s stock, valued at approximately $119,475,967. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO John P. Sauerland sold 22,708 shares of the firm’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total value of $4,859,739.08. Following the transaction, the chief financial officer now owns 302,958 shares in the company, valued at $64,836,041.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Susan Patricia Griffith sold 43,370 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the sale, the chief executive officer now directly owns 473,735 shares of the company’s stock, valued at approximately $119,475,967. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 147,354 shares of company stock valued at $33,502,680. 0.34% of the stock is currently owned by corporate insiders.

About Progressive

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