Quantbot Technologies LP Increases Position in The Progressive Co. (NYSE:PGR)

Quantbot Technologies LP grew its holdings in The Progressive Co. (NYSE:PGR) by 32.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 37,204 shares of the insurance provider’s stock after purchasing an additional 9,050 shares during the quarter. Quantbot Technologies LP’s holdings in Progressive were worth $7,728,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Sachetta LLC purchased a new position in Progressive during the fourth quarter worth approximately $25,000. Northwest Bank & Trust Co acquired a new stake in shares of Progressive in the 4th quarter worth $25,000. WR Wealth Planners LLC raised its holdings in shares of Progressive by 119.6% during the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after acquiring an additional 67 shares during the period. Indiana Trust & Investment Management CO acquired a new position in shares of Progressive during the 1st quarter valued at about $32,000. Finally, Hilltop National Bank grew its holdings in shares of Progressive by 126.0% in the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 92 shares during the period. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Price Performance

Progressive stock opened at $255.46 on Monday. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.30. The Progressive Co. has a 52-week low of $134.34 and a 52-week high of $256.74. The firm has a market cap of $149.62 billion, a PE ratio of 26.15, a price-to-earnings-growth ratio of 0.82 and a beta of 0.35. The company’s 50 day moving average is $229.54 and its two-hundred day moving average is $215.06.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.04 by $0.61. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The business had revenue of $17.90 billion for the quarter, compared to analysts’ expectations of $17.54 billion. During the same period last year, the firm earned $0.57 earnings per share. The company’s revenue for the quarter was up 21.6% compared to the same quarter last year. On average, research analysts expect that The Progressive Co. will post 12.29 EPS for the current fiscal year.

Progressive Dividend Announcement

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

Insider Buying and Selling

In related news, CEO Susan Patricia Griffith sold 43,370 shares of Progressive stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 473,735 shares in the company, valued at $119,475,967. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Progressive news, CEO Susan Patricia Griffith sold 43,370 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total value of $10,937,914.00. Following the sale, the chief executive officer now directly owns 473,735 shares in the company, valued at $119,475,967. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO John P. Sauerland sold 22,708 shares of Progressive stock in a transaction dated 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 sale, the chief financial officer now directly owns 302,958 shares of the company’s stock, valued at $64,836,041.58. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 146,704 shares of company stock worth $33,367,408. Company insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on PGR. Piper Sandler lifted their target price on shares of Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a research note on Thursday, August 15th. Keefe, Bruyette & Woods upped their price objective on Progressive from $255.00 to $275.00 and gave the company an “outperform” rating in a report on Tuesday, September 3rd. BMO Capital Markets cut their target price on Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. The Goldman Sachs Group raised Progressive from a “neutral” rating to a “buy” rating and upped their price target for the company from $230.00 to $262.00 in a research note on Thursday, August 15th. Finally, Hsbc Global Res raised Progressive from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 12th. Six 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, Progressive has an average rating of “Moderate Buy” and an average target price of $252.29.

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.