Quantbot Technologies LP Acquires 9,050 Shares of The Progressive Co. (NYSE:PGR)

Quantbot Technologies LP increased its holdings in shares of The Progressive Co. (NYSE:PGR) by 32.1% in the second quarter, according to its most recent filing with the SEC. The fund owned 37,204 shares of the insurance provider’s stock after acquiring an additional 9,050 shares during the period. Quantbot Technologies LP’s holdings in Progressive were worth $7,728,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the business. Dimensional Fund Advisors LP increased its stake in Progressive by 20.3% in the second quarter. Dimensional Fund Advisors LP now owns 1,467,191 shares of the insurance provider’s stock worth $304,775,000 after purchasing an additional 247,144 shares during the period. Angeles Investment Advisors LLC purchased a new position in Progressive in the 2nd quarter worth about $290,000. Plato Investment Management Ltd lifted its holdings in Progressive by 13.7% during the 2nd quarter. Plato Investment Management Ltd now owns 23,908 shares of the insurance provider’s stock valued at $4,966,000 after buying an additional 2,881 shares in the last quarter. J.W. Cole Advisors Inc. bought a new stake in Progressive during the 2nd quarter valued at about $230,000. Finally, Oppenheimer Asset Management Inc. boosted its position in Progressive by 18.6% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 99,513 shares of the insurance provider’s stock valued at $20,670,000 after buying an additional 15,592 shares during the period. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Susan Patricia Griffith sold 43,371 shares of the stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $214.01, for a total transaction of $9,281,827.71. Following the sale, the chief executive officer now directly owns 517,105 shares of the company’s stock, valued at $110,665,641.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Susan Patricia Griffith sold 43,371 shares of the company’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total transaction of $9,281,827.71. Following the completion of the transaction, the chief executive officer now directly owns 517,105 shares of the company’s stock, valued at approximately $110,665,641.05. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Steven Broz sold 3,050 shares of the company’s stock in a transaction on Monday, June 24th. The stock was sold at an average price of $209.81, for a total transaction of $639,920.50. Following the transaction, the insider now owns 32,453 shares of the company’s stock, valued at $6,808,963.93. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 146,704 shares of company stock worth $33,367,408. Corporate insiders own 0.34% of the company’s stock.

Progressive Stock Performance

Shares of PGR opened at $255.46 on Monday. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.30. The firm has a market cap of $149.62 billion, a PE ratio of 26.15, a P/E/G ratio of 0.82 and a beta of 0.35. The stock has a fifty day moving average price of $229.54 and a 200-day moving average price of $215.06. The Progressive Co. has a 12 month low of $134.34 and a 12 month high of $256.74.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Tuesday, July 16th. The insurance provider reported $2.65 EPS for the quarter, topping analysts’ consensus estimates of $2.04 by $0.61. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The company had revenue of $17.90 billion during the quarter, compared to analysts’ expectations of $17.54 billion. During the same quarter in the previous year, the firm posted $0.57 EPS. The firm’s revenue was up 21.6% compared to the same quarter last year. Equities research analysts predict that The Progressive Co. will post 12.29 earnings per share for the current fiscal year.

Progressive Announces Dividend

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

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on PGR shares. Jefferies Financial Group lifted their price target on shares of Progressive from $256.00 to $257.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. Citigroup lowered their target price on Progressive from $232.00 to $225.00 and set a “neutral” rating for the company in a report on Wednesday, July 17th. Piper Sandler raised their price target on Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a research note on Thursday, August 15th. JPMorgan Chase & Co. upped their price objective on shares of Progressive from $210.00 to $239.00 and gave the stock an “overweight” rating in a research note on Thursday, July 11th. Finally, Roth Mkm raised their target price on shares of Progressive from $235.00 to $270.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. Six analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $252.29.

Progressive Company Profile

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.