New York Life Investment Management LLC Purchases 924 Shares of The Progressive Co. (NYSE:PGR)

New York Life Investment Management LLC boosted its position in shares of The Progressive Co. (NYSE:PGR) by 1.0% during the 2nd quarter, HoldingsChannel reports. The firm owned 89,228 shares of the insurance provider’s stock after buying an additional 924 shares during the period. New York Life Investment Management LLC’s holdings in Progressive were worth $18,534,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of PGR. Aviance Capital Partners LLC bought a new position in shares of Progressive during the first quarter valued at approximately $3,628,000. TCW Group Inc. bought a new stake in Progressive during the 4th quarter valued at $1,988,000. Brevan Howard Capital Management LP purchased a new position in shares of Progressive in the 4th quarter valued at $3,090,000. Concurrent Investment Advisors LLC raised its position in shares of Progressive by 66.4% in the 1st quarter. Concurrent Investment Advisors LLC now owns 6,814 shares of the insurance provider’s stock worth $1,409,000 after acquiring an additional 2,719 shares in the last quarter. Finally, Banque Cantonale Vaudoise lifted its stake in shares of Progressive by 90.4% during the 1st quarter. Banque Cantonale Vaudoise now owns 21,056 shares of the insurance provider’s stock worth $4,354,000 after purchasing an additional 10,000 shares during the last quarter. 85.34% of the stock is owned by institutional investors.

Insider Buying and Selling at Progressive

In other Progressive news, CEO Susan Patricia Griffith sold 43,371 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 transaction of $9,281,827.71. Following the completion of the transaction, the chief executive officer now owns 517,105 shares in the company, valued at approximately $110,665,641.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Progressive 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 value of $9,281,827.71. Following the sale, the chief executive officer now owns 517,105 shares in the company, valued at approximately $110,665,641.05. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CAO Mariann Wojtkun Marshall sold 650 shares of Progressive stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $208.11, for a total transaction of $135,271.50. Following the transaction, the chief accounting officer now directly owns 3,981 shares of the company’s stock, valued at $828,485.91. The disclosure for this sale can be found here. Over the last three months, insiders have sold 147,354 shares of company stock valued at $33,502,680. 0.34% of the stock is owned by insiders.

Progressive Stock Down 0.3 %

Shares of PGR stock opened at $248.75 on Friday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.31 and a current ratio of 0.31. The Progressive Co. has a fifty-two week low of $134.34 and a fifty-two week high of $254.83. The firm has a market capitalization of $145.69 billion, a PE ratio of 25.46, a P/E/G ratio of 0.83 and a beta of 0.35. The stock’s 50-day simple moving average is $225.47 and its 200-day simple moving average is $212.67.

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

Progressive Announces Dividend

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

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Evercore ISI lifted their target price on Progressive from $243.00 to $246.00 and gave the company an “outperform” rating in a research note on Wednesday, August 7th. BMO Capital Markets cut their price objective on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Hsbc Global Res raised shares of Progressive from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 12th. Morgan Stanley lowered their target price on shares of Progressive from $256.00 to $255.00 and set an “overweight” rating for the company in a research note on Monday, June 10th. Finally, JPMorgan Chase & Co. upped their price target on Progressive from $210.00 to $239.00 and gave the stock an “overweight” rating in a research report on Thursday, July 11th. Six analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Progressive currently has an average rating of “Moderate Buy” and an average target price of $252.24.

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.