The Progressive Co. (NYSE:PGR) Shares Purchased by Meiji Yasuda Life Insurance Co

Meiji Yasuda Life Insurance Co grew its position in shares of The Progressive Co. (NYSE:PGR) by 16.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 26,944 shares of the insurance provider’s stock after purchasing an additional 3,864 shares during the period. Meiji Yasuda Life Insurance Co’s holdings in Progressive were worth $5,597,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Bradley Foster & Sargent Inc. CT grew its stake in Progressive by 32.7% in the 2nd quarter. Bradley Foster & Sargent Inc. CT now owns 4,629 shares of the insurance provider’s stock worth $961,000 after acquiring an additional 1,140 shares during the period. Axxcess Wealth Management LLC boosted its holdings in shares of Progressive by 376.0% during the second quarter. Axxcess Wealth Management LLC now owns 6,060 shares of the insurance provider’s stock worth $1,259,000 after purchasing an additional 4,787 shares during the last quarter. Fairway Wealth LLC grew its position in shares of Progressive by 2.3% in the second quarter. Fairway Wealth LLC now owns 3,683 shares of the insurance provider’s stock valued at $765,000 after purchasing an additional 83 shares during the period. Sargent Investment Group LLC increased its stake in Progressive by 186.6% in the second quarter. Sargent Investment Group LLC now owns 3,110 shares of the insurance provider’s stock valued at $646,000 after purchasing an additional 2,025 shares during the last quarter. Finally, Edgestream Partners L.P. lifted its position in Progressive by 27.2% during the second quarter. Edgestream Partners L.P. now owns 44,936 shares of the insurance provider’s stock worth $9,334,000 after buying an additional 9,616 shares during the period. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Progressive Price Performance

Shares of PGR stock opened at $256.91 on Wednesday. The Progressive Co. has a twelve month low of $137.59 and a twelve month high of $260.46. The company has a market capitalization of $150.47 billion, a PE ratio of 26.30, a price-to-earnings-growth ratio of 0.82 and a beta of 0.35. 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 fifty day simple moving average of $231.42 and a 200-day simple moving average of $216.02.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $17.54 billion. During the same period in the prior year, the company posted $0.57 EPS. The firm’s revenue for the quarter was up 21.6% on a year-over-year basis. Equities research analysts anticipate that The Progressive Co. will post 12.29 earnings per share for the current fiscal year.

Progressive Announces Dividend

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

Analyst Ratings Changes

A number of research firms have recently commented on PGR. Hsbc Global Res raised shares of Progressive from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 12th. Piper Sandler increased their price target 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. Evercore ISI upped their price objective on Progressive from $243.00 to $246.00 and gave the stock an “outperform” rating in a report on Wednesday, August 7th. Citigroup reduced their target price on Progressive from $232.00 to $225.00 and set a “neutral” rating on the stock in a report on Wednesday, July 17th. Finally, Roth Mkm boosted their price target on Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a research report on Monday. Six research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $256.12.

Insider Buying and Selling at Progressive

In related news, insider Steven Broz sold 3,050 shares of Progressive stock in a transaction on Monday, June 24th. The shares were sold at an average price of $209.81, for a total value of $639,920.50. Following the completion of the sale, the insider now owns 32,453 shares in the company, valued at $6,808,963.93. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Progressive news, insider Steven Broz sold 3,050 shares of the firm’s stock in a transaction on Monday, June 24th. The shares were sold at an average price of $209.81, for a total transaction of $639,920.50. Following the completion of the transaction, the insider now directly owns 32,453 shares of the company’s stock, valued at approximately $6,808,963.93. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Susan Patricia Griffith sold 43,371 shares of the company’s stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 517,105 shares in the company, valued at approximately $110,665,641.05. The disclosure for this sale can be found here. Insiders have sold a total of 146,704 shares of company stock valued at $33,367,408 in the last three months. Corporate insiders own 0.34% of the company’s stock.

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.