New York Life Investment Management LLC Has $23.42 Million Stock Position in The Progressive Corporation $PGR

by · The Cerbat Gem

New York Life Investment Management LLC grew its holdings in shares of The Progressive Corporation (NYSE:PGR – Free Report) by 1.4% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 87,760 shares of the insurance provider’s stock after buying an additional 1,192 shares during the quarter. New York Life Investment Management LLC’s holdings in Progressive were worth $23,420,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. TruNorth Capital Management LLC grew its holdings in shares of Progressive by 210.0% during the first quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider’s stock valued at $26,000 after buying an additional 63 shares during the last quarter. Ransom Advisory Ltd acquired a new position in shares of Progressive during the first quarter valued at about $35,000. Activest Wealth Management grew its holdings in shares of Progressive by 6,350.0% during the first quarter. Activest Wealth Management now owns 129 shares of the insurance provider’s stock valued at $37,000 after buying an additional 127 shares during the last quarter. Richardson Financial Services Inc. grew its holdings in shares of Progressive by 1,885.7% during the second quarter. Richardson Financial Services Inc. now owns 139 shares of the insurance provider’s stock valued at $37,000 after buying an additional 132 shares during the last quarter. Finally, Accent Capital Management LLC acquired a new position in shares of Progressive during the first quarter valued at about $39,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Progressive news, insider Patrick K. Callahan sold 6,420 shares of Progressive stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $242.22, for a total value of $1,555,052.40. Following the sale, the insider owned 15,192 shares of the company’s stock, valued at approximately $3,679,806.24. The trade was a 29.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Susan Patricia Griffith sold 30,659 shares of Progressive stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $246.06, for a total transaction of $7,543,953.54. Following the completion of the sale, the chief executive officer directly owned 476,286 shares in the company, valued at approximately $117,194,933.16. This represents a 6.05% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 58,500 shares of company stock valued at $14,430,089. Company insiders own 0.34% of the company’s stock.

Progressive Stock Performance

Shares of PGR stock opened at $216.29 on Tuesday. The firm has a market cap of $126.79 billion, a price-to-earnings ratio of 11.86, a P/E/G ratio of 1.26 and a beta of 0.32. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.31 and a current ratio of 0.32. The Progressive Corporation has a 52 week low of $216.10 and a 52 week high of $292.99. The firm’s 50-day simple moving average is $240.48 and its two-hundred day simple moving average is $255.91.

Progressive (NYSE:PGR – Get Free Report) last announced its quarterly earnings data on Wednesday, October 15th. The insurance provider reported $4.45 EPS for the quarter, missing the consensus estimate of $5.04 by ($0.59). The company had revenue of $21.38 billion during the quarter, compared to the consensus estimate of $21.64 billion. Progressive had a return on equity of 33.88% and a net margin of 12.57%.During the same period in the prior year, the firm posted $3.58 EPS. As a group, equities analysts forecast that The Progressive Corporation will post 14.68 earnings per share for the current year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Shareholders of record on Thursday, October 2nd were given a $0.10 dividend. The ex-dividend date of this dividend was Thursday, October 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s payout ratio is currently 2.19%.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Wells Fargo & Company reduced their price objective on shares of Progressive from $266.00 to $246.00 and set an “equal weight” rating for the company in a report on Thursday, October 16th. Keefe, Bruyette & Woods cut their price target on shares of Progressive from $270.00 to $262.00 and set a “market perform” rating on the stock in a report on Thursday, October 16th. Bank of America boosted their price target on shares of Progressive from $350.00 to $351.00 and gave the stock a “buy” rating in a report on Thursday, October 16th. Morgan Stanley set a $214.00 price target on shares of Progressive and gave the stock an “underweight” rating in a report on Monday, October 20th. Finally, Raymond James Financial cut their price target on shares of Progressive from $305.00 to $265.00 and set an “outperform” rating on the stock in a report on Friday, October 17th. Eight equities research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $268.90.

Read Our Latest Stock Analysis on Progressive

Progressive Profile

(Free Report)

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.

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