Canada Pension Plan Investment Board reduced its holdings in The Progressive Co. (NYSE:PGR – Free Report) by 26.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 598,368 shares of the insurance provider’s stock after selling 213,285 shares during the quarter. Canada Pension Plan Investment Board’s holdings in Progressive were worth $124,287,000 at the end of the most recent reporting period.
Other large investors have also bought and sold shares of the company. Vanguard Group Inc. grew its holdings in shares of Progressive by 0.6% during the first quarter. Vanguard Group Inc. now owns 51,751,851 shares of the insurance provider’s stock worth $10,703,318,000 after purchasing an additional 285,070 shares during the last quarter. Capital International Investors grew its holdings in Progressive by 15.7% during the 1st quarter. Capital International Investors now owns 4,925,019 shares of the insurance provider’s stock worth $1,018,592,000 after acquiring an additional 670,006 shares during the last quarter. FIL Ltd increased its position in Progressive by 0.4% in the 4th quarter. FIL Ltd now owns 4,885,731 shares of the insurance provider’s stock valued at $778,199,000 after acquiring an additional 19,724 shares in the last quarter. Baird Financial Group Inc. raised its stake in shares of Progressive by 2.5% in the fourth quarter. Baird Financial Group Inc. now owns 3,577,731 shares of the insurance provider’s stock worth $569,861,000 after acquiring an additional 86,686 shares during the last quarter. Finally, American Century Companies Inc. raised its stake in shares of Progressive by 3.0% in the second quarter. American Century Companies Inc. now owns 2,392,773 shares of the insurance provider’s stock worth $497,003,000 after acquiring an additional 69,709 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors.
Insider Activity
In related news, CEO Susan Patricia Griffith sold 43,370 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total transaction 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CEO Susan Patricia Griffith sold 43,370 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the completion of the transaction, the chief executive officer now directly owns 473,735 shares in the company, valued at $119,475,967. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Philip Bleser sold 2,129 shares of Progressive stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $219.08, for a total value of $466,421.32. Following the completion of the sale, the director now directly owns 974 shares in the company, valued at approximately $213,383.92. The disclosure for this sale can be found here. Insiders sold 146,704 shares of company stock worth $33,367,408 over the last quarter. 0.34% of the stock is currently owned by company insiders.
Analyst Ratings Changes
Check Out Our Latest Research Report on PGR
Progressive Trading Up 1.5 %
Shares of NYSE PGR opened at $259.23 on Friday. 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 twelve month low of $137.59 and a twelve month high of $260.46. The company’s fifty day moving average is $234.16 and its 200-day moving average is $217.06. The stock has a market cap of $151.82 billion, a price-to-earnings ratio of 26.53, a P/E/G ratio of 0.74 and a beta of 0.35.
Progressive (NYSE:PGR – Get Free Report) last posted its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.04 by $0.61. The firm had revenue of $17.90 billion during the quarter, compared to analysts’ expectations of $17.54 billion. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The company’s revenue was up 21.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.57 earnings per share. Equities research analysts predict that The Progressive Co. will post 12.7 EPS for the current year.
Progressive Dividend Announcement
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 paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, October 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.15%. Progressive’s payout ratio is 4.09%.
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.
See Also
- Five stocks we like better than Progressive
- How to Know if a Stock Pays Dividends and When They Are Paid Out
- Analysts Predict 85% Upside for Wave Life Sciences After Rate Cut
- Stock Dividend Cuts Happen Are You Ready?
- FedEx Stock Dips: Another Reason to Fear Recession Is Near
- How to Use the MarketBeat Stock Screener
- The Half-Penny Revolution: Will SEC’s Reform Benefit Investors?
Want to see what other hedge funds are holding PGR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Progressive Co. (NYSE:PGR – Free Report).
Receive News & Ratings for Progressive Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Progressive and related companies with MarketBeat.com's FREE daily email newsletter.