Sei Investments Co. Boosts Stake in The Progressive Co. (NYSE:PGR)

Sei Investments Co. lifted its holdings in The Progressive Co. (NYSE:PGR) by 6.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 467,513 shares of the insurance provider’s stock after purchasing an additional 26,375 shares during the period. Sei Investments Co. owned about 0.08% of Progressive worth $97,108,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently bought and sold shares of the company. Gilbert & Cook Inc. lifted its position in shares of Progressive by 8.6% during the 4th quarter. Gilbert & Cook Inc. now owns 2,938 shares of the insurance provider’s stock valued at $468,000 after buying an additional 233 shares in the last quarter. 9258 Wealth Management LLC lifted its holdings in Progressive by 18.8% during the fourth quarter. 9258 Wealth Management LLC now owns 2,534 shares of the insurance provider’s stock valued at $404,000 after purchasing an additional 401 shares in the last quarter. Gryphon Financial Partners LLC acquired a new stake in shares of Progressive in the fourth quarter valued at about $307,000. Quest Partners LLC purchased a new stake in shares of Progressive during the fourth quarter worth about $150,000. Finally, Ontario Teachers Pension Plan Board raised its position in shares of Progressive by 46.8% during the 4th quarter. Ontario Teachers Pension Plan Board now owns 3,517 shares of the insurance provider’s stock worth $560,000 after purchasing an additional 1,122 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Wells Fargo & Company boosted their price objective on Progressive from $281.00 to $282.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 10th. Citigroup reduced their price objective on Progressive from $232.00 to $225.00 and set a “neutral” rating for the company in a research note on Wednesday, July 17th. Roth Mkm upped their target price on shares of Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a report on Monday, September 16th. The Goldman Sachs Group raised their price target on shares of Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, BMO Capital Markets dropped their price objective on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. Six research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $257.18.

Progressive Price Performance

PGR stock opened at $259.24 on Friday. The Progressive Co. has a 52-week low of $137.59 and a 52-week high of $260.46. 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 stock has a market cap of $151.84 billion, a price-to-earnings ratio of 26.53, a price-to-earnings-growth ratio of 0.74 and a beta of 0.35. The business has a fifty day moving average of $234.16 and a two-hundred day moving average of $217.25.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share (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 firm had revenue of $17.90 billion during the quarter, compared to the consensus estimate of $17.54 billion. During the same period last year, the company earned $0.57 EPS. The company’s quarterly revenue was up 21.6% on a year-over-year basis. As a group, research analysts anticipate that The Progressive Co. will post 12.7 earnings per share for the current year.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Thursday, October 3rd will be issued a $0.10 dividend. The ex-dividend date is Thursday, October 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.15%. Progressive’s dividend payout ratio is currently 4.09%.

Insider Buying and Selling

In other news, insider Steven Broz sold 3,050 shares of the firm’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 completion of the transaction, the insider now directly owns 32,453 shares in the company, valued at $6,808,963.93. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, CEO Susan Patricia Griffith sold 43,371 shares of the company’s stock in a transaction that occurred 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 approximately $110,665,641.05. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Steven Broz sold 3,050 shares of the firm’s stock in a transaction that occurred 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 disclosure for this sale can be found here. In the last quarter, insiders sold 146,704 shares of company stock valued at $33,367,408. Company insiders own 0.34% of the company’s stock.

Progressive 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.