The Progressive Corporation $PGR Shares Acquired by BTC Capital Management Inc.

BTC Capital Management Inc. lifted its position in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 36.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,404 shares of the insurance provider's stock after acquiring an additional 1,436 shares during the quarter. BTC Capital Management Inc.'s holdings in Progressive were worth $1,442,000 at the end of the most recent quarter.

• 3 Stocks Institutions Are Quietly Dumping

A number of other institutional investors and hedge funds have also made changes to their positions in PGR. Nuveen LLC acquired a new position in shares of Progressive during the first quarter worth about $1,473,180,000. GQG Partners LLC increased its stake in shares of Progressive by 61.4% during the first quarter. GQG Partners LLC now owns 8,346,133 shares of the insurance provider's stock worth $2,362,039,000 after acquiring an additional 3,174,632 shares during the period. GAMMA Investing LLC increased its stake in shares of Progressive by 39,285.0% during the first quarter. GAMMA Investing LLC now owns 3,046,037 shares of the insurance provider's stock worth $862,059,000 after acquiring an additional 3,038,303 shares during the period. C WorldWide Group Holding A S boosted its holdings in Progressive by 12,110.3% during the first quarter. C WorldWide Group Holding A S now owns 1,248,628 shares of the insurance provider's stock worth $353,374,000 after buying an additional 1,238,402 shares in the last quarter. Finally, Alliancebernstein L.P. boosted its holdings in Progressive by 15.2% during the first quarter. Alliancebernstein L.P. now owns 8,263,157 shares of the insurance provider's stock worth $2,338,556,000 after buying an additional 1,091,828 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CEO Susan Patricia Griffith sold 30,659 shares of the stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $246.06, for a total value of $7,543,953.54. Following the completion of the sale, the chief executive officer owned 476,286 shares of the company's stock, valued at $117,194,933.16. This represents a 6.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Patrick K. Callahan sold 6,232 shares of the stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $249.96, for a total transaction of $1,557,750.72. Following the completion of the sale, the insider directly owned 21,612 shares of the company's stock, valued at $5,402,135.52. The trade was a 22.38% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 130,062 shares of company stock valued at $32,217,635. 0.34% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

• Progressive Leads the Way as Analysts Bet Big on Insurance Stocks

A number of research firms recently commented on PGR. Jefferies Financial Group decreased their price objective on shares of Progressive from $309.00 to $287.00 and set a "buy" rating on the stock in a report on Monday, August 11th. BMO Capital Markets set a $252.00 price objective on shares of Progressive in a report on Thursday. Bank of America decreased their price objective on shares of Progressive from $347.00 to $343.00 and set a "buy" rating on the stock in a report on Thursday. Barclays decreased their price objective on shares of Progressive from $287.00 to $281.00 and set an "equal weight" rating on the stock in a report on Tuesday, August 19th. Finally, Evercore ISI downgraded shares of Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 price objective on the stock. in a report on Thursday, July 17th. Six equities research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $279.44.

Check Out Our Latest Report on Progressive

Progressive Stock Performance

• Is SelectQuote a Double-Bagger Stock? Analysts Predict Huge Gains

Shares of PGR stock opened at $242.26 on Friday. The Progressive Corporation has a one year low of $228.54 and a one year high of $292.99. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.31 and a current ratio of 0.31. The company has a 50 day moving average price of $245.83 and a 200 day moving average price of $263.34. The firm has a market capitalization of $142.02 billion, a price-to-earnings ratio of 13.65, a price-to-earnings-growth ratio of 1.38 and a beta of 0.32.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, topping the consensus estimate of $4.43 by $0.45. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The firm had revenue of $20.08 billion during the quarter, compared to analyst estimates of $20.39 billion. During the same quarter in the prior year, the business posted $2.48 earnings per share. Progressive's revenue for the quarter was up 12.1% compared to the same quarter last year. Sell-side analysts anticipate that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Thursday, October 2nd will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, October 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive's dividend payout ratio is 2.25%.

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.

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