BloombergSen Inc. Has $111.36 Million Stake in The Progressive Co. (NYSE:PGR)

Posted by Defense World Staff on Sep 12th, 2023

BloombergSen Inc. reduced its position in The Progressive Co. (NYSE:PGR – Free Report) by 4.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 778,401 shares of the insurance provider’s stock after selling 33,137 shares during the period. Progressive accounts for about 7.6% of BloombergSen Inc.’s investment portfolio, making the stock its 4th biggest position. BloombergSen Inc. owned about 0.13% of Progressive worth $111,358,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Moneta Group Investment Advisors LLC bought a new position in Progressive during the fourth quarter valued at $840,885,000. Norges Bank bought a new position in Progressive during the 4th quarter valued at about $802,968,000. FMR LLC raised its position in Progressive by 33.8% in the 1st quarter. FMR LLC now owns 12,507,199 shares of the insurance provider’s stock worth $1,789,280,000 after purchasing an additional 3,158,144 shares during the period. Morgan Stanley lifted its stake in Progressive by 25.4% in the fourth quarter. Morgan Stanley now owns 6,721,345 shares of the insurance provider’s stock worth $871,826,000 after purchasing an additional 1,361,665 shares during the last quarter. Finally, Brown Advisory Inc. boosted its position in shares of Progressive by 5,249.5% during the first quarter. Brown Advisory Inc. now owns 1,364,448 shares of the insurance provider’s stock valued at $195,198,000 after buying an additional 1,338,942 shares during the period. 83.66% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

PGR has been the topic of several research analyst reports. Bank of America increased their target price on Progressive from $198.00 to $206.00 in a research note on Thursday, June 15th. Barclays lifted their price objective on shares of Progressive from $107.00 to $109.00 and gave the company an “underweight” rating in a report on Thursday, August 17th. Raymond James raised their target price on shares of Progressive from $140.00 to $145.00 and gave the stock an “outperform” rating in a research report on Thursday, August 17th. Morgan Stanley lowered Progressive from an “equal weight” rating to an “underweight” rating and lowered their price target for the company from $135.00 to $114.00 in a report on Tuesday, July 25th. Finally, JPMorgan Chase & Co. upgraded Progressive from a “neutral” rating to an “overweight” rating and set a $146.00 price objective on the stock in a report on Monday, July 17th. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $141.57.

Read Our Latest Stock Analysis on Progressive

Progressive Stock Up 1.1 %

Shares of NYSE:PGR opened at $137.26 on Tuesday. The Progressive Co. has a fifty-two week low of $110.04 and a fifty-two week high of $149.87. The firm’s 50 day moving average price is $129.02 and its 200 day moving average price is $133.67. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 0.42. The stock has a market cap of $80.34 billion, a price-to-earnings ratio of 47.01, a price-to-earnings-growth ratio of 1.19 and a beta of 0.47.

Progressive (NYSE:PGR – Get Free Report) last released its quarterly earnings data on Thursday, July 13th. The insurance provider reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.88 by ($0.38). Progressive had a net margin of 3.12% and a return on equity of 12.02%. The company had revenue of $15.23 billion during the quarter, compared to analyst estimates of $15.24 billion. As a group, equities research analysts predict that The Progressive Co. will post 4.62 earnings per share for the current fiscal year.

Progressive Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 13th. Shareholders of record on Thursday, October 5th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.29%. The ex-dividend date is Wednesday, October 4th. Progressive’s dividend payout ratio (DPR) is 13.70%.

Insider Buying and Selling at Progressive

In other news, insider Andrew J. Quigg sold 5,070 shares of Progressive stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $127.50, for a total value of $646,425.00. Following the transaction, the insider now directly owns 20,816 shares of the company’s stock, valued at approximately $2,654,040. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Barbara R. Snyder sold 21,731 shares of the stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $133.09, for a total transaction of $2,892,178.79. Following the completion of the sale, the director now owns 6,610 shares in the company, valued at $879,724.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Andrew J. Quigg sold 5,070 shares of the business’s stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $127.50, for a total value of $646,425.00. Following the completion of the transaction, the insider now owns 20,816 shares in the company, valued at approximately $2,654,040. The disclosure for this sale can be found here. Over the last quarter, insiders sold 62,801 shares of company stock worth $8,203,964. 0.34% of the stock is owned by insiders.

About Progressive

(Free Report)

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, 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.