Mason Street Advisors LLC Has $6.01 Million Position in Progressive Corp (PGR)

Mason Street Advisors LLC boosted its stake in Progressive Corp (NYSE:PGR) by 1.3% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 83,301 shares of the insurance provider’s stock after buying an additional 1,093 shares during the quarter. Mason Street Advisors LLC’s holdings in Progressive were worth $6,005,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PGR. Lindbrook Capital LLC purchased a new stake in Progressive in the 4th quarter valued at $27,000. Liberty Wealth Management LLC purchased a new stake in Progressive in the 4th quarter valued at $30,000. Karp Capital Management Corp purchased a new stake in Progressive in the 4th quarter valued at $32,000. Capital Investment Advisory Services LLC purchased a new stake in shares of Progressive during the 4th quarter valued at $33,000. Finally, Capital Financial Planning LLC purchased a new stake in shares of Progressive during the 4th quarter valued at $33,000. 80.76% of the stock is owned by institutional investors and hedge funds.

In other Progressive news, CFO John P. Sauerland sold 12,000 shares of the firm’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $72.65, for a total value of $871,800.00. Following the completion of the transaction, the chief financial officer now owns 371,815 shares in the company, valued at approximately $27,012,359.75. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Dyke Kahina Van sold 1,715 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $78.49, for a total value of $134,610.35. Following the completion of the transaction, the director now owns 2,464 shares of the company’s stock, valued at approximately $193,399.36. The disclosure for this sale can be found here. In the last three months, insiders sold 103,850 shares of company stock valued at $7,857,617. 0.39% of the stock is currently owned by insiders.

PGR traded up $0.09 during trading hours on Friday, hitting $77.94. The stock had a trading volume of 23,509 shares, compared to its average volume of 2,868,352. Progressive Corp has a 1 year low of $56.71 and a 1 year high of $78.58. The firm has a market cap of $45.26 billion, a P/E ratio of 17.62, a price-to-earnings-growth ratio of 2.03 and a beta of 0.79. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.40 and a current ratio of 0.40.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Tuesday, April 16th. The insurance provider reported $1.83 earnings per share for the quarter, topping the consensus estimate of $1.38 by $0.45. Progressive had a return on equity of 27.10% and a net margin of 8.77%. The company had revenue of $9.24 billion during the quarter, compared to analyst estimates of $9.20 billion. During the same quarter last year, the firm posted $1.22 EPS. The firm’s revenue for the quarter was up 16.0% on a year-over-year basis. As a group, research analysts predict that Progressive Corp will post 5.2 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, July 5th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.51%. The ex-dividend date is Wednesday, July 3rd. Progressive’s dividend payout ratio (DPR) is currently 59.05%.

Several brokerages have recently issued reports on PGR. UBS Group raised their target price on Progressive from $85.00 to $88.00 and gave the company a “buy” rating in a research report on Friday. Credit Suisse Group raised their target price on Progressive from $80.00 to $84.00 and gave the company an “outperform” rating in a research report on Wednesday, April 17th. Zacks Investment Research raised Progressive from a “hold” rating to a “buy” rating and set a $85.00 target price for the company in a research report on Monday, April 22nd. Buckingham Research set a $64.00 target price on Progressive and gave the company a “hold” rating in a research report on Monday. Finally, Wells Fargo & Co reaffirmed a “hold” rating and set a $73.00 target price on shares of Progressive in a research report on Thursday, February 28th. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $76.07.

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Progressive Company Profile

Progressive Corp. is an insurance holding company, which engages in the provision of personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services. It operates through the following segments: Personal Lines, Commercial Lines, Property, and Other Indemnity.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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