JPMorgan Chase & Co. Acquires 540,825 Shares of The Progressive Co. (NYSE:PGR)

JPMorgan Chase & Co. raised its holdings in shares of The Progressive Co. (NYSE:PGR) by 3.2% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 17,366,711 shares of the insurance provider’s stock after purchasing an additional 540,825 shares during the period. JPMorgan Chase & Co. owned 2.97% of The Progressive worth $1,660,429,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the company. Wesbanco Bank Inc. purchased a new stake in shares of The Progressive in the 1st quarter worth approximately $1,563,000. Forsta AP Fonden increased its holdings in shares of The Progressive by 9.3% during the first quarter. Forsta AP Fonden now owns 173,200 shares of the insurance provider’s stock valued at $16,560,000 after acquiring an additional 14,700 shares in the last quarter. Baird Financial Group Inc. raised its position in shares of The Progressive by 0.7% in the 4th quarter. Baird Financial Group Inc. now owns 3,170,430 shares of the insurance provider’s stock worth $313,492,000 after purchasing an additional 21,674 shares during the last quarter. Wealth Enhancement Advisory Services LLC purchased a new position in shares of The Progressive in the 4th quarter worth about $1,095,000. Finally, Truist Financial Corp boosted its stake in The Progressive by 4.8% in the 4th quarter. Truist Financial Corp now owns 163,871 shares of the insurance provider’s stock worth $16,204,000 after purchasing an additional 7,466 shares in the last quarter. Hedge funds and other institutional investors own 81.01% of the company’s stock.

Several research analysts have recently issued reports on the stock. Raymond James reiterated an “outperform” rating and issued a $115.00 target price on shares of The Progressive in a research note on Monday, April 26th. Edward Jones raised The Progressive from a “hold” rating to a “buy” rating in a research report on Thursday, March 18th. Finally, Morgan Stanley downgraded The Progressive from an “equal weight” rating to an “underweight” rating and cut their target price for the company from $90.00 to $85.00 in a research note on Monday. Five research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company. The Progressive has a consensus rating of “Hold” and a consensus target price of $96.31.

In other The Progressive news, insider Steven Broz sold 1,245 shares of the company’s stock in a transaction dated Tuesday, May 4th. The stock was sold at an average price of $102.31, for a total value of $127,375.95. Following the completion of the sale, the insider now owns 31,319 shares in the company, valued at $3,204,246.89. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO John P. Sauerland sold 12,000 shares of the firm’s stock in a transaction dated Thursday, March 18th. The stock was sold at an average price of $91.40, for a total value of $1,096,800.00. Following the completion of the transaction, the chief financial officer now directly owns 332,721 shares in the company, valued at approximately $30,410,699.40. The disclosure for this sale can be found here. Insiders sold 14,488 shares of company stock worth $1,343,380 over the last quarter. Insiders own 0.37% of the company’s stock.

Shares of PGR traded down $0.16 during trading hours on Friday, hitting $93.86. The stock had a trading volume of 15,546 shares, compared to its average volume of 2,850,275. The company has a market cap of $54.92 billion, a price-to-earnings ratio of 8.56, a PEG ratio of 2.45 and a beta of 0.46. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.38 and a quick ratio of 0.38. The Progressive Co. has a 12 month low of $75.00 and a 12 month high of $107.58. The firm has a fifty day moving average price of $100.05.

The Progressive (NYSE:PGR) last announced its earnings results on Tuesday, May 4th. The insurance provider reported $1.72 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.72. The Progressive had a return on equity of 25.38% and a net margin of 14.50%. As a group, analysts forecast that The Progressive Co. will post 5.97 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 15th. Shareholders of record on Wednesday, July 7th will be issued a dividend of $0.10 per share. The ex-dividend date is Tuesday, July 6th. This represents a $0.40 dividend on an annualized basis and a yield of 0.43%. The Progressive’s dividend payout ratio is currently 5.35%.

About The Progressive

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.

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Institutional Ownership by Quarter for The Progressive (NYSE:PGR)

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