IFM Investors Pty Ltd Has $30.66 Million Position in The Progressive Corporation $PGR

IFM Investors Pty Ltd trimmed its stake in shares of The Progressive Corporation (NYSE:PGR) by 1.1% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 108,348 shares of the insurance provider’s stock after selling 1,158 shares during the quarter. IFM Investors Pty Ltd’s holdings in Progressive were worth $30,664,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in PGR. Brighton Jones LLC increased its holdings in Progressive by 15.6% in the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock worth $813,000 after purchasing an additional 457 shares in the last quarter. Revolve Wealth Partners LLC bought a new stake in Progressive during the fourth quarter worth about $269,000. Highview Capital Management LLC DE lifted its stake in shares of Progressive by 3.2% in the 4th quarter. Highview Capital Management LLC DE now owns 11,040 shares of the insurance provider’s stock valued at $2,645,000 after acquiring an additional 339 shares during the last quarter. Bison Wealth LLC increased its holdings in Progressive by 3.2% during the 4th quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock valued at $615,000 after purchasing an additional 80 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Progressive by 2.7% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 80,052 shares of the insurance provider’s stock worth $19,126,000 after acquiring an additional 2,132 shares in the last quarter. Institutional investors own 85.34% of the company’s stock.

Progressive Trading Down 1.1%

Shares of Progressive stock opened at $243.27 on Wednesday. The company’s 50-day simple moving average is $247.14 and its 200-day simple moving average is $265.25. The firm has a market cap of $142.61 billion, a price-to-earnings ratio of 13.71, a price-to-earnings-growth ratio of 1.43 and a beta of 0.32. The Progressive Corporation has a 52-week low of $228.54 and a 52-week high of $292.99. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.21.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share for the quarter, topping analysts’ consensus estimates of $4.43 by $0.45. The company had revenue of $20.08 billion for the quarter, compared to the consensus estimate of $20.39 billion. Progressive had a net margin of 12.66% and a return on equity of 35.37%. Progressive’s revenue was up 12.1% on a year-over-year basis. During the same quarter last year, the firm posted $2.48 earnings per share. As a group, equities research analysts anticipate that The Progressive Corporation will post 14.68 earnings per share for the current year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Thursday, October 2nd will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date is Thursday, October 2nd. Progressive’s dividend payout ratio (DPR) is presently 2.25%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Barclays lowered their price target on Progressive from $287.00 to $281.00 and set an “equal weight” rating on the stock in a report on Tuesday, August 19th. Bank of America decreased their price target on shares of Progressive from $337.00 to $336.00 and set a “buy” rating for the company in a research note on Thursday, July 17th. Cantor Fitzgerald raised shares of Progressive to a “hold” rating in a research note on Wednesday, August 13th. Wall Street Zen downgraded Progressive from a “buy” rating to a “hold” rating in a research report on Friday, July 18th. Finally, UBS Group lowered their price target on shares of Progressive from $280.00 to $268.00 and set a “neutral” rating on the stock in a report on Monday, July 21st. Nine analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $284.18.

Insider Activity at Progressive

In related news, CFO John P. Sauerland sold 16,664 shares of the stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $249.24, for a total transaction of $4,153,335.36. Following the completion of the sale, the chief financial officer directly owned 228,024 shares of the company’s stock, valued at approximately $56,832,701.76. This represents a 6.81% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Susan Patricia Griffith sold 30,660 shares of the firm’s stock in a transaction on Monday, July 28th. The shares were sold at an average price of $242.12, for a total value of $7,423,399.20. Following the sale, the chief executive officer directly owned 506,945 shares of the company’s stock, valued at $122,741,523.40. This represents a 5.70% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 139,010 shares of company stock worth $34,547,699. Insiders own 0.33% 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.