Connor Clark & Lunn Investment Management Ltd. Takes Position in The Progressive Corporation $PGR

Connor Clark & Lunn Investment Management Ltd. bought a new stake in The Progressive Corporation (NYSE:PGR) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 88,328 shares of the insurance provider’s stock, valued at approximately $19,295,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Bogart Wealth LLC lifted its holdings in shares of Progressive by 235.1% during the 1st quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider’s stock worth $25,000 after acquiring an additional 87 shares during the period. IMG Wealth Management Inc. acquired a new stake in shares of Progressive during the 2nd quarter valued at about $26,000. Meeder Asset Management Inc. bought a new stake in Progressive in the second quarter valued at about $26,000. Bard Associates Inc. acquired a new position in Progressive in the fourth quarter worth about $27,000. Finally, Kilter Group LLC acquired a new position in Progressive in the second quarter worth about $27,000. 85.34% of the stock is owned by institutional investors.

Insider Activity

In other Progressive news, insider Steven Broz sold 1,225 shares of the stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $219.40, for a total transaction of $268,765.00. Following the sale, the insider owned 31,257 shares of the company’s stock, valued at $6,857,785.80. This represents a 3.77% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Andrew J. Quigg sold 3,499 shares of the firm’s stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $220.00, for a total transaction of $769,780.00. Following the completion of the sale, the chief financial officer owned 42,595 shares of the company’s stock, valued at $9,370,900. The trade was a 7.59% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 83,449 shares of company stock worth $17,685,203. 0.32% of the stock is currently owned by insiders.

Progressive Price Performance

Shares of Progressive stock opened at $221.77 on Wednesday. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.24. The stock has a market capitalization of $128.93 billion, a price-to-earnings ratio of 11.12, a P/E/G ratio of 2.99 and a beta of 0.27. The Progressive Corporation has a 1-year low of $189.20 and a 1-year high of $249.83. The firm’s 50-day moving average price is $216.29 and its two-hundred day moving average price is $206.94.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share for the quarter, topping the consensus estimate of $4.64 by $1.03. Progressive had a net margin of 12.84% and a return on equity of 32.92%. The company had revenue of $23.61 billion during the quarter, compared to analyst estimates of $19.49 billion. During the same quarter last year, the business posted $5.40 earnings per share. The company’s revenue was up 5.0% on a year-over-year basis. On average, equities analysts predict that The Progressive Corporation will post 17.72 earnings per share for the current fiscal year.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Thursday, October 1st will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend is Thursday, October 1st. Progressive’s dividend payout ratio (DPR) is currently 2.01%.

Wall Street Analyst Weigh In

PGR has been the topic of a number of recent research reports. UBS Group lifted their price objective on Progressive from $220.00 to $230.00 and gave the company a “neutral” rating in a report on Tuesday, June 30th. Cantor Fitzgerald dropped their target price on Progressive from $220.00 to $200.00 and set a “neutral” rating for the company in a report on Monday, August 17th. JPMorgan Chase & Co. cut their target price on Progressive from $250.00 to $241.00 and set a “neutral” rating for the company in a research report on Tuesday, August 4th. Jefferies Financial Group reaffirmed a “hold” rating and issued a $228.00 price target on shares of Progressive in a research note on Wednesday, August 19th. Finally, BMO Capital Markets reiterated a “market perform” rating on shares of Progressive in a research report on Wednesday, August 19th. Seven research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, Progressive has an average rating of “Hold” and a consensus target price of $236.05.

Progressive Company Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.