Prime Capital Investment Advisors LLC Grows Holdings in Progressive Corp (PGR)

Prime Capital Investment Advisors LLC raised its holdings in shares of Progressive Corp (NYSE:PGR) by 10.7% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,521 shares of the insurance provider’s stock after purchasing an additional 147 shares during the period. Prime Capital Investment Advisors LLC’s holdings in Progressive were worth $110,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in PGR. Oregon Public Employees Retirement Fund lifted its position in Progressive by 4,886.0% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 9,709,752 shares of the insurance provider’s stock valued at $161,000 after purchasing an additional 9,515,013 shares during the period. Norges Bank acquired a new position in Progressive during the 4th quarter valued at about $346,597,000. Eaton Vance Management lifted its position in Progressive by 84.5% during the 4th quarter. Eaton Vance Management now owns 2,444,668 shares of the insurance provider’s stock valued at $147,486,000 after purchasing an additional 1,119,423 shares during the period. Hexavest Inc. acquired a new position in Progressive during the 4th quarter valued at about $62,136,000. Finally, Bank of Montreal Can lifted its position in Progressive by 35.1% during the 4th quarter. Bank of Montreal Can now owns 3,273,063 shares of the insurance provider’s stock valued at $197,463,000 after purchasing an additional 850,970 shares during the period. Institutional investors own 80.57% of the company’s stock.

In related news, insider Steven Broz sold 2,500 shares of the stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $72.93, for a total transaction of $182,325.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO John P. Sauerland sold 12,000 shares of the stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $72.65, for a total value of $871,800.00. Following the sale, the chief financial officer now directly owns 371,815 shares of the company’s stock, valued at $27,012,359.75. The disclosure for this sale can be found here. Over the last three months, insiders have sold 114,100 shares of company stock valued at $7,722,825. 0.39% of the stock is owned by company insiders.

Shares of NYSE:PGR opened at $77.26 on Wednesday. The company has a market capitalization of $42.20 billion, a P/E ratio of 17.48, a PEG ratio of 1.94 and a beta of 0.77. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.36 and a current ratio of 0.36. Progressive Corp has a fifty-two week low of $56.71 and a fifty-two week high of $77.30.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Tuesday, April 16th. The insurance provider reported $1.83 earnings per share for the quarter, beating analysts’ consensus estimates of $1.38 by $0.45. The business had revenue of $9.24 billion for the quarter, compared to the consensus estimate of $9.20 billion. Progressive had a net margin of 8.16% and a return on equity of 24.83%. Progressive’s revenue for the quarter was up 16.0% on a year-over-year basis. During the same period last year, the company posted $1.22 EPS. On average, analysts forecast that Progressive Corp will post 5.07 EPS for the current fiscal year.

The firm also recently announced an annual dividend, which was paid on Monday, April 15th. Investors of record on Friday, April 5th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, April 4th. This represents a yield of 0.14%. Progressive’s payout ratio is 59.05%.

A number of brokerages recently weighed in on PGR. Barclays increased their price target on shares of Progressive from $81.00 to $86.00 and gave the company an “overweight” rating in a research report on Monday, April 1st. Citigroup increased their price target on shares of Progressive from $71.00 to $75.00 and gave the company a “neutral” rating in a research report on Thursday, February 14th. Wells Fargo & Co reiterated a “hold” rating and issued a $70.00 price target on shares of Progressive in a research report on Wednesday, January 23rd. Zacks Investment Research downgraded shares of Progressive from a “buy” rating to a “hold” rating in a research report on Tuesday, December 18th. Finally, Credit Suisse Group reiterated a “buy” rating and issued a $73.00 price target on shares of Progressive in a research report on Thursday, January 3rd. Six investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. Progressive has a consensus rating of “Buy” and an average target price of $73.43.

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Progressive 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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