Perella Weinberg Partners Capital Management LP Takes $1.71 Million Position in Progressive Corp (NYSE:PGR)

Perella Weinberg Partners Capital Management LP acquired a new stake in Progressive Corp (NYSE:PGR) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 21,400 shares of the insurance provider’s stock, valued at approximately $1,711,000.

Other institutional investors have also recently made changes to their positions in the company. Hendley & Co. Inc. acquired a new stake in shares of Progressive in the first quarter valued at $3,635,000. ZWJ Investment Counsel Inc. lifted its holdings in shares of Progressive by 3.4% in the first quarter. ZWJ Investment Counsel Inc. now owns 381,525 shares of the insurance provider’s stock valued at $27,504,000 after buying an additional 12,642 shares during the period. Zions Bancorporation N.A. acquired a new stake in shares of Progressive in the first quarter valued at $125,000. Amundi Pioneer Asset Management Inc. lifted its holdings in shares of Progressive by 106.0% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 5,112,626 shares of the insurance provider’s stock valued at $368,569,000 after buying an additional 2,631,367 shares during the period. Finally, Jackson Grant Investment Advisers Inc. acquired a new stake in shares of Progressive in the first quarter valued at $26,000. Institutional investors and hedge funds own 79.04% of the company’s stock.

PGR has been the subject of several research analyst reports. Barclays upped their price objective on Progressive from $90.00 to $95.00 and gave the company an “overweight” rating in a report on Monday, July 1st. ValuEngine downgraded Progressive from a “buy” rating to a “hold” rating in a report on Wednesday, July 17th. B. Riley upped their target price on Progressive from $89.00 to $96.00 and gave the company a “buy” rating in a report on Thursday, June 13th. Raymond James upped their target price on Progressive from $90.00 to $93.00 and gave the company a “strong-buy” rating in a report on Thursday, July 25th. Finally, Zacks Investment Research downgraded Progressive from a “buy” rating to a “hold” rating and set a $84.00 target price for the company. in a report on Monday, May 27th. Six analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. Progressive presently has an average rating of “Buy” and an average target price of $82.92.

In related news, insider Michael D. Sieger sold 7,500 shares of the company’s stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $79.16, for a total transaction of $593,700.00. Following the transaction, the insider now directly owns 68,969 shares of the company’s stock, valued at $5,459,586.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider John Jo Murphy sold 12,000 shares of the company’s stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $81.11, for a total value of $973,320.00. Following the transaction, the insider now directly owns 24,867 shares in the company, valued at $2,016,962.37. The disclosure for this sale can be found here. Insiders have sold 69,000 shares of company stock worth $5,483,115 over the last three months. 0.39% of the stock is owned by insiders.

Shares of NYSE PGR traded down $0.36 during mid-day trading on Friday, hitting $79.76. 1,648,813 shares of the company traded hands, compared to its average volume of 2,340,986. Progressive Corp has a 1 year low of $56.71 and a 1 year high of $84.96. The firm has a market cap of $47.29 billion, a PE ratio of 18.05, a price-to-earnings-growth ratio of 2.06 and a beta of 0.66. The company has a quick ratio of 0.40, a current ratio of 0.41 and a debt-to-equity ratio of 0.33. The business’s 50 day moving average is $81.65.

Progressive (NYSE:PGR) last announced its earnings results on Wednesday, July 17th. The insurance provider reported $1.66 EPS for the quarter, beating the consensus estimate of $1.43 by $0.23. Progressive had a return on equity of 27.82% and a net margin of 9.19%. The business had revenue of $9.13 billion during the quarter, compared to the consensus estimate of $9.13 billion. During the same period in the prior year, the business posted $1.19 earnings per share. Progressive’s revenue was up 12.7% compared to the same quarter last year. As a group, equities analysts expect that Progressive Corp will post 5.36 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, October 7th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.50%. The ex-dividend date of this dividend is Friday, October 4th. Progressive’s payout ratio is 9.05%.

About Progressive

The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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