Duncker Streett & Co. Inc. raised its stake in shares of Progressive Corp (NYSE:PGR) by 97.5% during the second quarter, Holdings Channel reports. The firm owned 12,000 shares of the insurance provider’s stock after buying an additional 5,925 shares during the period. Duncker Streett & Co. Inc.’s holdings in Progressive were worth $959,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Carnegie Capital Asset Management LLC boosted its holdings in Progressive by 236.9% during the second quarter. Carnegie Capital Asset Management LLC now owns 90,133 shares of the insurance provider’s stock valued at $7,204,000 after purchasing an additional 63,381 shares in the last quarter. BB&T Corp boosted its holdings in Progressive by 1.8% during the second quarter. BB&T Corp now owns 38,821 shares of the insurance provider’s stock valued at $3,103,000 after purchasing an additional 698 shares in the last quarter. CAPROCK Group Inc. acquired a new position in shares of Progressive in the 2nd quarter worth approximately $209,000. Arden Trust Co acquired a new position in shares of Progressive in the 2nd quarter worth approximately $613,000. Finally, Commerzbank Aktiengesellschaft FI boosted its holdings in shares of Progressive by 5.6% in the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 12,135 shares of the insurance provider’s stock worth $970,000 after acquiring an additional 646 shares in the last quarter. 79.04% of the stock is currently owned by institutional investors.
In other Progressive news, insider Susan Patricia Griffith sold 22,500 shares of the company’s stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $78.01, for a total transaction of $1,755,225.00. Following the transaction, the insider now owns 250,162 shares of the company’s stock, valued at approximately $19,515,137.62. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO John P. Sauerland sold 12,000 shares of the company’s stock in a transaction on Friday, May 17th. The stock was sold at an average price of $78.07, for a total value of $936,840.00. Following the transaction, the chief financial officer now directly owns 347,815 shares in the company, valued at approximately $27,153,917.05. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 69,000 shares of company stock worth $5,483,115. Company insiders own 0.39% of the company’s stock.
Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, July 17th. The insurance provider reported $1.66 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $9.13 billion for the quarter, compared to the consensus estimate of $9.13 billion. During the same quarter in the prior year, the business earned $1.19 EPS. The business’s revenue for the quarter was up 12.7% compared to the same quarter last year. Sell-side analysts anticipate that Progressive Corp will post 5.36 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, October 7th will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.50%. The ex-dividend date is Friday, October 4th. Progressive’s dividend payout ratio is 9.05%.
Several research analysts have recently commented on the company. Credit Suisse Group boosted their target price on Progressive from $80.00 to $84.00 and gave the stock an “outperform” rating in a report on Wednesday, April 17th. Zacks Investment Research downgraded Progressive from a “buy” rating to a “hold” rating and set a $84.00 target price on the stock. in a report on Monday, May 27th. Wells Fargo & Co reissued a “hold” rating and issued a $81.00 target price on shares of Progressive in a report on Wednesday, July 17th. B. Riley boosted their target price on Progressive from $89.00 to $96.00 and gave the stock a “buy” rating in a report on Thursday, June 13th. Finally, Raymond James boosted their target price on Progressive from $90.00 to $93.00 and gave the stock a “strong-buy” rating in a report on Thursday, July 25th. Six research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Progressive presently has a consensus rating of “Buy” and an average target price of $82.92.
Progressive Company Profile
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.
Read More: Inflation
Want to see what other hedge funds are holding PGR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Progressive Corp (NYSE:PGR).
Receive News & Ratings for Progressive Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Progressive and related companies with MarketBeat.com's FREE daily email newsletter.