Dimensional Fund Advisors LP Purchases 247,144 Shares of The Progressive Co. (NYSE:PGR)

Dimensional Fund Advisors LP grew its holdings in The Progressive Co. (NYSE:PGR) by 20.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,467,191 shares of the insurance provider’s stock after purchasing an additional 247,144 shares during the quarter. Dimensional Fund Advisors LP owned approximately 0.25% of Progressive worth $304,775,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of PGR. Sachetta LLC acquired a new stake in Progressive during the 4th quarter worth $25,000. Northwest Bank & Trust Co acquired a new stake in shares of Progressive during the fourth quarter worth $25,000. WR Wealth Planners LLC increased its holdings in Progressive by 119.6% in the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after purchasing an additional 67 shares during the last quarter. Indiana Trust & Investment Management CO acquired a new position in Progressive in the first quarter valued at about $32,000. Finally, Hilltop National Bank boosted its holdings in Progressive by 126.0% during the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after buying an additional 92 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Stock Up 0.2 %

Progressive stock opened at $256.91 on Wednesday. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.30. The Progressive Co. has a 1-year low of $137.59 and a 1-year high of $260.46. The company has a fifty day simple moving average of $231.42 and a 200 day simple moving average of $216.02. The company has a market cap of $150.47 billion, a P/E ratio of 26.30, a price-to-earnings-growth ratio of 0.82 and a beta of 0.35.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share for the quarter, beating the consensus estimate of $2.04 by $0.61. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The company had revenue of $17.90 billion during the quarter, compared to analysts’ expectations of $17.54 billion. During the same quarter last year, the company earned $0.57 EPS. Progressive’s revenue for the quarter was up 21.6% compared to the same quarter last year. Research analysts anticipate that The Progressive Co. will post 12.29 earnings per share for the current fiscal year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Thursday, October 3rd will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.16%. The ex-dividend date is Thursday, October 3rd. Progressive’s dividend payout ratio is currently 4.09%.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Piper Sandler upped their price target on Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a research note on Thursday, August 15th. Evercore ISI increased their target price on shares of Progressive from $243.00 to $246.00 and gave the stock an “outperform” rating in a report on Wednesday, August 7th. Roth Mkm boosted their price target on shares of Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a report on Monday. The Goldman Sachs Group raised Progressive from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $230.00 to $262.00 in a research note on Thursday, August 15th. Finally, Jefferies Financial Group boosted their target price on Progressive from $256.00 to $257.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. Six analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Progressive currently has an average rating of “Moderate Buy” and an average target price of $256.12.

Insider Activity

In other Progressive news, CEO Susan Patricia Griffith sold 43,371 shares of the company’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $214.01, for a total transaction of $9,281,827.71. Following the sale, the chief executive officer now directly owns 517,105 shares of the company’s stock, valued at $110,665,641.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Progressive news, CEO Susan Patricia Griffith sold 43,371 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total transaction of $9,281,827.71. Following the transaction, the chief executive officer now owns 517,105 shares of the company’s stock, valued at $110,665,641.05. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Steven Broz sold 3,050 shares of the firm’s stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $209.81, for a total value of $639,920.50. Following the completion of the sale, the insider now directly owns 32,453 shares of the company’s stock, valued at $6,808,963.93. The disclosure for this sale can be found here. In the last 90 days, insiders sold 146,704 shares of company stock valued at $33,367,408. 0.34% of the stock is owned by insiders.

About Progressive

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.