1,256 Shares in The Progressive Co. (NYSE:PGR) Acquired by Abacus Planning Group Inc.

Abacus Planning Group Inc. acquired a new stake in The Progressive Co. (NYSE:PGR) during the third quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 1,256 shares of the insurance provider’s stock, valued at approximately $319,000.

Several other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of Progressive by 0.6% in the first quarter. Vanguard Group Inc. now owns 51,751,851 shares of the insurance provider’s stock valued at $10,703,318,000 after buying an additional 285,070 shares in the last quarter. Capital International Investors raised its holdings in Progressive by 15.7% in the 1st quarter. Capital International Investors now owns 4,925,019 shares of the insurance provider’s stock valued at $1,018,592,000 after acquiring an additional 670,006 shares in the last quarter. Legal & General Group Plc lifted its position in shares of Progressive by 1.9% during the 2nd quarter. Legal & General Group Plc now owns 4,922,743 shares of the insurance provider’s stock valued at $1,022,507,000 after acquiring an additional 92,212 shares during the period. FIL Ltd grew its holdings in shares of Progressive by 0.4% during the 4th quarter. FIL Ltd now owns 4,885,731 shares of the insurance provider’s stock worth $778,199,000 after purchasing an additional 19,724 shares in the last quarter. Finally, Baird Financial Group Inc. increased its position in shares of Progressive by 2.5% in the fourth quarter. Baird Financial Group Inc. now owns 3,577,731 shares of the insurance provider’s stock worth $569,861,000 after purchasing an additional 86,686 shares during the period. Institutional investors own 85.34% of the company’s stock.

Progressive Stock Down 0.8 %

Shares of PGR opened at $252.27 on Friday. The company has a market capitalization of $147.75 billion, a PE ratio of 25.82, a PEG ratio of 0.70 and a beta of 0.35. The stock’s 50-day moving average price is $240.90 and its two-hundred day moving average price is $220.58. 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 12 month low of $138.69 and a 12 month high of $260.46.

Progressive (NYSE:PGR) last announced its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 EPS for the quarter, beating the consensus estimate of $2.04 by $0.61. The business had revenue of $17.90 billion for the quarter, compared to analysts’ expectations of $17.54 billion. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The firm’s revenue was up 21.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.57 earnings per share. On average, analysts anticipate that The Progressive Co. will post 13.02 EPS for the current year.

Progressive Announces Dividend

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

Insiders Place Their Bets

In related news, insider Andrew J. Quigg sold 3,975 shares of the company’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $214.01, for a total transaction of $850,689.75. Following the sale, the insider now owns 32,780 shares in the company, valued at approximately $7,015,247.80. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, insider John Jo Murphy sold 9,512 shares of the stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $237.50, for a total transaction of $2,259,100.00. Following the transaction, the insider now owns 45,787 shares of the company’s stock, valued at approximately $10,874,412.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Andrew J. Quigg sold 3,975 shares of the company’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 value of $850,689.75. Following the transaction, the insider now directly owns 32,780 shares in the company, valued at $7,015,247.80. The disclosure for this sale can be found here. In the last ninety days, insiders sold 146,512 shares of company stock worth $33,912,874. Company insiders own 0.34% of the company’s stock.

Wall Street Analyst Weigh In

PGR has been the subject of several recent analyst reports. Roth Mkm upped their price objective on shares of Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. Citigroup lowered their price objective on shares of Progressive from $232.00 to $225.00 and set a “neutral” rating for the company in a research report on Wednesday, July 17th. Hsbc Global Res raised Progressive from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. Wells Fargo & Company boosted their price target on Progressive from $281.00 to $282.00 and gave the stock an “overweight” rating in a report on Tuesday, September 10th. Finally, BMO Capital Markets decreased their target price on Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Six investment 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’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $257.18.

Progressive Company Profile

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.