Hsbc Holdings PLC Grows Stock Position in The Progressive Corporation $PGR

Hsbc Holdings PLC boosted its stake in shares of The Progressive Corporation (NYSE:PGR) by 6.5% during the 4th quarter, Holdings Channel.com reports. The firm owned 1,366,794 shares of the insurance provider’s stock after acquiring an additional 82,973 shares during the period. Hsbc Holdings PLC’s holdings in Progressive were worth $301,657,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Bard Associates Inc. acquired a new stake in Progressive in the fourth quarter valued at approximately $27,000. Dagco Inc. purchased a new position in Progressive in the fourth quarter worth approximately $28,000. IFC & Insurance Marketing Inc. acquired a new position in Progressive during the 4th quarter worth approximately $29,000. Ameriflex Group Inc. grew its holdings in Progressive by 106.6% during the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock worth $31,000 after acquiring an additional 65 shares in the last quarter. Finally, Entrust Financial LLC purchased a new stake in shares of Progressive in the 4th quarter valued at approximately $33,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Activity at Progressive

In related news, insider John Jo Murphy sold 5,916 shares of the stock in a transaction on Friday, June 5th. The shares were sold at an average price of $200.00, for a total transaction of $1,183,200.00. Following the completion of the sale, the insider owned 41,290 shares in the company, valued at $8,258,000. This represents a 12.53% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steven Broz sold 1,157 shares of the firm’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $200.00, for a total transaction of $231,400.00. Following the transaction, the insider directly owned 28,668 shares in the company, valued at $5,733,600. The trade was a 3.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.32% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have recently weighed in on PGR. Evercore restated a “negative” rating on shares of Progressive in a report on Wednesday, March 18th. Argus upgraded shares of Progressive to a “hold” rating in a research note on Thursday, March 5th. The Goldman Sachs Group reissued a “buy” rating and issued a $225.00 target price on shares of Progressive in a report on Monday, February 23rd. Wells Fargo & Company cut their price target on Progressive from $222.00 to $219.00 and set an “equal weight” rating on the stock in a research note on Thursday. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $259.00 price target on shares of Progressive in a report on Monday, March 2nd. Six analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $237.58.

More Progressive News

Here are the key news stories impacting Progressive this week:

• Positive Sentiment: May results showed stronger earnings momentum, with higher premiums, investment income, and underwriting performance helping drive a 36% year-over-year earnings increase. Progressive’s May Earnings Increase Y/Y on Higher Investment Income
• Positive Sentiment: Bank of America kept a Buy rating on Progressive despite trimming its price target, which still implies meaningful upside from current levels. Progressive price target lowered by Bank of America Corporation
• Positive Sentiment: Keefe, Bruyette & Woods raised its price target for Progressive, signaling continued confidence in the company’s outlook. Progressive price target raised by Keefe, Bruyette & Woods
• Neutral Sentiment: Progressive is getting attention from investors and appears on undervalued-stock screens, but these are more sentiment-driven than company-specific catalysts. 5 Most Undervalued NYSE Stocks to Invest In
• Neutral Sentiment: Analysts remain split on Progressive, with conflicting views highlighting uncertainty around valuation and future earnings durability. Analysts Have Conflicting Sentiments on These Financial Companies: Progressive (PGR) and Open Lending (LPRO)

Progressive Price Performance

Shares of NYSE:PGR opened at $204.42 on Friday. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.27 and a quick ratio of 0.27. The Progressive Corporation has a 12 month low of $189.20 and a 12 month high of $267.92. The firm has a market capitalization of $119.45 billion, a P/E ratio of 10.39, a P/E/G ratio of 5.88 and a beta of 0.28. The company’s fifty day moving average price is $200.01 and its 200 day moving average price is $207.23.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.67 by $0.13. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The company had revenue of $22.19 billion for the quarter, compared to analyst estimates of $23.51 billion. During the same quarter last year, the company posted $4.37 earnings per share. The business’s quarterly revenue was up 6.5% compared to the same quarter last year. As a group, sell-side analysts predict that The Progressive Corporation will post 16.52 earnings per share for the current fiscal year.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Thursday, July 2nd will be paid a $0.10 dividend. The ex-dividend date is Thursday, July 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive’s payout ratio is currently 2.03%.

Progressive Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.