Kepler Cheuvreux Suisse SA Boosts Holdings in The Progressive Corporation $PGR

Kepler Cheuvreux Suisse SA boosted its holdings in shares of The Progressive Corporation (NYSE:PGR) by 882.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 77,357 shares of the insurance provider’s stock after acquiring an additional 69,480 shares during the period. Kepler Cheuvreux Suisse SA’s holdings in Progressive were worth $15,335,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Klingman & Associates LLC raised its position in shares of Progressive by 1.7% during the 4th quarter. Klingman & Associates LLC now owns 2,927 shares of the insurance provider’s stock worth $667,000 after purchasing an additional 48 shares during the last quarter. Revisor Wealth Management LLC grew its holdings in Progressive by 2.7% during the 4th quarter. Revisor Wealth Management LLC now owns 1,902 shares of the insurance provider’s stock valued at $395,000 after buying an additional 50 shares during the last quarter. Cullen Investment Group LTD. increased its position in Progressive by 0.7% during the fourth quarter. Cullen Investment Group LTD. now owns 7,463 shares of the insurance provider’s stock worth $1,606,000 after buying an additional 52 shares in the last quarter. Pines Wealth Management LLC increased its position in Progressive by 3.9% during the fourth quarter. Pines Wealth Management LLC now owns 1,399 shares of the insurance provider’s stock worth $319,000 after buying an additional 52 shares in the last quarter. Finally, Northwestern Mutual Investment Management Company LLC raised its holdings in shares of Progressive by 0.3% in the fourth quarter. Northwestern Mutual Investment Management Company LLC now owns 18,736 shares of the insurance provider’s stock worth $4,267,000 after acquiring an additional 52 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently issued reports on the company. Wells Fargo & Company downgraded Progressive from an “equal weight” rating to an “underweight” rating and set a $205.00 price objective on the stock. in a research report on Monday, June 29th. Bank of America cut their target price on shares of Progressive from $331.00 to $313.00 and set a “buy” rating for the company in a research note on Thursday, June 18th. BMO Capital Markets restated a “market perform” rating and issued a $220.00 target price on shares of Progressive in a report on Wednesday, May 20th. Morgan Stanley decreased their price target on shares of Progressive from $205.00 to $190.00 and set an “underweight” rating on the stock in a research note on Tuesday, March 31st. Finally, Weiss Ratings downgraded shares of Progressive from a “hold (c+)” rating to a “hold (c)” rating in a report on Wednesday, May 6th. Six analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Progressive presently has an average rating of “Hold” and an average price target of $237.37.

Progressive Stock Performance

NYSE PGR opened at $231.75 on Friday. The business’s 50-day moving average price is $203.97 and its 200 day moving average price is $206.81. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.26. The Progressive Corporation has a twelve month low of $189.20 and a twelve month high of $261.66. The company has a market capitalization of $135.42 billion, a PE ratio of 11.78, a price-to-earnings-growth ratio of 7.03 and a beta of 0.26.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $23.51 billion. During the same quarter in the previous year, the business earned $4.37 EPS. The firm’s revenue was up 6.5% on a year-over-year basis. On average, research analysts predict that The Progressive Corporation will post 17.12 earnings per share for the current year.

Progressive Dividend Announcement

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

Insiders Place Their Bets

In other Progressive news, insider John Jo Murphy sold 5,916 shares of Progressive stock in a transaction on Friday, June 5th. The shares were sold at an average price of $200.00, for a total value of $1,183,200.00. Following the transaction, the insider owned 41,290 shares in the company, valued at $8,258,000. This trade represents a 12.53% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeffrey D. Kelly sold 7,000 shares of the business’s stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $216.33, for a total transaction of $1,514,310.00. Following the sale, the director directly owned 22,546 shares of the company’s stock, valued at $4,877,376.18. This represents a 23.69% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 15,230 shares of company stock valued at $3,165,817 over the last quarter. Company insiders own 0.32% of the company’s stock.

Progressive Company 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.