The Progressive Corporation $PGR Shares Acquired by Quantinno Capital Management LP

Quantinno Capital Management LP lifted its holdings in shares of The Progressive Corporation (NYSE:PGR) by 35.7% in the first quarter, Holdings Channel.com reports. The institutional investor owned 352,606 shares of the insurance provider’s stock after purchasing an additional 92,828 shares during the quarter. Quantinno Capital Management LP’s holdings in Progressive were worth $69,901,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Norges Bank acquired a new position in Progressive in the fourth quarter valued at approximately $1,836,094,000. Wellington Management Group LLP lifted its holdings in shares of Progressive by 181.8% in the 4th quarter. Wellington Management Group LLP now owns 6,506,302 shares of the insurance provider’s stock worth $1,481,615,000 after purchasing an additional 4,197,212 shares during the last quarter. Diamant Asset Management Inc. boosted its position in Progressive by 19,724.0% during the 1st quarter. Diamant Asset Management Inc. now owns 4,068,876 shares of the insurance provider’s stock valued at $806,614,000 after purchasing an additional 4,048,351 shares during the period. Life Cycle Investment Partners Ltd bought a new position in Progressive during the 4th quarter worth $353,906,000. Finally, Arrowstreet Capital Limited Partnership increased its position in Progressive by 193.2% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,206,742 shares of the insurance provider’s stock worth $502,519,000 after buying an additional 1,454,111 shares during the period. Institutional investors own 85.34% of the company’s stock.

Progressive Trading Up 2.0%

Shares of NYSE:PGR opened at $219.97 on Wednesday. The company has a 50 day moving average of $210.45 and a 200-day moving average of $205.97. The company has a current ratio of 0.32, a quick ratio of 0.27 and a debt-to-equity ratio of 0.24. The firm has a market cap of $128.54 billion, a P/E ratio of 11.03, a P/E/G ratio of 2.91 and a beta of 0.26. The Progressive Corporation has a twelve month low of $189.20 and a twelve month high of $254.93.

Progressive Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Thursday, July 2nd were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend was Thursday, July 2nd. Progressive’s dividend payout ratio (DPR) is presently 2.01%.

Analyst Upgrades and Downgrades

PGR has been the topic of a number of recent research reports. Keefe, Bruyette & Woods cut their target price on Progressive from $231.00 to $226.00 and set a “market perform” rating on the stock in a research note on Thursday, July 16th. Weiss Ratings lowered shares of Progressive from a “hold (c+)” rating to a “hold (c)” rating in a research note on Wednesday, May 6th. Evercore set a $240.00 price target on Progressive in a report on Friday, July 10th. Morgan Stanley upgraded Progressive from an “underweight” rating to an “equal weight” rating and boosted their price objective for the stock from $190.00 to $210.00 in a research report on Friday. Finally, HSBC increased their price objective on Progressive from $214.00 to $221.00 and gave the stock a “hold” rating in a report on Monday, July 6th. Five research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $236.11.

Insider Activity at Progressive

In other news, Director Jeffrey D. Kelly sold 7,000 shares of the business’s stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $216.33, for a total value of $1,514,310.00. Following the sale, the director owned 22,546 shares of the company’s stock, valued at approximately $4,877,376.18. The trade was a 23.69% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Susan Patricia Griffith sold 37,338 shares of the firm’s stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $212.71, for a total value of $7,942,165.98. Following the transaction, the chief executive officer directly owned 522,776 shares of the company’s stock, valued at $111,199,682.96. This represents a 6.67% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 71,386 shares of company stock worth $15,110,679 in the last quarter. Company insiders own 0.32% of the company’s stock.

Progressive News Roundup

Here are the key news stories impacting Progressive this week:

• Positive Sentiment: The insider transactions were scheduled in advance under Rule 10b5-1 plans, which generally reduces the likelihood that the sales reflect a current negative view of Progressive’s business or outlook.
• Neutral Sentiment: A Zacks analyst blog highlighted PGR alongside Intel and Dell. The item may increase visibility for Progressive, but the available report does not provide a specific new earnings estimate, recommendation, or fundamental catalyst. The Zacks Analyst Blog Highlights INTC, DELL and PGR
• Negative Sentiment: Progressive insiders collectively sold 56,156 shares for approximately $11.9 million. CEO Susan Patricia Griffith sold 37,338 shares, while Karen Bailo, Jonathan S. Bauer and John Jo Murphy sold 8,452, 2,242 and 8,124 shares, respectively. The sales reduced their individual holdings by roughly 6.7% to 20.7%, creating some near-term selling pressure and a potentially cautious signal despite the pre-arranged plans. Progressive CEO insider-sale filing

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.