Quadrant Capital Group LLC Has $86,000 Stake in Progressive Corp (PGR)
Quadrant Capital Group LLC raised its holdings in shares of Progressive Corp (NYSE:PGR) by 331.3% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,255 shares of the insurance provider’s stock after acquiring an additional 964 shares during the quarter. Quadrant Capital Group LLC’s holdings in Progressive were worth $86,000 as of its most recent filing with the SEC.
Several other large investors have also added to or reduced their stakes in PGR. JPMorgan Chase & Co. lifted its holdings in Progressive by 4.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 10,976,715 shares of the insurance provider’s stock worth $779,788,000 after purchasing an additional 476,696 shares in the last quarter. Standard Life Aberdeen plc lifted its holdings in shares of Progressive by 31.9% in the 3rd quarter. Standard Life Aberdeen plc now owns 457,670 shares of the insurance provider’s stock valued at $32,513,000 after purchasing an additional 110,697 shares during the last quarter. Legal & General Group Plc lifted its holdings in shares of Progressive by 1.4% in the 3rd quarter. Legal & General Group Plc now owns 2,832,561 shares of the insurance provider’s stock valued at $201,225,000 after purchasing an additional 37,940 shares during the last quarter. Rehmann Capital Advisory Group lifted its holdings in shares of Progressive by 88.5% in the 3rd quarter. Rehmann Capital Advisory Group now owns 722 shares of the insurance provider’s stock valued at $51,000 after purchasing an additional 339 shares during the last quarter. Finally, Federated Investors Inc. PA lifted its holdings in shares of Progressive by 52.7% in the 3rd quarter. Federated Investors Inc. PA now owns 679,581 shares of the insurance provider’s stock valued at $48,278,000 after purchasing an additional 234,600 shares during the last quarter. 80.66% of the stock is owned by institutional investors and hedge funds.
Several research firms have recently weighed in on PGR. Credit Suisse Group boosted their target price on Progressive from $80.00 to $84.00 and gave the company an “outperform” rating in a report on Wednesday, April 17th. Citigroup upped their price objective on Progressive from $71.00 to $75.00 and gave the company a “neutral” rating in a research note on Thursday, February 14th. Wells Fargo & Co reaffirmed a “hold” rating and set a $70.00 price objective on shares of Progressive in a research note on Wednesday, January 23rd. Barclays raised Progressive from an “underweight” rating to an “overweight” rating and upped their price objective for the company from $67.00 to $73.00 in a research note on Wednesday, January 9th. Finally, Zacks Investment Research raised Progressive from a “hold” rating to a “buy” rating and set a $85.00 price objective for the company in a research note on Monday, April 22nd. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $74.93.
Progressive (NYSE:PGR) last issued its earnings results on Tuesday, April 16th. The insurance provider reported $1.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.38 by $0.45. The business had revenue of $9.24 billion during the quarter, compared to the consensus estimate of $9.20 billion. Progressive had a return on equity of 27.10% and a net margin of 8.77%. The company’s revenue for the quarter was up 16.0% on a year-over-year basis. During the same period in the prior year, the business posted $1.22 EPS. On average, equities research analysts expect that Progressive Corp will post 5.17 earnings per share for the current year.
The firm also recently announced an annual dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, April 5th were paid a dividend of $0.10 per share. This represents a dividend yield of 0.14%. The ex-dividend date of this dividend was Thursday, April 4th. Progressive’s dividend payout ratio (DPR) is 59.05%.
In related news, insider Susan Patricia Griffith sold 12,600 shares of the company’s stock in a transaction that occurred on Thursday, February 14th. The stock was sold at an average price of $70.30, for a total value of $885,780.00. Following the sale, the insider now owns 260,138 shares in the company, valued at approximately $18,287,701.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Steven Broz sold 2,500 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $72.93, for a total value of $182,325.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 128,450 shares of company stock valued at $9,599,837. Company insiders own 0.39% of the company’s stock.
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Progressive Corp. is an insurance holding company, which engages in the provision of personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services. It operates through the following segments: Personal Lines, Commercial Lines, Property, and Other Indemnity.
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