Landscape Capital Management L.L.C. raised its position in shares of Progressive Corp (NYSE:PGR) by 168.5% during the 2nd quarter, Holdings Channel reports. The fund owned 51,434 shares of the insurance provider’s stock after purchasing an additional 32,279 shares during the period. Landscape Capital Management L.L.C.’s holdings in Progressive were worth $4,111,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Hendley & Co. Inc. bought a new position in Progressive in the 1st quarter valued at $3,635,000. ZWJ Investment Counsel Inc. grew its position in Progressive by 3.4% in the 1st quarter. ZWJ Investment Counsel Inc. now owns 381,525 shares of the insurance provider’s stock valued at $27,504,000 after acquiring an additional 12,642 shares during the last quarter. Zions Bancorporation N.A. bought a new position in Progressive in the 1st quarter valued at $125,000. Arden Trust Co bought a new position in Progressive in the 2nd quarter valued at $613,000. Finally, Ibex Wealth Advisors grew its position in Progressive by 9.9% in the 2nd quarter. Ibex Wealth Advisors now owns 40,761 shares of the insurance provider’s stock valued at $3,258,000 after acquiring an additional 3,655 shares during the last quarter. 78.51% of the stock is currently owned by institutional investors and hedge funds.

In other news, insider Steven Broz sold 3,000 shares of the firm’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $81.49, for a total value of $244,470.00. Following the completion of the transaction, the insider now directly owns 15,701 shares in the company, valued at $1,279,474.49. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO John P. Sauerland sold 12,000 shares of the firm’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $81.63, for a total value of $979,560.00. Following the completion of the transaction, the chief financial officer now owns 335,815 shares of the company’s stock, valued at $27,412,578.45. The disclosure for this sale can be found here. Over the last quarter, insiders sold 46,500 shares of company stock valued at $3,727,890. 0.39% of the stock is currently owned by company insiders.

A number of research firms have recently issued reports on PGR. Buckingham Research set a $64.00 price target on Progressive and gave the stock a “hold” rating in a research report on Monday, May 13th. Barclays increased their price target on Progressive from $90.00 to $95.00 and gave the stock an “overweight” rating in a research report on Monday, July 1st. Raymond James increased their price target on Progressive from $90.00 to $93.00 and gave the stock a “strong-buy” rating in a research report on Thursday, July 25th. Janney Montgomery Scott began coverage on Progressive in a research report on Thursday, June 20th. They set a “neutral” rating and a $59.00 price target on the stock. Finally, Wells Fargo & Co reissued a “hold” rating and set a $81.00 price target on shares of Progressive in a research report on Thursday. Six investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $82.92.

Progressive stock traded up $1.27 during midday trading on Thursday, reaching $76.85. The company’s stock had a trading volume of 146,164 shares, compared to its average volume of 2,619,716. The stock’s 50-day simple moving average is $81.23. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.36 and a quick ratio of 0.36. Progressive Corp has a 52-week low of $56.71 and a 52-week high of $84.96. The firm has a market capitalization of $46.20 billion, a PE ratio of 17.25, a P/E/G ratio of 2.01 and a beta of 0.66.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, July 17th. The insurance provider reported $1.66 EPS for the quarter, beating analysts’ consensus estimates of $1.43 by $0.23. Progressive had a return on equity of 28.12% and a net margin of 9.19%. The company had revenue of $9.13 billion during the quarter, compared to analysts’ expectations of $9.13 billion. During the same period last year, the business posted $1.19 earnings per share. The firm’s revenue was up 12.7% compared to the same quarter last year. Equities research analysts predict that Progressive Corp will post 5.36 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, October 7th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.52%. The ex-dividend date of this dividend is Friday, October 4th. Progressive’s dividend payout ratio (DPR) is presently 9.05%.

About Progressive

The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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