Charles Schwab Investment Management Inc. Sells 10,417 Shares of Progressive Corp (NYSE:PGR)
Charles Schwab Investment Management Inc. reduced its position in shares of Progressive Corp (NYSE:PGR) by 0.4% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,800,314 shares of the insurance provider’s stock after selling 10,417 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 0.48% of Progressive worth $224,333,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors have also recently bought and sold shares of the company. Wellington Management Group LLP increased its position in Progressive by 25.6% during the 1st quarter. Wellington Management Group LLP now owns 38,740,573 shares of the insurance provider’s stock valued at $2,860,604,000 after purchasing an additional 7,890,461 shares during the period. Invesco Ltd. increased its position in Progressive by 85.2% during the 1st quarter. Invesco Ltd. now owns 5,602,562 shares of the insurance provider’s stock valued at $413,692,000 after purchasing an additional 2,578,123 shares during the period. Capital World Investors purchased a new position in Progressive during the 1st quarter valued at $156,896,000. Viking Global Investors LP purchased a new position in Progressive during the 1st quarter valued at $154,239,000. Finally, APG Asset Management N.V. increased its position in Progressive by 60.1% during the 1st quarter. APG Asset Management N.V. now owns 5,313,081 shares of the insurance provider’s stock valued at $341,114,000 after purchasing an additional 1,993,501 shares during the period. Institutional investors own 80.93% of the company’s stock.
In other Progressive news, CFO John P. Sauerland sold 15,000 shares of the company’s stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $78.91, for a total transaction of $1,183,650.00. Following the transaction, the chief financial officer now owns 332,326 shares in the company, valued at approximately $26,223,844.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CMO M Jeffrey Charney sold 5,858 shares of the stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $94.80, for a total transaction of $555,338.40. Insiders have sold a total of 50,681 shares of company stock worth $4,327,719 in the last 90 days. Company insiders own 0.38% of the company’s stock.
Progressive (NYSE:PGR) last posted its earnings results on Wednesday, July 15th. The insurance provider reported $1.84 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.74 by $0.10. The business had revenue of $10.14 billion for the quarter, compared to analysts’ expectations of $9.72 billion. Progressive had a net margin of 10.85% and a return on equity of 29.04%. The business’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.66 EPS. On average, equities research analysts anticipate that Progressive Corp will post 6.75 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, October 7th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.42%. The ex-dividend date of this dividend is Tuesday, October 6th. Progressive’s dividend payout ratio is currently 5.95%.
A number of analysts have recently weighed in on PGR shares. Argus downgraded shares of Progressive from a “buy” rating to a “hold” rating in a research report on Thursday, August 13th. Bank of America started coverage on shares of Progressive in a research report on Monday, June 1st. They issued a “buy” rating on the stock. Deutsche Bank upped their target price on shares of Progressive from $95.00 to $99.00 and gave the stock a “buy” rating in a research report on Friday, August 21st. MKM Partners upped their target price on shares of Progressive from $90.00 to $115.00 in a research report on Wednesday, September 2nd. Finally, Raymond James upped their target price on shares of Progressive from $100.00 to $110.00 and gave the stock a “strong-buy” rating in a research report on Monday. Nine research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Hold” and an average target price of $89.25.
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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