28,100 Shares in The Progressive Corporation $PGR Purchased by Engle Capital Management L.P.

Engle Capital Management L.P. bought a new stake in shares of The Progressive Corporation (NYSE:PGR) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 28,100 shares of the insurance provider’s stock, valued at approximately $7,499,000. Progressive makes up about 2.3% of Engle Capital Management L.P.’s holdings, making the stock its 19th biggest holding.

A number of other institutional investors and hedge funds have also recently modified their holdings of PGR. Norges Bank purchased a new position in Progressive during the second quarter valued at approximately $2,156,939,000. Alliancebernstein L.P. lifted its stake in Progressive by 32.8% in the 2nd quarter. Alliancebernstein L.P. now owns 10,972,574 shares of the insurance provider’s stock worth $2,928,141,000 after purchasing an additional 2,709,417 shares in the last quarter. Axiom Investors LLC DE bought a new position in Progressive in the 1st quarter valued at $194,557,000. 1832 Asset Management L.P. grew its position in shares of Progressive by 123.1% during the 1st quarter. 1832 Asset Management L.P. now owns 1,160,302 shares of the insurance provider’s stock valued at $328,377,000 after purchasing an additional 640,306 shares in the last quarter. Finally, Vanguard Group Inc. grew its position in shares of Progressive by 0.9% during the 2nd quarter. Vanguard Group Inc. now owns 54,516,288 shares of the insurance provider’s stock valued at $14,548,217,000 after purchasing an additional 493,332 shares in the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Stock Performance

Shares of NYSE PGR opened at $234.61 on Friday. The stock’s 50-day moving average is $224.07 and its 200 day moving average is $242.97. The stock has a market cap of $137.58 billion, a price-to-earnings ratio of 12.87, a P/E/G ratio of 1.03 and a beta of 0.36. The Progressive Corporation has a 1-year low of $199.90 and a 1-year high of $292.99. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.19.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Wednesday, October 15th. The insurance provider reported $4.45 EPS for the quarter, missing analysts’ consensus estimates of $5.04 by ($0.59). The business had revenue of $21.38 billion for the quarter, compared to the consensus estimate of $21.64 billion. Progressive had a net margin of 12.57% and a return on equity of 33.88%. During the same quarter in the previous year, the business earned $3.58 earnings per share. On average, sell-side analysts anticipate that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 8th. Investors of record on Friday, January 2nd will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Friday, January 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive’s dividend payout ratio (DPR) is currently 2.19%.

Insider Buying and Selling at Progressive

In other news, insider Patrick K. Callahan sold 6,420 shares of Progressive stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $242.22, for a total value of $1,555,052.40. Following the transaction, the insider owned 15,192 shares in the company, valued at approximately $3,679,806.24. The trade was a 29.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider John Jo Murphy sold 2,218 shares of the business’s stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $242.10, for a total value of $536,977.80. Following the completion of the sale, the insider directly owned 43,506 shares of the company’s stock, valued at approximately $10,532,802.60. This trade represents a 4.85% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 17,673 shares of company stock worth $4,163,005 in the last 90 days. 0.34% of the stock is owned by company insiders.

Analysts Set New Price Targets

PGR has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods lowered their price objective on Progressive from $262.00 to $246.00 and set a “market perform” rating on the stock in a research report on Wednesday, November 5th. Zacks Research cut Progressive from a “strong-buy” rating to a “hold” rating in a report on Friday, October 10th. Bank of America dropped their price target on Progressive from $350.00 to $348.00 and set a “buy” rating for the company in a research report on Tuesday. BMO Capital Markets set a $256.00 price objective on Progressive in a report on Tuesday. Finally, JPMorgan Chase & Co. raised their target price on shares of Progressive from $301.00 to $303.00 and gave the company an “overweight” rating in a research note on Thursday, October 9th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $266.40.

Progressive Profile

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.