Arrowstreet Capital Limited Partnership Has $502.52 Million Holdings in The Progressive Corporation $PGR

Arrowstreet Capital Limited Partnership lifted its position in shares of The Progressive Corporation (NYSE:PGR) by 193.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,206,742 shares of the insurance provider’s stock after purchasing an additional 1,454,111 shares during the quarter. Arrowstreet Capital Limited Partnership’s holdings in Progressive were worth $502,519,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of the company. Klingman & Associates LLC grew its holdings in shares of Progressive by 1.7% during the 4th quarter. Klingman & Associates LLC now owns 2,927 shares of the insurance provider’s stock worth $667,000 after purchasing an additional 48 shares in the last quarter. Revisor Wealth Management LLC grew its holdings in shares of Progressive by 2.7% during the 4th quarter. Revisor Wealth Management LLC now owns 1,902 shares of the insurance provider’s stock worth $395,000 after purchasing an additional 50 shares in the last quarter. Cullen Investment Group LTD. grew its holdings in shares of Progressive by 0.7% during the 4th quarter. Cullen Investment Group LTD. now owns 7,463 shares of the insurance provider’s stock worth $1,606,000 after purchasing an additional 52 shares in the last quarter. Pines Wealth Management LLC grew its holdings in shares of Progressive by 3.9% during the 4th quarter. Pines Wealth Management LLC now owns 1,399 shares of the insurance provider’s stock worth $319,000 after purchasing an additional 52 shares in the last quarter. Finally, Northwestern Mutual Investment Management Company LLC boosted its stake in Progressive by 0.3% in the 4th quarter. Northwestern Mutual Investment Management Company LLC now owns 18,736 shares of the insurance provider’s stock valued at $4,267,000 after buying an additional 52 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Price Performance

Shares of PGR stock opened at $202.86 on Friday. The stock’s fifty day simple moving average is $199.20 and its 200 day simple moving average is $208.05. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.27 and a quick ratio of 0.27. The firm has a market cap of $118.54 billion, a price-to-earnings ratio of 10.31, a P/E/G ratio of 5.89 and a beta of 0.28. The Progressive Corporation has a one year low of $189.20 and a one year high of $269.84.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.67 by $0.13. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The firm had revenue of $22.19 billion during the quarter, compared to the consensus estimate of $23.51 billion. During the same quarter in the previous year, the company posted $4.37 EPS. The business’s revenue for the quarter was up 6.5% compared to the same quarter last year. On average, analysts expect that The Progressive Corporation will post 16.35 earnings per share for the current fiscal year.

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Thursday, July 2nd will be given a $0.10 dividend. The ex-dividend date is Thursday, July 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s payout ratio is presently 2.03%.

Insider Buying and Selling at Progressive

In other Progressive news, insider Steven Broz sold 1,157 shares of Progressive stock in a transaction on Friday, June 5th. The stock was sold at an average price of $200.00, for a total value of $231,400.00. Following the completion of the transaction, the insider owned 28,668 shares in the company, valued at approximately $5,733,600. The trade was a 3.88% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Carl G. Joyce sold 270 shares of Progressive stock in a transaction on Friday, March 20th. The shares were sold at an average price of $206.50, for a total value of $55,755.00. Following the completion of the transaction, the chief accounting officer owned 558 shares of the company’s stock, valued at approximately $115,227. The trade was a 32.61% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 7,343 shares of company stock worth $1,470,355. 0.32% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several analysts recently commented on PGR shares. UBS Group boosted their price target on Progressive from $218.00 to $220.00 and gave the company a “neutral” rating in a research note on Monday, March 23rd. Wells Fargo & Company boosted their price target on Progressive from $218.00 to $222.00 and gave the company an “equal weight” rating in a research note on Thursday, May 21st. Mizuho decreased their price target on Progressive from $235.00 to $223.00 and set a “neutral” rating on the stock in a research note on Friday, March 20th. BMO Capital Markets reaffirmed a “market perform” rating and issued a $220.00 price target on shares of Progressive in a research note on Wednesday, May 20th. Finally, Evercore reaffirmed a “negative” rating on shares of Progressive in a research note on Wednesday, March 18th. Six analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $238.11.

Progressive 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.