Acadian Asset Management LLC Has $72.04 Million Position in The Progressive Co. (NYSE:PGR)

Acadian Asset Management LLC lifted its position in shares of The Progressive Co. (NYSE:PGR) by 3,245.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 348,372 shares of the insurance provider’s stock after buying an additional 337,960 shares during the period. Acadian Asset Management LLC owned about 0.06% of Progressive worth $72,036,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Dorsey & Whitney Trust CO LLC boosted its position in shares of Progressive by 1.2% during the first quarter. Dorsey & Whitney Trust CO LLC now owns 4,640 shares of the insurance provider’s stock worth $960,000 after buying an additional 56 shares during the period. Balentine LLC boosted its position in Progressive by 0.3% during the fourth quarter. Balentine LLC now owns 22,162 shares of the insurance provider’s stock valued at $3,530,000 after purchasing an additional 58 shares during the last quarter. Compass Ion Advisors LLC boosted its position in Progressive by 0.8% during the fourth quarter. Compass Ion Advisors LLC now owns 7,443 shares of the insurance provider’s stock valued at $1,186,000 after purchasing an additional 59 shares during the last quarter. Proficio Capital Partners LLC boosted its position in Progressive by 3.2% during the first quarter. Proficio Capital Partners LLC now owns 2,053 shares of the insurance provider’s stock valued at $425,000 after purchasing an additional 63 shares during the last quarter. Finally, Independent Advisor Alliance boosted its position in Progressive by 1.9% during the fourth quarter. Independent Advisor Alliance now owns 3,438 shares of the insurance provider’s stock valued at $548,000 after purchasing an additional 64 shares during the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Progressive Price Performance

Progressive stock traded down $5.18 during mid-day trading on Friday, reaching $219.35. 3,207,517 shares of the company were exchanged, compared to its average volume of 2,601,524. The company has a fifty day simple moving average of $209.89 and a 200-day simple moving average of $199.70. The Progressive Co. has a 12 month low of $118.75 and a 12 month high of $229.00. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.33 and a quick ratio of 0.32. The firm has a market cap of $128.47 billion, a PE ratio of 22.45, a PEG ratio of 0.80 and a beta of 0.35.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 EPS for the quarter, topping analysts’ consensus estimates of $2.04 by $0.61. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The firm had revenue of $17.90 billion for the quarter, compared to analyst estimates of $17.54 billion. During the same quarter last year, the company earned $0.57 EPS. The company’s revenue was up 21.6% on a year-over-year basis. As a group, equities research analysts expect that The Progressive Co. will post 12.01 earnings per share for the current fiscal year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Shareholders of record on Wednesday, July 3rd were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Wednesday, July 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.18%. Progressive’s dividend payout ratio (DPR) is presently 4.09%.

Insiders Place Their Bets

In other Progressive news, insider Steven Broz sold 7,361 shares of the firm’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $207.25, for a total transaction of $1,525,567.25. Following the transaction, the insider now owns 35,503 shares in the company, valued at approximately $7,357,996.75. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other Progressive news, insider Steven Broz sold 7,361 shares of the firm’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $207.25, for a total value of $1,525,567.25. Following the sale, the insider now owns 35,503 shares of the company’s stock, valued at approximately $7,357,996.75. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Philip Bleser sold 2,129 shares of the firm’s stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $219.08, for a total value of $466,421.32. Following the completion of the sale, the director now directly owns 974 shares in the company, valued at approximately $213,383.92. The disclosure for this sale can be found here. Insiders have sold a total of 35,647 shares of company stock worth $7,417,765 in the last 90 days. Company insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on PGR shares. Roth Mkm reissued a “buy” rating and set a $235.00 price target on shares of Progressive in a research report on Wednesday. Piper Sandler reissued an “overweight” rating and set a $240.00 price target on shares of Progressive in a research report on Monday, April 1st. HSBC upped their price objective on Progressive from $174.00 to $200.00 and gave the company a “hold” rating in a research note on Thursday, March 28th. Morgan Stanley dropped their price objective on Progressive from $256.00 to $255.00 and set an “overweight” rating on the stock in a research note on Monday, June 10th. Finally, The Goldman Sachs Group upped their price objective on Progressive from $161.00 to $216.00 and gave the company a “neutral” rating in a research note on Monday, March 25th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, Progressive currently has a consensus rating of “Moderate Buy” and an average price target of $222.94.

Progressive Company 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.