First Republic Investment Management Inc. Boosts Stake in Progressive Corp (PGR)

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First Republic Investment Management Inc. grew its holdings in Progressive Corp (NYSE:PGR) by 479.2% in the 1st quarter, HoldingsChannel.com reports. The fund owned 163,412 shares of the insurance provider’s stock after purchasing an additional 135,199 shares during the quarter. First Republic Investment Management Inc.’s holdings in Progressive were worth $11,780,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. JPMorgan Chase & Co. increased its stake in shares of Progressive by 4.5% in the third quarter. JPMorgan Chase & Co. now owns 10,976,715 shares of the insurance provider’s stock valued at $779,788,000 after buying an additional 476,696 shares in the last quarter. Standard Life Aberdeen plc boosted its holdings in Progressive by 31.9% in the third quarter. Standard Life Aberdeen plc now owns 457,670 shares of the insurance provider’s stock valued at $32,513,000 after acquiring an additional 110,697 shares during the last quarter. Macquarie Group Ltd. boosted its holdings in Progressive by 9.8% in the third quarter. Macquarie Group Ltd. now owns 40,460 shares of the insurance provider’s stock valued at $2,873,000 after acquiring an additional 3,620 shares during the last quarter. Kentucky Retirement Systems bought a new position in Progressive in the third quarter valued at about $1,243,000. Finally, Legal & General Group Plc boosted its holdings in Progressive by 1.4% in the third quarter. Legal & General Group Plc now owns 2,832,561 shares of the insurance provider’s stock valued at $201,225,000 after acquiring an additional 37,940 shares during the last quarter. 80.78% of the stock is owned by institutional investors.

NYSE:PGR opened at $75.56 on Friday. The company has a market cap of $44.94 billion, a price-to-earnings ratio of 17.10, a P/E/G ratio of 2.06 and a beta of 0.79. Progressive Corp has a twelve month low of $56.71 and a twelve month high of $78.58. The company has a current ratio of 0.46, a quick ratio of 0.36 and a debt-to-equity ratio of 0.36.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Tuesday, April 16th. The insurance provider reported $1.83 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.38 by $0.45. The firm had revenue of $9.24 billion for the quarter, compared to analyst estimates of $9.20 billion. Progressive had a return on equity of 26.80% and a net margin of 8.77%. The business’s quarterly revenue was up 16.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.22 EPS. Research analysts forecast that Progressive Corp will post 5.17 EPS for the current fiscal year.

The business also recently declared an annual dividend, which was paid on Monday, April 15th. Shareholders of record on Friday, April 5th were given a dividend of $0.10 per share. This represents a dividend yield of 0.14%. The ex-dividend date was Thursday, April 4th. Progressive’s dividend payout ratio (DPR) is 59.05%.

In other news, insider M Jeffrey Charney sold 7,202 shares of Progressive stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $76.61, for a total transaction of $551,745.22. Following the completion of the transaction, the insider now directly owns 120,102 shares in the company, valued at approximately $9,201,014.22. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Steven Broz sold 2,500 shares of Progressive stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $72.93, for a total value of $182,325.00. The disclosure for this sale can be found here. Insiders have sold a total of 124,302 shares of company stock worth $9,277,910 in the last ninety days. Insiders own 0.39% of the company’s stock.

PGR has been the topic of several recent research reports. Barclays raised their price target on Progressive from $81.00 to $86.00 and gave the company an “overweight” rating in a report on Monday, April 1st. Citigroup raised their price target on Progressive from $71.00 to $75.00 and gave the company a “neutral” rating in a report on Thursday, February 14th. Wells Fargo & Co reiterated a “hold” rating and issued a $70.00 price target on shares of Progressive in a report on Wednesday, January 23rd. Credit Suisse Group reiterated a “buy” rating and issued a $73.00 price target on shares of Progressive in a report on Thursday, January 3rd. Finally, Zacks Investment Research upgraded Progressive from a “hold” rating to a “buy” rating and set a $85.00 price target on the stock in a report on Monday, April 22nd. Six analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $74.93.

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About Progressive

Progressive Corp. is an insurance holding company, which engages in the provision of personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services. It operates through the following segments: Personal Lines, Commercial Lines, Property, and Other Indemnity.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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