Hanson McClain Inc. Boosts Holdings in Progressive Corp (PGR)

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Hanson McClain Inc. boosted its position in shares of Progressive Corp (NYSE:PGR) by 344.0% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 2,664 shares of the insurance provider’s stock after purchasing an additional 2,064 shares during the quarter. Hanson McClain Inc.’s holdings in Progressive were worth $192,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of PGR. Creative Planning raised its position in shares of Progressive by 0.8% during the 1st quarter. Creative Planning now owns 16,896 shares of the insurance provider’s stock valued at $1,218,000 after acquiring an additional 137 shares during the last quarter. JLB & Associates Inc. raised its position in shares of Progressive by 2.0% during the 1st quarter. JLB & Associates Inc. now owns 6,970 shares of the insurance provider’s stock valued at $502,000 after acquiring an additional 140 shares during the last quarter. Rehmann Capital Advisory Group raised its position in shares of Progressive by 20.2% during the 4th quarter. Rehmann Capital Advisory Group now owns 868 shares of the insurance provider’s stock valued at $52,000 after acquiring an additional 146 shares during the last quarter. Prime Capital Investment Advisors LLC raised its position in shares of Progressive by 10.7% during the 1st quarter. Prime Capital Investment Advisors LLC now owns 1,521 shares of the insurance provider’s stock valued at $110,000 after acquiring an additional 147 shares during the last quarter. Finally, Parkside Financial Bank & Trust raised its position in shares of Progressive by 3.4% during the 4th quarter. Parkside Financial Bank & Trust now owns 4,814 shares of the insurance provider’s stock valued at $291,000 after acquiring an additional 160 shares during the last quarter. 80.76% of the stock is currently owned by hedge funds and other institutional investors.

Several brokerages have commented on PGR. Credit Suisse Group upped their target price on shares of Progressive from $80.00 to $84.00 and gave the company an “outperform” rating in a research report on Wednesday, April 17th. Wells Fargo & Co reiterated a “hold” rating and set a $73.00 target price on shares of Progressive in a research report on Wednesday, March 13th. Zacks Investment Research upgraded shares of Progressive from a “hold” rating to a “buy” rating and set a $85.00 target price for the company in a research report on Monday, April 22nd. Buckingham Research set a $64.00 target price on shares of Progressive and gave the company a “hold” rating in a research report on Monday. Finally, Citigroup upped their target price on shares of Progressive from $71.00 to $75.00 and gave the company a “neutral” rating in a research report on Thursday, February 14th. Six investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. Progressive currently has a consensus rating of “Buy” and a consensus price target of $75.36.

PGR opened at $77.61 on Friday. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.40 and a quick ratio of 0.40. Progressive Corp has a 12 month low of $56.71 and a 12 month high of $78.58. The firm has a market capitalization of $45.26 billion, a P/E ratio of 17.56, a PEG ratio of 2.03 and a beta of 0.79.

Progressive (NYSE:PGR) last released its quarterly earnings data on Tuesday, April 16th. The insurance provider reported $1.83 EPS for the quarter, beating the Zacks’ consensus estimate of $1.38 by $0.45. Progressive had a net margin of 8.77% and a return on equity of 27.10%. The business had revenue of $9.24 billion during the quarter, compared to analysts’ expectations of $9.20 billion. During the same quarter in the prior year, the company earned $1.22 EPS. The firm’s quarterly revenue was up 16.0% on a year-over-year basis. As a group, sell-side analysts forecast that Progressive Corp will post 5.2 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, July 5th will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.52%. The ex-dividend date is Wednesday, July 3rd. Progressive’s dividend payout ratio is currently 59.05%.

In other Progressive news, insider John A. Barbagallo sold 48,000 shares of the stock in a transaction dated Friday, April 26th. The stock was sold at an average price of $75.78, for a total transaction of $3,637,440.00. Following the completion of the transaction, the insider now owns 84,370 shares in the company, valued at approximately $6,393,558.60. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Dyke Kahina Van sold 1,715 shares of the stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $78.49, for a total value of $134,610.35. Following the transaction, the director now owns 2,464 shares of the company’s stock, valued at approximately $193,399.36. The disclosure for this sale can be found here. In the last 90 days, insiders sold 103,850 shares of company stock valued at $7,857,617. 0.39% of the stock is owned by corporate insiders.

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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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Want to see what other hedge funds are holding PGR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Progressive Corp (NYSE:PGR).

Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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