GHP Investment Advisors Inc. Raises Stake in Progressive Corp (NYSE:PGR)

Share on StockTwits

GHP Investment Advisors Inc. raised its position in shares of Progressive Corp (NYSE:PGR) by 8.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 43,952 shares of the insurance provider’s stock after purchasing an additional 3,602 shares during the quarter. GHP Investment Advisors Inc.’s holdings in Progressive were worth $3,245,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of PGR. Dupont Capital Management Corp increased its holdings in Progressive by 35.0% in the 4th quarter. Dupont Capital Management Corp now owns 11,153 shares of the insurance provider’s stock worth $807,000 after buying an additional 2,890 shares during the period. CIBC Private Wealth Group LLC increased its position in shares of Progressive by 25.8% during the 4th quarter. CIBC Private Wealth Group LLC now owns 27,095 shares of the insurance provider’s stock worth $1,961,000 after purchasing an additional 5,552 shares during the last quarter. Shepherd Financial Partners LLC increased its position in shares of Progressive by 297.7% during the 4th quarter. Shepherd Financial Partners LLC now owns 20,523 shares of the insurance provider’s stock worth $1,487,000 after purchasing an additional 15,362 shares during the last quarter. Hussman Strategic Advisors Inc. grew its position in Progressive by 33.3% in the 4th quarter. Hussman Strategic Advisors Inc. now owns 20,000 shares of the insurance provider’s stock valued at $1,448,000 after acquiring an additional 5,000 shares in the last quarter. Finally, LS Investment Advisors LLC grew its position in Progressive by 2.9% in the 4th quarter. LS Investment Advisors LLC now owns 15,681 shares of the insurance provider’s stock valued at $1,135,000 after acquiring an additional 445 shares in the last quarter. 80.02% of the stock is currently owned by institutional investors and hedge funds.

In other news, CEO Susan Patricia Griffith sold 34,468 shares of Progressive stock in a transaction on Thursday, April 16th. The stock was sold at an average price of $78.73, for a total transaction of $2,713,665.64. Following the transaction, the chief executive officer now directly owns 352,462 shares in the company, valued at approximately $27,749,333.26. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO John P. Sauerland sold 15,000 shares of Progressive stock in a transaction on Thursday, April 16th. The shares were sold at an average price of $79.12, for a total value of $1,186,800.00. Following the transaction, the chief financial officer now owns 362,326 shares in the company, valued at $28,667,233.12. The disclosure for this sale can be found here. Insiders have sold a total of 68,468 shares of company stock worth $5,315,306 in the last ninety days. 0.38% of the stock is owned by company insiders.

A number of brokerages have recently commented on PGR. Bank of America started coverage on Progressive in a research report on Monday. They set a “buy” rating for the company. B. Riley cut Progressive from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $96.00 to $83.00 in a research note on Wednesday, March 11th. Credit Suisse Group restated a “buy” rating and set a $79.00 price target on shares of Progressive in a research note on Thursday, April 2nd. MKM Partners dropped their price objective on Progressive from $100.00 to $90.00 in a report on Wednesday, March 18th. Finally, ValuEngine lowered Progressive from a “hold” rating to a “sell” rating in a report on Monday, May 4th. One analyst has rated the stock with a sell rating, six have given a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $83.60.

Progressive stock traded up $0.25 during mid-day trading on Tuesday, hitting $78.59. 78,402 shares of the company’s stock traded hands, compared to its average volume of 3,377,583. The firm has a 50 day moving average price of $77.65 and a 200 day moving average price of $76.00. The company has a quick ratio of 0.39, a current ratio of 0.39 and a debt-to-equity ratio of 0.39. The company has a market cap of $45.47 billion, a PE ratio of 12.99, a price-to-earnings-growth ratio of 2.08 and a beta of 0.51. Progressive Corp has a one year low of $62.18 and a one year high of $84.96.

Progressive (NYSE:PGR) last announced its earnings results on Wednesday, April 15th. The insurance provider reported $2.11 earnings per share for the quarter, beating the consensus estimate of $1.45 by $0.66. The firm had revenue of $9.87 billion for the quarter, compared to the consensus estimate of $10.28 billion. Progressive had a return on equity of 26.80% and a net margin of 9.18%. The firm’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.83 EPS. On average, analysts expect that Progressive Corp will post 6.21 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, July 7th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.51%. The ex-dividend date is Monday, July 6th. Progressive’s payout ratio is currently 5.95%.

Progressive Profile

The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.

Further Reading: Recession

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)

Receive News & Ratings for Progressive Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Progressive and related companies with MarketBeat.com's FREE daily email newsletter.