Arrowstreet Capital Limited Partnership Acquires 1,152,538 Shares of Progressive Corp (PGR)

Arrowstreet Capital Limited Partnership lifted its holdings in shares of Progressive Corp (NYSE:PGR) by 44.1% during the 4th quarter, HoldingsChannel reports. The fund owned 3,768,812 shares of the insurance provider’s stock after buying an additional 1,152,538 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in Progressive were worth $212,259,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Advisory Services Network LLC lifted its holdings in Progressive by 10.0% in the 2nd quarter. Advisory Services Network LLC now owns 6,579 shares of the insurance provider’s stock worth $290,000 after buying an additional 599 shares in the last quarter. Global X Management Co. LLC lifted its holdings in Progressive by 5.6% in the 4th quarter. Global X Management Co. LLC now owns 19,021 shares of the insurance provider’s stock worth $1,071,000 after buying an additional 1,003 shares in the last quarter. Private Trust Co. NA lifted its holdings in Progressive by 15.9% in the 4th quarter. Private Trust Co. NA now owns 7,367 shares of the insurance provider’s stock worth $414,000 after buying an additional 1,010 shares in the last quarter. Xact Kapitalforvaltning AB lifted its holdings in Progressive by 1.2% in the 3rd quarter. Xact Kapitalforvaltning AB now owns 87,206 shares of the insurance provider’s stock worth $4,223,000 after buying an additional 1,043 shares in the last quarter. Finally, CIBC Asset Management Inc lifted its holdings in Progressive by 2.0% in the 3rd quarter. CIBC Asset Management Inc now owns 55,014 shares of the insurance provider’s stock worth $2,664,000 after buying an additional 1,058 shares in the last quarter. Institutional investors and hedge funds own 78.27% of the company’s stock.

Shares of Progressive Corp (PGR) opened at $57.35 on Monday. The firm has a market cap of $33,394.90, a PE ratio of 21.08, a PEG ratio of 2.22 and a beta of 0.82. Progressive Corp has a 1 year low of $38.36 and a 1 year high of $58.25. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.37 and a quick ratio of 0.50.

Progressive (NYSE:PGR) last released its earnings results on Wednesday, January 24th. The insurance provider reported $0.79 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.77 by $0.02. The company had revenue of $6.75 billion during the quarter, compared to the consensus estimate of $6.62 billion. Progressive had a net margin of 5.93% and a return on equity of 15.96%. The company’s revenue was up 21.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.66 EPS. equities research analysts forecast that Progressive Corp will post 3.52 earnings per share for the current fiscal year.

The business also recently announced an annual dividend, which was paid on Friday, February 9th. Stockholders of record on Friday, February 2nd were given a $1.125 dividend. This represents a dividend yield of 0.0203325501536237%. The ex-dividend date was Thursday, February 1st. Progressive’s payout ratio is currently 41.18%.

In other news, insider William M. Cody sold 25,000 shares of the business’s stock in a transaction dated Friday, December 22nd. The shares were sold at an average price of $56.10, for a total value of $1,402,500.00. Following the completion of the sale, the insider now owns 137,722 shares of the company’s stock, valued at approximately $7,726,204.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.56% of the stock is currently owned by insiders.

PGR has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $60.00 price objective on shares of Progressive in a report on Wednesday, December 6th. Goldman Sachs Group initiated coverage on shares of Progressive in a report on Monday, December 4th. They issued a “buy” rating and a $57.00 price objective on the stock. UBS Group reiterated a “buy” rating and issued a $62.00 price objective on shares of Progressive in a report on Friday, December 1st. MKM Partners boosted their price objective on shares of Progressive to $60.00 and gave the stock a “buy” rating in a report on Thursday, November 16th. Finally, Credit Suisse Group reiterated a “hold” rating and issued a $48.00 price objective on shares of Progressive in a report on Friday, December 15th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $50.65.

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Progressive Profile

The Progressive Corporation is an insurance holding company. The Company’s insurance subsidiaries and affiliates provide personal and commercial automobile and property insurance, other specialty property-casualty insurance and related services. The Company operates through the Personal Lines, Commercial Lines and Property segments.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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