Progressive Corp (NYSE:PGR) Shares Acquired by Pictet Asset Management Ltd.

Pictet Asset Management Ltd. lifted its holdings in shares of Progressive Corp (NYSE:PGR) by 4.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 300,972 shares of the insurance provider’s stock after buying an additional 13,600 shares during the quarter. Pictet Asset Management Ltd. owned approximately 0.05% of Progressive worth $24,057,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in PGR. BlackRock Inc. raised its stake in Progressive by 0.9% in the 1st quarter. BlackRock Inc. now owns 41,390,620 shares of the insurance provider’s stock valued at $2,983,849,000 after purchasing an additional 358,718 shares during the last quarter. JPMorgan Chase & Co. raised its stake in Progressive by 0.7% in the 1st quarter. JPMorgan Chase & Co. now owns 10,367,630 shares of the insurance provider’s stock valued at $747,404,000 after purchasing an additional 72,786 shares during the last quarter. Geode Capital Management LLC raised its stake in Progressive by 7.4% in the 4th quarter. Geode Capital Management LLC now owns 7,478,706 shares of the insurance provider’s stock valued at $450,389,000 after purchasing an additional 515,706 shares during the last quarter. Northern Trust Corp raised its stake in Progressive by 1.1% in the 2nd quarter. Northern Trust Corp now owns 7,244,901 shares of the insurance provider’s stock valued at $579,085,000 after purchasing an additional 81,460 shares during the last quarter. Finally, Wells Fargo & Company MN raised its stake in Progressive by 10.1% in the 2nd quarter. Wells Fargo & Company MN now owns 5,322,162 shares of the insurance provider’s stock valued at $425,401,000 after purchasing an additional 490,369 shares during the last quarter. 79.87% of the stock is owned by institutional investors and hedge funds.

PGR has been the subject of several recent research reports. B. Riley increased their price objective on Progressive from $89.00 to $96.00 and gave the company a “buy” rating in a research note on Thursday, June 13th. Buckingham Research increased their price objective on Progressive from $74.00 to $78.00 and gave the company a “neutral” rating in a research note on Thursday. ValuEngine downgraded Progressive from a “hold” rating to a “sell” rating in a research note on Tuesday. Janney Montgomery Scott initiated coverage on Progressive in a research note on Thursday, June 20th. They issued a “neutral” rating and a $59.00 price objective for the company. Finally, Wells Fargo & Co reissued a “hold” rating and issued a $81.00 price objective on shares of Progressive in a research note on Thursday, August 15th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $84.08.

Shares of PGR traded down $5.18 during midday trading on Friday, reaching $71.80. The company had a trading volume of 478,024 shares, compared to its average volume of 2,312,965. Progressive Corp has a 1-year low of $56.71 and a 1-year high of $84.96. The stock has a market cap of $44.51 billion, a PE ratio of 16.24, a price-to-earnings-growth ratio of 1.92 and a beta of 0.68. The firm has a 50 day simple moving average of $78.03 and a 200-day simple moving average of $77.29. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.34.

Progressive (NYSE:PGR) last issued its earnings results on Wednesday, July 17th. The insurance provider reported $1.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.43 by $0.23. Progressive had a return on equity of 28.12% and a net margin of 9.19%. The business had revenue of $9.13 billion during the quarter, compared to the consensus estimate of $9.13 billion. During the same period last year, the company earned $1.19 EPS. The company’s revenue for the quarter was up 12.7% on a year-over-year basis. As a group, sell-side analysts anticipate that Progressive Corp will post 5.42 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, October 7th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.56%. The ex-dividend date is Friday, October 4th. Progressive’s dividend payout ratio (DPR) is presently 9.05%.

In other Progressive news, insider John Jo Murphy sold 12,000 shares of the firm’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $81.11, for a total value of $973,320.00. Following the completion of the sale, the insider now directly owns 24,867 shares of the company’s stock, valued at approximately $2,016,962.37. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Susan Patricia Griffith sold 22,500 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $76.47, for a total value of $1,720,575.00. Following the completion of the sale, the chief executive officer now directly owns 352,795 shares of the company’s stock, valued at $26,978,233.65. The disclosure for this sale can be found here. Insiders sold a total of 46,500 shares of company stock valued at $3,624,855 over the last ninety days. Corporate insiders own 0.39% of the company’s stock.

About Progressive

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.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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