Oakmont Corp lifted its stake in Progressive Corp (NYSE:PGR) by 36.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 398,915 shares of the insurance provider’s stock after purchasing an additional 106,461 shares during the quarter. Progressive accounts for approximately 4.8% of Oakmont Corp’s holdings, making the stock its 9th biggest position. Oakmont Corp owned approximately 0.07% of Progressive worth $31,885,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Manchester Financial Inc. purchased a new position in shares of Progressive in the 2nd quarter worth about $25,000. Jackson Grant Investment Advisers Inc. bought a new stake in Progressive in the 1st quarter worth about $26,000. Archford Capital Strategies LLC increased its holdings in Progressive by 49.5% in the 2nd quarter. Archford Capital Strategies LLC now owns 408 shares of the insurance provider’s stock worth $33,000 after buying an additional 135 shares in the last quarter. Ropes Wealth Advisors LLC bought a new stake in Progressive in the 1st quarter worth about $39,000. Finally, Global Retirement Partners LLC increased its holdings in Progressive by 23.9% in the 1st quarter. Global Retirement Partners LLC now owns 841 shares of the insurance provider’s stock worth $61,000 after buying an additional 162 shares in the last quarter. 78.51% of the stock is owned by hedge funds and other institutional investors.
Several equities research analysts recently commented on PGR shares. UBS Group lifted their price objective on Progressive from $88.00 to $95.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Wells Fargo & Co reiterated a “hold” rating and issued a $81.00 price objective on shares of Progressive in a report on Wednesday, July 17th. ValuEngine downgraded Progressive from a “buy” rating to a “hold” rating in a report on Wednesday, July 17th. Barclays lifted their price objective on Progressive from $90.00 to $95.00 and gave the stock an “overweight” rating in a report on Monday, July 1st. Finally, Janney Montgomery Scott started coverage on Progressive in a report on Thursday, June 20th. They issued a “neutral” rating and a $59.00 price objective for the company. Six equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $82.92.
Shares of Progressive stock traded down $3.63 during trading hours on Wednesday, reaching $75.83. 265,755 shares of the stock traded hands, compared to its average volume of 2,969,824. The business’s 50 day moving average is $81.30. The company has a market capitalization of $46.50 billion, a price-to-earnings ratio of 17.24, a price-to-earnings-growth ratio of 2.05 and a beta of 0.66. Progressive Corp has a one year low of $56.71 and a one year high of $84.96. 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 released its quarterly earnings results on Wednesday, July 17th. The insurance provider reported $1.66 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.43 by $0.23. The business had revenue of $9.13 billion during the quarter, compared to the consensus estimate of $9.13 billion. Progressive had a return on equity of 28.12% and a net margin of 9.19%. The business’s quarterly revenue was up 12.7% compared to the same quarter last year. During the same period in the previous year, the company posted $1.19 EPS. On average, sell-side analysts expect that Progressive Corp will post 5.36 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, October 7th will be paid a dividend of $0.10 per share. The ex-dividend date is Friday, October 4th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.53%. Progressive’s dividend payout ratio is currently 9.05%.
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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