UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Has $1.48 Billion Stake in The Progressive Corporation $PGR

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in The Progressive Corporation (NYSE:PGR) by 6.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,784,205 shares of the insurance provider’s stock after purchasing an additional 410,326 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned about 1.17% of Progressive worth $1,482,010,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. New Mexico Educational Retirement Board lifted its position in Progressive by 7.8% during the 2nd quarter. New Mexico Educational Retirement Board now owns 29,075 shares of the insurance provider’s stock worth $6,351,000 after buying an additional 2,100 shares in the last quarter. Mufg Securities Americas Inc. boosted its stake in shares of Progressive by 8.5% during the 2nd quarter. Mufg Securities Americas Inc. now owns 17,599 shares of the insurance provider’s stock worth $3,845,000 after buying an additional 1,381 shares during the last quarter. Nissay Asset Management Corp Japan grew its holdings in shares of Progressive by 5.5% in the 2nd quarter. Nissay Asset Management Corp Japan now owns 79,072 shares of the insurance provider’s stock valued at $17,273,000 after acquiring an additional 4,103 shares in the last quarter. Hsbc Holdings PLC grew its holdings in shares of Progressive by 5.9% in the 2nd quarter. Hsbc Holdings PLC now owns 1,418,642 shares of the insurance provider’s stock valued at $310,764,000 after acquiring an additional 79,148 shares in the last quarter. Finally, Kingsview Wealth Management LLC acquired a new stake in shares of Progressive in the second quarter valued at about $345,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Stock Up 0.6%

Shares of PGR stock opened at $218.90 on Friday. The Progressive Corporation has a 52-week low of $189.20 and a 52-week high of $249.83. The stock has a market cap of $127.26 billion, a price-to-earnings ratio of 10.98, a PEG ratio of 2.91 and a beta of 0.27. The firm’s 50-day moving average is $217.19 and its 200-day moving average is $207.23. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Wednesday, July 15th. The insurance provider reported $5.67 EPS for the quarter, topping analysts’ consensus estimates of $4.64 by $1.03. The business had revenue of $23.61 billion during the quarter, compared to analysts’ expectations of $19.49 billion. Progressive had a return on equity of 32.92% and a net margin of 12.84%.Progressive’s quarterly revenue was up 5.0% on a year-over-year basis. During the same quarter last year, the company posted $5.40 earnings per share. Sell-side analysts predict that The Progressive Corporation will post 17.74 EPS for the current year.

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Thursday, October 1st will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend is Thursday, October 1st. Progressive’s dividend payout ratio (DPR) is presently 2.01%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on PGR shares. BMO Capital Markets reiterated a “market perform” rating on shares of Progressive in a report on Wednesday, August 19th. Weiss Ratings restated a “hold (c)” rating on shares of Progressive in a research note on Monday, August 3rd. William Blair reaffirmed a “market perform” rating on shares of Progressive in a research report on Wednesday, July 15th. Keefe, Bruyette & Woods upgraded Progressive from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $226.00 to $250.00 in a research note on Thursday, August 20th. Finally, Roth Capital reissued a “buy” rating and issued a $245.00 price objective on shares of Progressive in a report on Thursday, August 20th. Seven research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Progressive presently has an average rating of “Hold” and a consensus target price of $236.26.

Insider Activity at Progressive

In other Progressive news, insider Karen Bailo sold 8,452 shares of the firm’s stock in a transaction on Monday, July 27th. The stock was sold at an average price of $212.71, for a total transaction of $1,797,824.92. Following the completion of the sale, the insider owned 32,348 shares of the company’s stock, valued at $6,880,743.08. This trade represents a 20.72% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeffrey D. Kelly sold 7,000 shares of the firm’s stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $216.33, for a total value of $1,514,310.00. Following the sale, the director directly owned 22,546 shares of the company’s stock, valued at $4,877,376.18. This represents a 23.69% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 83,449 shares of company stock worth $17,685,203 in the last three months. 0.32% of the stock is owned by company insiders.

Progressive Company Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.