IPG Investment Advisors LLC Has $16.20 Million Stock Position in The Progressive Corporation $PGR

IPG Investment Advisors LLC raised its stake in The Progressive Corporation (NYSE:PGR) by 43.4% in the fourth quarter, Holdings Channel.com reports. The firm owned 71,131 shares of the insurance provider’s stock after acquiring an additional 21,529 shares during the period. Progressive makes up approximately 2.8% of IPG Investment Advisors LLC’s holdings, making the stock its 7th largest holding. IPG Investment Advisors LLC’s holdings in Progressive were worth $16,198,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of PGR. Capital International Investors boosted its holdings in Progressive by 78.9% in the 3rd quarter. Capital International Investors now owns 13,704,197 shares of the insurance provider’s stock valued at $3,384,082,000 after purchasing an additional 6,045,732 shares during the period. Capital Research Global Investors boosted its holdings in Progressive by 26.1% in the 3rd quarter. Capital Research Global Investors now owns 11,167,940 shares of the insurance provider’s stock valued at $2,757,905,000 after purchasing an additional 2,314,864 shares during the period. Life Cycle Investment Partners Ltd bought a new stake in Progressive in the 4th quarter valued at $353,906,000. CIBC Private Wealth Group LLC boosted its holdings in Progressive by 2,012.0% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 767,549 shares of the insurance provider’s stock valued at $189,546,000 after purchasing an additional 731,207 shares during the period. Finally, M&T Bank Corp boosted its holdings in Progressive by 1,363.8% in the 4th quarter. M&T Bank Corp now owns 706,898 shares of the insurance provider’s stock valued at $160,975,000 after purchasing an additional 658,607 shares during the period. 85.34% of the stock is owned by institutional investors.

Progressive Price Performance

NYSE:PGR opened at $197.00 on Thursday. The company has a 50-day moving average of $200.07 and a 200-day moving average of $210.03. The company has a market capitalization of $115.12 billion, a price-to-earnings ratio of 10.02, a PEG ratio of 7.28 and a beta of 0.31. The Progressive Corporation has a 52 week low of $191.75 and a 52 week high of $289.96. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.27 and a current ratio of 0.27.

Progressive (NYSE:PGR) last announced its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.67 by $0.13. The business had revenue of $22.19 billion during the quarter, compared to analysts’ expectations of $23.51 billion. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The firm’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same quarter last year, the company posted $4.37 EPS. As a group, equities research analysts anticipate that The Progressive Corporation will post 16.36 earnings per share for the current fiscal year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Thursday, July 2nd will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date is Thursday, July 2nd. Progressive’s dividend payout ratio (DPR) is presently 2.03%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on PGR shares. UBS Group increased their price target on shares of Progressive from $218.00 to $220.00 and gave the company a “neutral” rating in a report on Monday, March 23rd. Evercore reissued a “negative” rating on shares of Progressive in a report on Wednesday, March 18th. Barclays set a $247.00 price target on shares of Progressive in a report on Wednesday, March 18th. Royal Bank Of Canada set a $208.00 price target on shares of Progressive in a report on Friday, May 22nd. Finally, Mizuho reduced their price objective on shares of Progressive from $235.00 to $223.00 and set a “neutral” rating for the company in a report on Friday, March 20th. Six equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $238.11.

Insider Activity

In other Progressive news, CAO Carl G. Joyce sold 270 shares of the firm’s stock in a transaction dated Friday, March 20th. The shares were sold at an average price of $206.50, for a total value of $55,755.00. Following the completion of the sale, the chief accounting officer owned 558 shares in the company, valued at approximately $115,227. This trade represents a 32.61% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Karen Bailo sold 3,517 shares of the firm’s stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $212.00, for a total transaction of $745,604.00. Following the completion of the sale, the insider owned 32,348 shares of the company’s stock, valued at $6,857,776. The trade was a 9.81% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 3,928 shares of company stock valued at $831,251 in the last 90 days. Corporate insiders own 0.32% of the company’s stock.

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.