Victory Capital Management Inc., a major institutional investor, recently reduced its stake in The Progressive Co. (NYSE:PGR) by 7.4% during the second quarter of this year. This information was revealed in their most recent Form 13F filing with the Securities & Exchange Commission. The company now holds 3,735,057 shares of Progressive after selling 297,194 shares during the quarter. Despite the decrease, Progressive still represents approximately 0.5% of Victory Capital Management Inc.’s holdings, making it their 12th largest position. As of the filing date with the Securities & Exchange Commission, Victory Capital Management Inc. owned about 0.64% of Progressive which was valued at $494,409,000.
On July 13th earlier this year, Progressive (NYSE:PGR) released its earnings results for the quarter. The insurance provider reported an earnings per share (EPS) of $0.50, falling short of the consensus estimate by ($0.38). This unexpected shortfall in EPS impacted the company’s return on equity and net margin as well. Progressive recorded a return on equity of 12.02% and a net margin of 3.12%. Furthermore, while analysts had estimated revenue to reach $15.24 billion for the quarter, Progressive reported revenue amounting to $15.23 billion.
Looking ahead to the current fiscal year, research analysts anticipate that The Progressive Co. will post an earnings per share figure of 4.75.
For more detailed insights and analysis on Progressive’s performance and market standing, refer to our latest research report on the company.
(Note: This article is purely informative and does not constitute financial advice or an endorsement of any investment decisions.)
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Swings in Hedge Fund and Institutional Investment: The Progressive (PGR) Phenomenon
October 12, 2023 – In a perplexing turn of events, hedge funds and institutional investors have modified their holdings of Progressive (PGR) stock in recent months. Bank Julius Baer & Co. Ltd Zurich saw its stake in the insurance provider grow by an astonishing 97,906.9% in the second quarter. The bank now owns a total of 372,104,935 shares of Progressive’s stock, valued at a staggering $49,255,530,000. This increase came after the bank purchased an additional 371,725,263 shares during the last quarter.
Moneta Group Investment Advisors LLC also joined the roster of investors with a new position in Progressive during the fourth quarter. Their initial investment was worth $840,885,000. Similarly, Norges Bank added to its portfolio with a new position worth $802,968,000 during the same period.
FMR LLC demonstrated growth as well by expanding its stake in Progressive by 33.8% during the first quarter. With an additional acquisition of 3,158,144 shares, FMR LLC now owns a total of 12,507,199 shares valued at $1,789,280,
Morgan Stanley raised eyebrows when it increased its stake by 25.4% during the fourth quarter. They currently hold approximately 6’721’345 shares valued at $871’826’000.
It is somewhat mind-boggling to discover that hedge funds and other institutional investors own a stunning 83.66% of Progressive’s total outstanding shares.
On Thursday afternoon trading on October 12th approved price movements as PGR stock traded up slightly by $0.07 before reaching $143.93 per share. A moderate trading volume amounting to 313’598 shares were exchanged compared to its average daily volume which stands at around 2’631’160 shares.
Progressive has displayed a positive trend in its stock price with a 50-day moving average price of $135.82 and a 200-day moving average price of $133.73. The company currently has a market capitalization of $84.25 billion, further reinforcing its position as a heavyweight in the insurance industry.
The company announced a quarterly dividend, which will be paid on October 13th to stockholders of record as of October 5th. This dividend amounts to $0.10 per share, representing an annualized payout ratio of 13.70% and a dividend yield of 0.28%. The ex-dividend date for this dividend is October 4th.
Recent reports from analysts shed further light on Progressive’s outlook. Jefferies Financial Group raised their price target on the company’s shares from $163.00 to $167.00 in their latest research report released on October 6th.
Bank of America, however, cut their price target for Progressive from $203.00 to $199.00 in a report published on October 3rd.
BMO Capital Markets also weighed in by boosting Progressive’s price objective from $125.00 to $130.00 while giving the stock a “market perform” rating in their research note dated August 17th.
Citigroup increased their target price on Progressive from $106.00 to $120.00 but maintained a “sell” rating for the stock in their September 18th research note.
In an unexpected move, Wells Fargo & Company downgraded Progressive from an “overweight” rating to an “equal weight” recommendation and decreased the price target from $162.00 to $128.00 in their July 14th research report.
With three sell ratings, six holds, and seven buy ratings as per Bloomberg.com’s data, analysts’ opinions seem divided regarding the future performance of Progressive’s stock. The average rating currently stands at “Hold,” with an average price target of $144.21.
Intriguingly, Progressive’s stock continues to be a focal point for investors and analysts alike as the insurance provider maintains its position in the market. Only time will tell how these recent developments will impact its trajectory.
