Empirical Finance LLC Purchases 1,021 Shares of The Progressive Co. (NYSE:PGR)

Empirical Finance LLC grew its holdings in shares of The Progressive Co. (NYSE:PGR) by 16.8% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 7,099 shares of the insurance provider’s stock after purchasing an additional 1,021 shares during the quarter. Empirical Finance LLC’s holdings in The Progressive were worth $697,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also modified their holdings of the company. Wesbanco Bank Inc. bought a new stake in The Progressive during the first quarter valued at approximately $1,563,000. Jarislowsky Fraser Ltd raised its holdings in The Progressive by 9,885.7% in the 2nd quarter. Jarislowsky Fraser Ltd now owns 314,749 shares of the insurance provider’s stock worth $30,911,000 after purchasing an additional 311,597 shares during the period. Forsta AP Fonden grew its holdings in The Progressive by 9.3% during the first quarter. Forsta AP Fonden now owns 173,200 shares of the insurance provider’s stock valued at $16,560,000 after purchasing an additional 14,700 shares during the period. Marathon Asset Management LLP increased its position in The Progressive by 110.6% in the second quarter. Marathon Asset Management LLP now owns 1,045,967 shares of the insurance provider’s stock worth $102,724,000 after buying an additional 549,349 shares in the last quarter. Finally, Livforsakringsbolaget Skandia Omsesidigt raised its stake in shares of The Progressive by 9.1% in the first quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 18,028 shares of the insurance provider’s stock worth $1,723,000 after buying an additional 1,500 shares during the period. Hedge funds and other institutional investors own 82.14% of the company’s stock.

PGR stock opened at $93.20 on Wednesday. The Progressive Co. has a twelve month low of $84.89 and a twelve month high of $107.58. The stock has a market capitalization of $54.54 billion, a price-to-earnings ratio of 10.03, a price-to-earnings-growth ratio of 3.51 and a beta of 0.46. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.30. The firm’s fifty day simple moving average is $95.99 and its two-hundred day simple moving average is $96.69.

The Progressive (NYSE:PGR) last issued its quarterly earnings results on Tuesday, August 3rd. The insurance provider reported $0.72 EPS for the quarter, missing the consensus estimate of $1.08 by ($0.36). The Progressive had a net margin of 12.00% and a return on equity of 23.52%. As a group, equities research analysts expect that The Progressive Co. will post 4.42 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 15th. Stockholders of record on Thursday, October 7th will be issued a $0.10 dividend. The ex-dividend date is Wednesday, October 6th. This represents a $0.40 annualized dividend and a dividend yield of 0.43%. The Progressive’s payout ratio is 5.35%.

A number of equities research analysts have commented on PGR shares. Bank of America decreased their target price on shares of The Progressive from $127.00 to $123.00 and set a “buy” rating on the stock in a research note on Thursday, June 17th. Morgan Stanley downgraded shares of The Progressive from an “equal weight” rating to an “underweight” rating and lowered their target price for the stock from $90.00 to $85.00 in a report on Monday, June 7th. Barclays cut their target price on shares of The Progressive from $86.00 to $84.00 and set an “underweight” rating for the company in a research note on Friday, July 16th. Raymond James dropped their price objective on shares of The Progressive from $115.00 to $105.00 and set an “outperform” rating for the company in a report on Friday, July 16th. Finally, Wells Fargo & Company reiterated a “sell” rating on shares of The Progressive in a research report on Thursday, June 17th. Six analysts have rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $95.21.

In related news, CFO John P. Sauerland sold 12,000 shares of The Progressive stock in a transaction dated Thursday, June 17th. The shares were sold at an average price of $92.86, for a total transaction of $1,114,320.00. Following the completion of the sale, the chief financial officer now owns 296,721 shares in the company, valued at approximately $27,553,512.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Susan Patricia Griffith sold 45,000 shares of The Progressive stock in a transaction that occurred on Thursday, June 17th. The shares were sold at an average price of $91.78, for a total transaction of $4,130,100.00. Following the sale, the chief executive officer now directly owns 365,215 shares of the company’s stock, valued at approximately $33,519,432.70. The disclosure for this sale can be found here. Insiders have sold a total of 110,752 shares of company stock valued at $10,324,363 over the last three months. 0.37% of the stock is owned by corporate insiders.

The Progressive Company Profile

Progressive Corp. is an insurance holding company, which engages in the provision of personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services. It operates through the following segments: Personal Lines, Commercial Lines and Property.

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Institutional Ownership by Quarter for The Progressive (NYSE:PGR)

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