SSgA Funds Management, Inc. has recently announced that it has increased stake in Progressive Corp. (NYSE:PGR) by 2.30%. After grabbing 24.96 million shares, the institutional investor is now in possession of 0.56 million shares of the Financial Company. The new investment brought the stake of investor firm to 4.26% having worth around $3.48 billion. Moreover, JPMorgan Investment Management, I increased its share by 0.6 million to have a control over 21.2 million shares. And Wellington Management Co. LLP raised its holdings to 0.57 million shares by acquiring 18.89 million shares or 3.23% of the stake.
Progressive Corp. (PGR) concluded trading on 11/16/23 at a closing price of $159.94, with 2.78 million shares of worth about $444.84 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 17.51% during that period and on Thursday the price saw a gain of about 1.44%. Currently the company’s common shares owned by public are about 584.90M shares, out of which, 583.49M shares are available for trading.
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According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 85 times over the past 12 months. They bought 196,699 shares in 29 of the transactions. In 56 selling transactions, insiders dumped 279,893 shares.
Vanguard Total Stock Market ETF, Vanguard 500 Index Fund, and Vanguard Wellington Fund are the top 3 mutual funds which are holding stakes in Progressive Corp. Vanguard Total Stock Market ETF is currently holding 18.22 million shares of worth totaling $2.54 billion. The company recently came selling 11950.0 shares which brought its stake up to 3.11% of the company’s outstanding shares. Vanguard 500 Index Fund sold 29660.0 shares, after which its hold over company’s outstanding shares shrunk to 2.40%, leaving 14.07 million shares with the mutual fund that have a worth of about $1.96 billion. Vanguard Wellington Fund, after buying 12.2 million shares, have now control over 2.08% of the stake in the company. It holds 91225.0 shares of worth $1.7 billion.
Progressive Corp. (NYSE: PGR) started trading at $158.16, above $0.49 from concluding price of the previous day. However, the stock later moved at a day high price of 160.10, or with a gain of 1.44%. Stock saw a price change of -0.26% in past 5 days and over the past one month there was a price change of 0.48%. Year-to-date (YTD), PGR shares are showing a performance of 23.31% which increased to 29.97% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $111.41 but also hit the highest price of $161.98 during that period. The average intraday trading volume for Progressive Corp. shares is 2.42 million. The stock is currently trading 1.59% above its 20-day simple moving average (SMA20), while that difference is up 7.50% for SMA50 and it goes to 16.03% higher than SMA200.
SSgA Funds Management, Inc. acquired 24.96 million shares of Progressive Corp. having value of about $3.48 billion. Data submitted at the U.S SEC by SSgA Funds Management, Inc. revealed that the firm now holds 0.56 million shares in the company valued at close to $89643011.26, or have control over 2.30% stake in the company. Progressive Corp. (NYSE: PGR) currently have 584.90M outstanding shares and institutions hold larger chunk of about 88.03% of that. Holding of mutual funds in the company is about 49.96% while other institutional holders and individual stake holders have control over 8.53% and 37.54% of the stake respectively.
The stock has a current market capitalization of $93.57B and its 3Y-monthly beta is at 0.41. PE ratio of stock for trailing 12 months is 34.70, while it has posted earnings per share of $4.61 in the same period. Its PEG reads 1.35 while making debt-to-equity ratio of 0.40. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for PGR, volatility over the week remained 1.46% while standing at 1.65% over the month.
Analysts are in expectations that Progressive Corp. (PGR) stock would likely to be making an EPS of $2.24 in the current quarter, while forecast for next quarter EPS is $2.06 and it is $7.76 for next year. For the current quarter EPS, analysts have given the company a lowest target $1.81 which is $3 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $1.52 in the same quarter a year ago. Stock’s fiscal year EPS is expected to rise by 33.16% while it is estimated to increase by 44.23% in next year. EPS is likely to grow at an annualized rate of 25.70% for next 5-years, compared to annual growth of -15.33% made by the stock over the past 5-years.
