The Vanguard Group, Inc. has recently announced that it has increased stake in Progressive Corp. (NYSE:PGR) by 0.17%. After grabbing 48.8 million shares, the institutional investor is now in possession of 80498.0 shares of the Financial Company. The new investment brought the stake of investor firm to 8.34% having worth around $7.71 billion. Moreover, BlackRock Fund Advisors increased its share by 0.16 million to have a control over 28.84 million shares. And JPMorgan Investment Management, I raised its holdings to 1.52 million shares by acquiring 22.72 million shares or 3.88% of the stake.
Progressive Corp. (PGR) concluded trading on 12/14/23 at a closing price of $153.55, with 5.62 million shares of worth about $863.58 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 19.62% during that period and on Thursday the price saw a loss of about -4.36%. Currently the company’s common shares owned by public are about 584.90M shares, out of which, 583.36M 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 86 times over the past 12 months. They bought 196,699 shares in 29 of the transactions. In 57 selling transactions, insiders dumped 300,793 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 18.32 million shares of worth totaling $2.9 billion. The company recently came buying 94481.0 shares which brought its stake up to 3.13% of the company’s outstanding shares. Vanguard 500 Index Fund bought 68626.0 shares, after which its hold over company’s outstanding shares expand to 2.42%, leaving 14.14 million shares with the mutual fund that have a worth of about $2.23 billion. Vanguard Wellington Fund, after selling 11.82 million shares, have now control over 2.02% of the stake in the company. It holds -0.38 million shares of worth $1.87 billion.
However, the stock later moved at a day high price of 160.81, or with a loss of -4.36%. Stock saw a price change of -5.05% in past 5 days and over the past one month there was a price change of -3.75%. Year-to-date (YTD), PGR shares are showing a performance of 18.38% which increased to 19.70% 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 $165.57 during that period. The average intraday trading volume for Progressive Corp. shares is 2.40 million. The stock is currently trading -5.22% below its 20-day simple moving average (SMA20), while that difference is down -2.34% for SMA50 and it goes to 9.71% higher than SMA200.
The Vanguard Group, Inc. acquired 48.8 million shares of Progressive Corp. having value of about $7.71 billion. Data submitted at the U.S SEC by The Vanguard Group, Inc. revealed that the firm now holds 80498.0 shares in the company valued at close to $12360467.9, or have control over 0.17% stake in the company. Progressive Corp. (NYSE: PGR) currently have 584.90M outstanding shares and institutions hold larger chunk of about 87.91% of that. Holding of mutual funds in the company is about 49.92% while other institutional holders and individual stake holders have control over 8.58% and 38.62% of the stake respectively.
The stock has a current market capitalization of $89.83B and its 3Y-monthly beta is at 0.37. PE ratio of stock for trailing 12 months is 33.31, while it has posted earnings per share of $4.61 in the same period. Its PEG reads 1.28 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 2.57% while standing at 1.67% over the month.
Analysts are in expectations that Progressive Corp. (PGR) stock would likely to be making an EPS of $2.32 in the current quarter, while forecast for next quarter EPS is $2.14 and it is $8.01 for next year. For the current quarter EPS, analysts have given the company a lowest target $2.03 which is $2.82 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 34.66% while it is estimated to increase by 45.46% in next year. EPS is likely to grow at an annualized rate of 26.00% for next 5-years, compared to annual growth of -15.33% made by the stock over the past 5-years.
