1,735 Shares in The Progressive Corporation $PGR Purchased by LexAurum Advisors LLC

Key Points

• LexAurum Advisors LLC has acquired 1,735 shares of The Progressive Corporation, valued at approximately $463,000, during the 2nd quarter.
• Progressive's recent earnings report showed a profit of $4.88 per share, surpassing expectations, with revenue of $20.08 billion, though slightly below analysts' estimates.
• The company announced a quarterly dividend of $0.10 per share, set to be paid on October 10th, representing a 0.2% yield for shareholders.

LexAurum Advisors LLC purchased a new position in The Progressive Corporation (NYSE:PGR - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 1,735 shares of the insurance provider's stock, valued at approximately $463,000.

Other institutional investors also recently modified their holdings of the company. Nuveen LLC purchased a new stake in Progressive during the 1st quarter valued at about $1,473,180,000. GQG Partners LLC grew its position in Progressive by 61.4% during the 1st quarter. GQG Partners LLC now owns 8,346,133 shares of the insurance provider's stock valued at $2,362,039,000 after purchasing an additional 3,174,632 shares during the last quarter. C WorldWide Group Holding A S grew its position in Progressive by 12,110.3% during the 1st quarter. C WorldWide Group Holding A S now owns 1,248,628 shares of the insurance provider's stock valued at $353,374,000 after purchasing an additional 1,238,402 shares during the last quarter. Alliancebernstein L.P. grew its position in Progressive by 15.2% during the 1st quarter. Alliancebernstein L.P. now owns 8,263,157 shares of the insurance provider's stock valued at $2,338,556,000 after purchasing an additional 1,091,828 shares during the last quarter. Finally, Axiom Investors LLC DE purchased a new stake in Progressive during the 1st quarter valued at about $194,557,000. 85.34% of the stock is currently owned by institutional investors.

Progressive Trading Up 1.1%

PGR stock opened at $247.02 on Wednesday. The firm has a fifty day moving average price of $245.32 and a 200 day moving average price of $261.53. The Progressive Corporation has a fifty-two week low of $228.54 and a fifty-two week high of $292.99. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.31 and a current ratio of 0.31. The firm has a market cap of $144.81 billion, a PE ratio of 13.92, a price-to-earnings-growth ratio of 1.36 and a beta of 0.32.

Progressive (NYSE:PGR - Get Free Report) last posted its earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share for the quarter, beating analysts' consensus estimates of $4.43 by $0.45. The firm had revenue of $20.08 billion during the quarter, compared to analyst estimates of $20.39 billion. Progressive had a net margin of 12.66% and a return on equity of 35.37%. Progressive's revenue for the quarter was up 12.1% compared to the same quarter last year. During the same period last year, the firm posted $2.48 earnings per share. Sell-side analysts anticipate that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Thursday, October 2nd will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend is Thursday, October 2nd. Progressive's payout ratio is presently 2.25%.

Analyst Upgrades and Downgrades

Several analysts recently commented on PGR shares. Cantor Fitzgerald raised shares of Progressive to a "hold" rating in a research report on Wednesday, August 13th. Evercore ISI downgraded shares of Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 price objective on the stock. in a research report on Thursday, July 17th. Barclays dropped their price target on shares of Progressive from $287.00 to $281.00 and set an "equal weight" rating on the stock in a report on Tuesday, August 19th. Wall Street Zen downgraded shares of Progressive from a "buy" rating to a "hold" rating in a report on Sunday, September 21st. Finally, Citigroup reaffirmed a "buy" rating on shares of Progressive in a report on Friday, August 29th. Six investment analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $279.75.

Insider Activity at Progressive

In other Progressive news, CFO John P. Sauerland sold 16,664 shares of Progressive stock in a transaction on Monday, July 28th. The shares were sold at an average price of $249.24, for a total transaction of $4,153,335.36. Following the completion of the transaction, the chief financial officer directly owned 228,024 shares of the company's stock, valued at $56,832,701.76. The trade was a 6.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Lori A. Niederst sold 8,063 shares of Progressive stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $250.18, for a total transaction of $2,017,201.34. Following the transaction, the insider directly owned 39,040 shares of the company's stock, valued at $9,767,027.20. The trade was a 17.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 130,045 shares of company stock valued at $31,997,390 over the last three months. Corporate insiders own 0.33% of the company's stock.

Progressive Profile

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.

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