Strategy Asset Managers LLC Purchases Shares of 2,544 The Progressive Corporation (NYSE:PGR)

Key Points

• Strategy Asset Managers LLC has acquired 2,544 shares of The Progressive Corporation, valued at approximately $720,000, during the 1st quarter.
• Insiders have recorded significant sales, with one selling 8,922 shares for over $2.2 million, reflecting a decrease in their ownership in the company.
• Progressive reported earnings per share of $4.88 for the last quarter, exceeding estimates, and a 12.1% increase in revenue compared to the same period last year.

Strategy Asset Managers LLC acquired a new position in shares of The Progressive Corporation (NYSE:PGR - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The fund acquired 2,544 shares of the insurance provider's stock, valued at approximately $720,000.

Other institutional investors have also recently made changes to their positions in the company. Highline Wealth Partners LLC lifted its position in Progressive by 114.0% during the 1st quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock worth $26,000 after acquiring an additional 49 shares during the period. TruNorth Capital Management LLC lifted its holdings in shares of Progressive by 210.0% during the first quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider's stock worth $26,000 after purchasing an additional 63 shares during the period. Minot DeBlois Advisors LLC purchased a new stake in Progressive in the fourth quarter valued at approximately $28,000. HWG Holdings LP acquired a new position in Progressive in the 1st quarter worth approximately $28,000. Finally, Garde Capital Inc. purchased a new position in Progressive during the 1st quarter worth approximately $33,000. Institutional investors and hedge funds own 85.34% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on PGR. Bank of America reduced their target price on shares of Progressive from $337.00 to $336.00 and set a "buy" rating for the company in a report on Thursday, July 17th. Wall Street Zen lowered Progressive from a "buy" rating to a "hold" rating in a research note on Friday, July 18th. Morgan Stanley decreased their price objective on Progressive from $290.00 to $280.00 and set an "equal weight" rating for the company in a report on Monday, July 14th. Evercore ISI downgraded Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 target price on the stock. in a research note on Thursday, July 17th. Finally, UBS Group reduced their price target on Progressive from $280.00 to $268.00 and set a "neutral" rating for the company in a research report on Monday, July 21st. Nine equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $286.88.

Insider Transactions at Progressive

In other Progressive news, insider Karen Bailo sold 8,922 shares of the business's stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $249.24, for a total value of $2,223,719.28. Following the sale, the insider owned 32,346 shares of the company's stock, valued at $8,061,917.04. The trade was a 21.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, 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 value of $4,153,335.36. Following the completion of the sale, 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 disclosure for this sale can be found here. In the last 90 days, insiders sold 104,250 shares of company stock worth $26,332,348. 0.34% of the stock is owned by company insiders.

Progressive Trading Up 0.7%

Shares of PGR stock traded up $1.62 on Friday, hitting $246.93. 114,711 shares of the stock traded hands, compared to its average volume of 3,245,735. The firm's 50-day moving average price is $257.56 and its two-hundred day moving average price is $266.03. The Progressive Corporation has a twelve month low of $217.91 and a twelve month high of $292.99. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.29 and a current ratio of 0.31. The stock has a market capitalization of $144.75 billion, a PE ratio of 13.92, a PEG ratio of 1.46 and a beta of 0.33.

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

Progressive Announces Dividend

The business also recently disclosed a dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, July 4th were issued a $0.10 dividend. This represents a dividend yield of 15.0%. The ex-dividend date was Thursday, July 3rd. Progressive's dividend payout ratio is currently 2.25%.

About Progressive

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.