2,656 Shares in The Progressive Corporation (NYSE:PGR) Purchased by Pandora Wealth Inc.

Key Points

• Pandora Wealth Inc. acquired 2,656 shares of The Progressive Corporation (NYSE:PGR) worth approximately $752,000 during the first quarter, adding to the trend of institutional investments in the company.
• The CEO, Susan Patricia Griffith, sold 30,660 shares of Progressive stock for over $7.4 million, representing a 5.7% decrease in her ownership stake.
• Progressive reported a solid quarterly earnings of $4.88 EPS, exceeding analysts' estimates, and the company anticipates posting a 14.68 EPS for the current fiscal year.

Pandora Wealth Inc. bought a new position in shares of The Progressive Corporation (NYSE:PGR - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 2,656 shares of the insurance provider's stock, valued at approximately $752,000.

Several other institutional investors and hedge funds have also bought and sold shares of PGR. Vanguard Group Inc. raised its stake in Progressive by 1.2% in the first quarter. Vanguard Group Inc. now owns 54,022,956 shares of the insurance provider's stock valued at $15,289,037,000 after buying an additional 622,590 shares during the period. Northern Trust Corp raised its stake in Progressive by 13.0% in the fourth quarter. Northern Trust Corp now owns 6,179,529 shares of the insurance provider's stock valued at $1,480,677,000 after buying an additional 710,684 shares during the period. Capital Research Global Investors raised its stake in Progressive by 34.3% in the fourth quarter. Capital Research Global Investors now owns 6,058,187 shares of the insurance provider's stock valued at $1,451,602,000 after buying an additional 1,547,677 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Progressive by 18.1% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,983,567 shares of the insurance provider's stock valued at $1,433,722,000 after buying an additional 915,643 shares during the period. Finally, Deutsche Bank AG raised its stake in Progressive by 6.6% in the fourth quarter. Deutsche Bank AG now owns 5,447,442 shares of the insurance provider's stock valued at $1,305,262,000 after buying an additional 337,146 shares during the period. Institutional investors own 85.34% of the company's stock.

Insider Buying and Selling

In other news, CEO Susan Patricia Griffith sold 30,660 shares of Progressive stock in a transaction on Monday, July 28th. The stock was sold at an average price of $242.12, for a total value of $7,423,399.20. Following the transaction, the chief executive officer owned 506,945 shares in the company, valued at approximately $122,741,523.40. This trade represents a 5.70% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Patrick K. Callahan sold 6,232 shares of Progressive stock in a transaction on Monday, July 28th. The shares were sold at an average price of $242.16, for a total value of $1,509,141.12. Following the completion of the transaction, the insider owned 27,844 shares in the company, valued at approximately $6,742,703.04. The trade was a 18.29% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 104,250 shares of company stock worth $26,332,348. 0.34% of the stock is owned by company insiders.

Progressive Price Performance

Progressive stock opened at $246.49 on Friday. The stock's fifty day moving average price is $256.79 and its two-hundred day moving average price is $266.07. The Progressive Corporation has a one year low of $217.91 and a one year high of $292.99. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.31 and a quick ratio of 0.29. The firm has a market cap of $144.49 billion, a PE ratio of 13.89, a price-to-earnings-growth ratio of 1.45 and a beta of 0.33.

Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings data on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, topping analysts' consensus estimates of $4.43 by $0.45. Progressive had a return on equity of 35.37% and a net margin of 12.66%. The firm had revenue of $20.08 billion for the quarter, compared to analyst estimates of $20.39 billion. During the same quarter last year, the company earned $2.48 EPS. The company's revenue was up 12.1% on a year-over-year basis. As a group, research analysts expect that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Barclays dropped their price objective on Progressive from $297.00 to $287.00 and set an "equal weight" rating on the stock in a research note on Monday, July 7th. Keefe, Bruyette & Woods dropped their price objective on Progressive from $290.00 to $268.00 and set a "market perform" rating on the stock in a research note on Thursday, July 17th. Bank of America dropped their price target on Progressive from $337.00 to $336.00 and set a "buy" rating for the company in a report on Thursday, July 17th. Wells Fargo & Company lifted their price target on Progressive from $328.00 to $333.00 and gave the stock an "overweight" rating in a report on Friday, June 20th. Finally, UBS Group dropped their price target on Progressive from $280.00 to $268.00 and set a "neutral" rating for the company in a report on Monday, July 21st. Nine investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $286.88.

Progressive Company 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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