2,823 Shares in The Progressive Corporation (NYSE:PGR) Acquired by IFC Advisors LLC

IFC Advisors LLC acquired a new position in The Progressive Corporation (NYSE:PGR - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 2,823 shares of the insurance provider's stock, valued at approximately $799,000.

A number of other hedge funds also recently added to or reduced their stakes in the company. Highline Wealth Partners LLC boosted its holdings in Progressive by 114.0% in the first quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock worth $26,000 after purchasing an additional 49 shares during the last quarter. Minot DeBlois Advisors LLC purchased a new stake in Progressive in the fourth quarter worth approximately $28,000. HWG Holdings LP purchased a new stake in Progressive in the first quarter worth approximately $28,000. Atala Financial Inc purchased a new stake in Progressive in the fourth quarter worth approximately $32,000. Finally, Garde Capital Inc. purchased a new stake in Progressive in the first quarter worth approximately $33,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Progressive Stock Performance

Shares of NYSE PGR opened at $244.77 on Friday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29. The company has a market cap of $143.49 billion, a P/E ratio of 16.51, a P/E/G ratio of 1.57 and a beta of 0.37. The firm's fifty day moving average is $271.50 and its two-hundred day moving average is $265.58. The Progressive Corporation has a 52-week low of $208.13 and a 52-week high of $292.99.

Progressive (NYSE:PGR - Get Free Report) last announced its quarterly earnings results on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.28 by $0.37. Progressive had a net margin of 11.10% and a return on equity of 33.50%. The company had revenue of $22.21 billion for the quarter, compared to the consensus estimate of $21.87 billion. As a group, analysts anticipate that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

The firm also recently announced a dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, July 4th were issued a $0.10 dividend. The ex-dividend date was Thursday, July 3rd. This represents a dividend yield of 0.15%. Progressive's dividend payout ratio (DPR) is presently 2.70%.

Insider Transactions at Progressive

In other news, insider John Jo Murphy sold 4,000 shares of the business's stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $260.38, for a total value of $1,041,520.00. Following the sale, the insider directly owned 41,289 shares in the company, valued at $10,750,829.82. The trade was a 8.83% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Stuart B. Burgdoerfer sold 3,681 shares of the business's stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $260.43, for a total transaction of $958,642.83. Following the completion of the sale, the director owned 12,217 shares in the company, valued at approximately $3,181,673.31. This trade represents a 23.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 42,705 shares of company stock worth $11,450,948. 0.34% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on PGR shares. Keefe, Bruyette & Woods raised their target price on shares of Progressive from $288.00 to $290.00 and gave the stock a "market perform" rating in a report on Wednesday. Wells Fargo & Company lifted their price target on shares of Progressive from $328.00 to $333.00 and gave the stock an "overweight" rating in a research note on Friday, June 20th. Wall Street Zen upgraded shares of Progressive from a "hold" rating to a "buy" rating in a research note on Saturday, June 21st. BMO Capital Markets lifted their price target on shares of Progressive from $282.00 to $288.00 and gave the stock an "outperform" rating in a research note on Thursday, April 17th. Finally, Barclays dropped their price target on shares of Progressive from $297.00 to $287.00 and set an "equal weight" rating on the stock in a research note on Monday, July 7th. Eight research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $285.41.

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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