3,886 Shares in The Progressive Corporation $PGR Bought by EdgeRock Capital LLC

EdgeRock Capital LLC bought a new stake in The Progressive Corporation (NYSE:PGR - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 3,886 shares of the insurance provider's stock, valued at approximately $1,035,000.

A number of other large investors have also added to or reduced their stakes in PGR. MBE Wealth Management LLC lifted its position in shares of Progressive by 9.7% during the second quarter. MBE Wealth Management LLC now owns 1,684 shares of the insurance provider's stock valued at $449,000 after buying an additional 149 shares during the last quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH lifted its position in Progressive by 303.2% during the second quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 20,388 shares of the insurance provider's stock valued at $5,441,000 after acquiring an additional 15,331 shares during the last quarter. Perigon Wealth Management LLC boosted its stake in Progressive by 6.0% in the second quarter. Perigon Wealth Management LLC now owns 4,979 shares of the insurance provider's stock valued at $1,329,000 after acquiring an additional 283 shares in the last quarter. Plancorp LLC grew its holdings in Progressive by 2.9% in the second quarter. Plancorp LLC now owns 1,799 shares of the insurance provider's stock worth $480,000 after purchasing an additional 50 shares during the last quarter. Finally, McAdam LLC purchased a new position in Progressive in the second quarter worth $248,000. 85.34% of the stock is currently owned by institutional investors.

Progressive Price Performance

Shares of NYSE PGR opened at $242.18 on Friday. The Progressive Corporation has a 52 week low of $228.54 and a 52 week high of $292.99. The business's 50 day moving average price is $245.40 and its 200 day moving average price is $262.37. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.21. The firm has a market cap of $141.97 billion, a P/E ratio of 13.64, a P/E/G ratio of 1.34 and a beta of 0.32.

Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.43 by $0.45. The company 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 EPS. On average, sell-side analysts expect that The Progressive Corporation will post 14.68 earnings per share for the current year.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Thursday, October 2nd will be given a dividend of $0.10 per share. The ex-dividend date is Thursday, October 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive's payout ratio is currently 2.25%.

Insider Buying and Selling

In other Progressive news, insider John Jo Murphy sold 2,218 shares of the stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $242.10, for a total transaction of $536,977.80. Following the sale, the insider directly owned 43,506 shares of the company's stock, valued at approximately $10,532,802.60. This trade represents a 4.85% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Lori A. Niederst sold 8,063 shares of the business's stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $250.18, for a total value of $2,017,201.34. Following the completion of the transaction, the insider directly owned 39,040 shares of the company's stock, valued at approximately $9,767,027.20. This trade represents a 17.12% decrease in their position. The disclosure for this sale can be found here. Insiders sold 140,045 shares of company stock valued at $34,635,290 in the last 90 days. 0.34% of the stock is currently owned by insiders.

Analyst Ratings Changes

PGR has been the subject of several analyst reports. Cantor Fitzgerald upgraded Progressive to a "hold" rating in a report on Wednesday, August 13th. Wells Fargo & Company reiterated an "equal weight" rating and issued a $265.00 price target (down from $327.00) on shares of Progressive in a research note on Thursday, September 18th. Wolfe Research assumed coverage on Progressive in a report on Monday, September 15th. They issued a "peer perform" rating for the company. Barclays cut their price objective 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. Finally, Jefferies Financial Group decreased their price objective on shares of Progressive from $309.00 to $287.00 and set a "buy" rating for the company in a research report on Monday, August 11th. Six equities research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company. Based on data from MarketBeat, Progressive has a consensus rating of "Hold" and an average price target of $279.31.

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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