4,971 Shares in The Progressive Corporation $PGR Purchased by Focus Partners Advisor Solutions LLC

Key Points

• Focus Partners Advisor Solutions acquired 4,971 Progressive shares worth approximately $1.09 million in the second quarter, while institutional investors collectively own 85.34% of the insurer.
• Progressive reported quarterly earnings of $5.67 per share, beating estimates by $1.03, as revenue reached $23.61 billion and increased 5% year over year.
• The company declared a quarterly dividend of $0.10 per share, while analysts maintain a consensus “Hold” rating and a $235 price target; Progressive shares recently traded near $209.48.

Focus Partners Advisor Solutions LLC acquired a new position in The Progressive Corporation (NYSE:PGR - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 4,971 shares of the insurance provider's stock, valued at approximately $1,086,000.

Other large investors have also bought and sold shares of the company. State of Wyoming bought a new stake in shares of Progressive during the 2nd quarter valued at $227,000. Summit Asset Management LLC bought a new position in shares of Progressive during the second quarter valued at approximately $1,299,000. Kelleher Financial Advisors purchased a new position in shares of Progressive during the second quarter valued at approximately $246,000. GSA Capital Partners LLP purchased a new position in shares of Progressive during the second quarter valued at approximately $470,000. Finally, Stoneridge Investment Partners LLC bought a new stake in shares of Progressive in the 2nd quarter worth approximately $703,000. 85.34% of the stock is owned by institutional investors.

Progressive Price Performance

PGR opened at $209.48 on Monday. The company's 50-day simple moving average is $214.36 and its two-hundred day simple moving average is $206.46. 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 stock has a market capitalization of $121.79 billion, a P/E ratio of 10.51, a P/E/G ratio of 2.82 and a beta of 0.27. The Progressive Corporation has a 52-week low of $189.20 and a 52-week high of $254.93.

Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings data on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share for the quarter, beating the consensus estimate of $4.64 by $1.03. The firm had revenue of $23.61 billion during the quarter, compared to analysts' expectations of $19.49 billion. Progressive had a net margin of 12.84% and a return on equity of 32.92%. The firm's quarterly revenue was up 5.0% on a year-over-year basis. During the same period in the previous year, the company earned $5.40 earnings per share. As a group, analysts predict that The Progressive Corporation will post 17.57 EPS for the current year.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Thursday, October 1st will be issued a $0.10 dividend. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive's payout ratio is presently 2.01%.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Evercore set a $240.00 price target on Progressive in a research note on Friday, July 10th. Keefe, Bruyette & Woods dropped their target price on Progressive from $231.00 to $226.00 and set a "market perform" rating on the stock in a report on Thursday, July 16th. BMO Capital Markets cut their target price on Progressive from $220.00 to $205.00 and set a "market perform" rating on the stock in a research note on Thursday, July 16th. HSBC increased their target price on Progressive from $214.00 to $221.00 and gave the stock a "hold" rating in a research note on Monday, July 6th. Finally, UBS Group lifted their price target on Progressive from $220.00 to $230.00 and gave the stock a "neutral" rating in a research report on Tuesday, June 30th. Five equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $235.00.

Insider Activity at Progressive

In other Progressive news, CEO Susan Patricia Griffith sold 37,338 shares of the business's stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $212.71, for a total transaction of $7,942,165.98. Following the completion of the sale, the chief executive officer directly owned 522,776 shares in the company, valued at $111,199,682.96. The trade was a 6.67% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider John Jo Murphy sold 8,124 shares of the business's stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $212.70, for a total value of $1,727,974.80. Following the sale, the insider owned 41,291 shares of the company's stock, valued at approximately $8,782,595.70. This represents a 16.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 74,885 shares of company stock valued at $15,880,459 in the last 90 days. 0.32% of the stock is owned by company insiders.

Progressive Company Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.

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