504,510 Shares in The Progressive Corporation $PGR Purchased by Davis Asset Management L.P.

Davis Asset Management L.P. acquired a new position in shares of The Progressive Corporation (NYSE:PGR - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 504,510 shares of the insurance provider's stock, valued at approximately $110,210,000. Progressive accounts for approximately 2.8% of Davis Asset Management L.P.'s portfolio, making the stock its 11th biggest holding. Davis Asset Management L.P. owned 0.09% of Progressive at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Meeder Asset Management Inc. acquired a new position in shares of Progressive in the 2nd quarter valued at about $26,000. Bard Associates Inc. acquired a new stake in shares of Progressive during the fourth quarter worth approximately $27,000. IMG Wealth Management Inc. acquired a new stake in shares of Progressive during the second quarter worth approximately $26,000. Bogart Wealth LLC grew its position in Progressive by 235.1% during the first quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider's stock valued at $25,000 after purchasing an additional 87 shares in the last quarter. Finally, Kilter Group LLC purchased a new position in Progressive during the second quarter valued at approximately $27,000. Hedge funds and other institutional investors own 85.34% of the company's stock.

Insider Buying and Selling

In related news, insider Karen Bailo sold 8,452 shares of the stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $212.71, for a total transaction of $1,797,824.92. Following the completion of the sale, the insider owned 32,348 shares in the company, valued at $6,880,743.08. This represents a 20.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CIO Jonathan S. Bauer sold 2,242 shares of the firm's stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $212.71, for a total value of $476,895.82. Following the completion of the sale, the executive directly owned 26,250 shares in the company, valued at $5,583,637.50. This trade represents a 7.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 82,224 shares of company stock valued at $17,416,438 in the last quarter. Insiders own 0.32% of the company's stock.

Progressive Price Performance

NYSE PGR opened at $219.45 on Friday. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.24. The company has a fifty day simple moving average of $215.53 and a 200 day simple moving average of $206.64. The company has a market cap of $127.58 billion, a P/E ratio of 11.01, a P/E/G ratio of 2.94 and a beta of 0.27. The Progressive Corporation has a 1 year low of $189.20 and a 1 year high of $252.82.

Progressive (NYSE:PGR - Get Free Report) last announced its earnings results on Wednesday, July 15th. The insurance provider reported $5.67 EPS for the quarter, topping the consensus estimate of $4.64 by $1.03. The firm had revenue of $23.61 billion for the quarter, compared to the consensus estimate of $19.49 billion. Progressive had a net margin of 12.84% and a return on equity of 32.92%. The business's quarterly revenue was up 5.0% on a year-over-year basis. During the same quarter last year, the firm posted $5.40 EPS. On average, sell-side analysts predict that The Progressive Corporation will post 17.71 EPS for the current year.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Thursday, October 1st will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend is Thursday, October 1st. Progressive's dividend payout ratio (DPR) is currently 2.01%.

Analysts Set New Price Targets

A number of research firms have issued reports on PGR. JPMorgan Chase & Co. cut their target price on shares of Progressive from $250.00 to $241.00 and set a "neutral" rating for the company in a research report on Tuesday, August 4th. Roth Capital restated a "buy" rating and set a $245.00 price target on shares of Progressive in a report on Thursday. Evercore set a $240.00 price target on shares of Progressive in a research note on Friday, July 10th. HSBC increased their price objective on Progressive from $214.00 to $221.00 and gave the stock a "hold" rating in a report on Monday, July 6th. Finally, BMO Capital Markets reissued a "market perform" rating on shares of Progressive in a research report on Wednesday. Seven equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $236.05.

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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