IronOak Wealth LLC. Purchases Shares of 7,439 The Progressive Corporation $PGR

Key Points

• IronOak Wealth LLC acquired 7,439 shares of The Progressive Corporation, valued at approximately $1,985,000, making it the fund's 20th largest position.
• Insider trades have seen both Lori A. Niederst and CEO Susan Patricia Griffith sell shares recently, indicating a decrease in their holdings of the company's stock.
• Progressive reported a quarterly earnings per share (EPS) of $4.88, exceeding analysts' expectations and representing a 12.1% revenue growth compared to the same quarter last year.

IronOak Wealth LLC. acquired a new position in The Progressive Corporation (NYSE:PGR - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 7,439 shares of the insurance provider's stock, valued at approximately $1,985,000. Progressive makes up approximately 1.9% of IronOak Wealth LLC.'s portfolio, making the stock its 20th largest position.

Several other institutional investors and hedge funds also recently made changes to their positions in PGR. Brighton Jones LLC grew its position in shares of Progressive by 15.6% during the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider's stock worth $813,000 after buying an additional 457 shares during the period. Revolve Wealth Partners LLC bought a new position in Progressive during the fourth quarter worth $269,000. Bison Wealth LLC increased its stake in Progressive by 3.2% in the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider's stock valued at $615,000 after purchasing an additional 80 shares in the last quarter. Sunbelt Securities Inc. raised its holdings in shares of Progressive by 19.3% during the fourth quarter. Sunbelt Securities Inc. now owns 470 shares of the insurance provider's stock valued at $113,000 after purchasing an additional 76 shares during the period. Finally, Forum Financial Management LP boosted its position in shares of Progressive by 7.1% during the 4th quarter. Forum Financial Management LP now owns 5,318 shares of the insurance provider's stock worth $1,274,000 after purchasing an additional 351 shares in the last quarter. Institutional investors own 85.34% of the company's stock.

Insider Activity at Progressive

In related news, CFO John P. Sauerland sold 16,664 shares of the stock in a transaction on Monday, July 28th. The shares were sold at an average price of $249.24, for a total transaction of $4,153,335.36. Following the transaction, the chief financial officer owned 228,024 shares of the company's stock, valued at approximately $56,832,701.76. This trade represents a 6.81% decrease in their position. The transaction 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 on Thursday, August 14th. The stock was sold at an average price of $250.18, for a total transaction of $2,017,201.34. Following the completion of the sale, the insider directly owned 39,040 shares of the company's stock, valued at $9,767,027.20. This represents a 17.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 140,045 shares of company stock worth $34,635,290 in the last quarter. 0.33% of the stock is owned by company insiders.

Progressive Price Performance

Shares of PGR traded down $1.08 during midday trading on Monday, hitting $241.26. 2,316,539 shares of the company traded hands, compared to its average volume of 2,545,675. The Progressive Corporation has a one year low of $228.54 and a one year high of $292.99. The firm has a market cap of $141.43 billion, a P/E ratio of 13.59, a PEG ratio of 1.36 and a beta of 0.32. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.31 and a quick ratio of 0.31. The stock has a 50-day moving average of $245.70 and a 200-day moving average of $262.95.

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

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date is Thursday, October 2nd. Progressive's dividend payout ratio is presently 2.25%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on PGR shares. Wall Street Zen downgraded shares of Progressive from a "buy" rating to a "hold" rating in a research report on Sunday. Wolfe Research initiated coverage on shares of Progressive in a report on Monday, September 15th. They set a "peer perform" rating for the company. Wells Fargo & Company restated an "equal weight" rating and issued a $265.00 target price (down previously from $327.00) on shares of Progressive in a report on Thursday. Citigroup reiterated a "buy" rating on shares of Progressive in a report on Friday, August 29th. Finally, UBS Group reduced their target price on shares of Progressive from $280.00 to $268.00 and set a "neutral" rating for the company in a research note on Monday, July 21st. Six equities research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $279.31.

About Progressive

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.