9,539 Shares in The Progressive Corporation $PGR Purchased by Allworth Financial LP

Key Points

• Allworth Financial LP purchased 9,539 shares of Progressive worth approximately $2.08 million, while institutional investors collectively own 85.34% of the insurer.
• Analysts maintain a consensus “Hold” rating on PGR, with a consensus price target of $236.05; ratings include seven Buys, 14 Holds and two Sells.
• Progressive reported quarterly earnings of $5.67 per share, beating estimates by $1.03, and revenue of $23.61 billion. The company also declared a quarterly dividend of $0.10 per share, equivalent to a 0.2% yield.

Allworth Financial LP purchased a new stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 9,539 shares of the insurance provider's stock, valued at approximately $2,084,000.

A number of other large investors also recently modified their holdings of the company. Klingman & Associates LLC grew its holdings in shares of Progressive by 1.7% during the fourth quarter. Klingman & Associates LLC now owns 2,927 shares of the insurance provider's stock worth $667,000 after purchasing an additional 48 shares in the last quarter. Pines Wealth Management LLC increased its holdings in shares of Progressive by 3.9% in the 4th quarter. Pines Wealth Management LLC now owns 1,399 shares of the insurance provider's stock worth $319,000 after buying an additional 52 shares during the last quarter. Northwestern Mutual Investment Management Company LLC raised its position in shares of Progressive by 0.3% during the 4th quarter. Northwestern Mutual Investment Management Company LLC now owns 18,736 shares of the insurance provider's stock valued at $4,267,000 after buying an additional 52 shares in the last quarter. Phillips Wealth Planners LLC lifted its holdings in shares of Progressive by 2.8% during the 4th quarter. Phillips Wealth Planners LLC now owns 1,916 shares of the insurance provider's stock worth $436,000 after acquiring an additional 52 shares during the last quarter. Finally, Sumitomo Life Insurance Co. grew its position in Progressive by 1.2% in the fourth quarter. Sumitomo Life Insurance Co. now owns 4,307 shares of the insurance provider's stock worth $981,000 after acquiring an additional 52 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently commented on PGR shares. Wells Fargo & Company increased their price objective on Progressive from $198.00 to $201.00 and gave the company an "underweight" rating in a research report on Thursday. Roth Capital reaffirmed a "buy" rating and set a $245.00 target price on shares of Progressive in a report on Thursday. BMO Capital Markets restated a "market perform" rating on shares of Progressive in a research report on Wednesday. HSBC boosted their target price on Progressive from $214.00 to $221.00 and gave the company a "hold" rating in a research note on Monday, July 6th. Finally, Royal Bank Of Canada set a $208.00 price objective on Progressive in a research note on Friday, May 22nd. Seven analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $236.05.

Insider Activity at Progressive

In other news, insider John Jo Murphy sold 8,124 shares of the business's stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $212.70, for a total value of $1,727,974.80. Following the sale, the insider directly owned 41,291 shares of the company's stock, valued at $8,782,595.70. The trade was a 16.44% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Susan Patricia Griffith sold 37,338 shares of the company's stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $212.71, for a total value of $7,942,165.98. Following the completion of the sale, the chief executive officer owned 522,776 shares in the company, valued at $111,199,682.96. The trade was a 6.67% 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 worth $17,416,438 over the last 90 days. 0.32% of the stock is currently owned by insiders.

Progressive Stock Down 0.4%

Shares of NYSE:PGR opened at $219.45 on Friday. The firm has a market capitalization of $127.58 billion, a P/E ratio of 11.01, a P/E/G ratio of 2.96 and a beta of 0.27. 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 50 day moving average price of $215.53 and a 200-day moving average price of $206.64. The Progressive Corporation has a 52-week low of $189.20 and a 52-week high of $252.82.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings results on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share for the quarter, topping the consensus estimate of $4.64 by $1.03. The company had revenue of $23.61 billion for the quarter, compared to analysts' expectations of $19.49 billion. Progressive had a return on equity of 32.92% and a net margin of 12.84%.The firm's revenue for the quarter was up 5.0% on a year-over-year basis. During the same period in the prior year, the firm earned $5.40 earnings per share. As a group, equities research analysts anticipate that The Progressive Corporation will post 17.62 EPS for the current fiscal year.

Progressive Announces Dividend

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

About Progressive

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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