Advisors Asset Management Inc. Has $6.96 Million Position in The Progressive Corporation $PGR

Key Points

• Advisors Asset Management Inc. increased its position in The Progressive Corporation by 24.8%, owning 24,599 shares valued at $6.96 million at the end of the most recent quarter.
• CEO Susan Patricia Griffith sold 30,659 shares of Progressive, resulting in a 6.05% decrease in her ownership, which now totals 476,286 shares valued at approximately $117.19 million.
• The company recently announced a quarterly dividend of $0.10 per share, with an upcoming payment date of October 10th, representing a yield of 0.2%.

Advisors Asset Management Inc. raised its position in The Progressive Corporation (NYSE:PGR - Free Report) by 24.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 24,599 shares of the insurance provider's stock after acquiring an additional 4,891 shares during the quarter. Advisors Asset Management Inc.'s holdings in Progressive were worth $6,962,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the company. Integrated Advisors Network LLC lifted its stake in Progressive by 1.0% in the first quarter. Integrated Advisors Network LLC now owns 3,808 shares of the insurance provider's stock valued at $1,078,000 after acquiring an additional 36 shares during the last quarter. Pines Wealth Management LLC lifted its stake in Progressive by 3.0% in the first quarter. Pines Wealth Management LLC now owns 1,287 shares of the insurance provider's stock valued at $335,000 after acquiring an additional 37 shares during the last quarter. Contravisory Investment Management Inc. lifted its stake in Progressive by 2.0% in the first quarter. Contravisory Investment Management Inc. now owns 1,940 shares of the insurance provider's stock valued at $549,000 after acquiring an additional 38 shares during the last quarter. Beacon Financial Group lifted its stake in Progressive by 1.1% in the first quarter. Beacon Financial Group now owns 3,659 shares of the insurance provider's stock valued at $1,036,000 after acquiring an additional 39 shares during the last quarter. Finally, Pinnacle Wealth Management Advisory Group LLC lifted its stake in Progressive by 2.1% in the first quarter. Pinnacle Wealth Management Advisory Group LLC now owns 1,927 shares of the insurance provider's stock valued at $545,000 after acquiring an additional 39 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company's stock.

Insider Activity

In other Progressive news, CEO Susan Patricia Griffith sold 30,659 shares of the business's stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $246.06, for a total transaction of $7,543,953.54. Following the sale, the chief executive officer directly owned 476,286 shares of the company's stock, valued at $117,194,933.16. The trade was a 6.05% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Steven Broz sold 1,345 shares of the business's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $250.78, for a total transaction of $337,299.10. Following the sale, the insider directly owned 31,733 shares in the company, valued at $7,958,001.74. The trade was a 4.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 139,010 shares of company stock worth $34,547,699. Company insiders own 0.33% of the company's stock.

Progressive Trading Up 0.4%

Shares of Progressive stock opened at $246.84 on Thursday. The firm has a market capitalization of $144.70 billion, a PE ratio of 13.91, a price-to-earnings-growth ratio of 1.44 and a beta of 0.32. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.21. The firm's 50 day moving average is $248.64 and its 200 day moving average is $265.82. The Progressive Corporation has a 1 year low of $228.54 and a 1 year high of $292.99.

Progressive (NYSE:PGR - Get Free Report) last announced its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.43 by $0.45. The company had revenue of $20.08 billion for 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%. The firm's revenue was up 12.1% on a year-over-year basis. During the same period in the previous year, the firm posted $2.48 EPS. Equities research analysts forecast that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Dividend Announcement

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

Analysts Set New Price Targets

A number of brokerages have commented on PGR. UBS Group cut their price target 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. Citigroup reiterated a "buy" rating on shares of Progressive in a research note on Friday, August 29th. Cantor Fitzgerald upgraded shares of Progressive to a "hold" rating in a research note on Wednesday, August 13th. Barclays cut their target price on shares of Progressive from $287.00 to $281.00 and set an "equal weight" rating for the company in a research note on Tuesday, August 19th. Finally, Evercore ISI cut shares of Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 target price for the company. in a research note on Thursday, July 17th. Nine equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to MarketBeat, Progressive presently has a consensus rating of "Moderate Buy" and an average price target of $284.18.

Progressive 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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