Algorithmic Investment Models LLC Purchases Shares of 1,413 The Progressive Corporation $PGR

Key Points

• Algorithmic Investment Models LLC has made a new investment of approximately $400,000 in The Progressive Corporation, acquiring 1,413 shares during the first quarter.
• Progressive announced a quarterly dividend of $0.10 per share, with a yield of 0.2%, to be paid on October 10th to shareholders of record on October 2nd.
• Progressive's stock recently reported earnings of $4.88 per share, exceeding analyst expectations, with revenue growth of 12.1% year-over-year.

Algorithmic Investment Models LLC bought a new position in shares of The Progressive Corporation (NYSE:PGR - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 1,413 shares of the insurance provider's stock, valued at approximately $400,000.

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

Insider Buying and Selling at Progressive

In other news, insider Patrick K. Callahan sold 6,232 shares of the stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $242.16, for a total transaction of $1,509,141.12. Following the transaction, the insider owned 27,844 shares of the company's stock, valued at approximately $6,742,703.04. This trade represents a 18.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO John P. Sauerland sold 16,664 shares of the firm's stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $249.24, for a total transaction of $4,153,335.36. Following the completion of the transaction, the chief financial officer directly owned 228,024 shares in the company, valued at $56,832,701.76. This represents a 6.81% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 139,010 shares of company stock valued at $34,547,699. Corporate insiders own 0.34% of the company's stock.

Progressive Trading Down 2.1%

Shares of Progressive stock traded down $5.25 during trading hours on Friday, reaching $243.76. 1,690,776 shares of the company's stock were exchanged, compared to its average volume of 2,637,555. 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 has a market capitalization of $142.89 billion, a price-to-earnings ratio of 13.73, a price-to-earnings-growth ratio of 1.45 and a beta of 0.32. The company has a fifty day moving average of $247.98 and a 200-day moving average of $265.58. The Progressive Corporation has a 52-week low of $228.54 and a 52-week high of $292.99.

Progressive (NYSE:PGR - Get Free Report) last issued its 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 return on equity of 35.37% and a net margin of 12.66%.The business had revenue of $20.08 billion for the quarter, compared to analyst estimates of $20.39 billion. During the same period last year, the company posted $2.48 EPS. The business's quarterly revenue was up 12.1% on a year-over-year basis. Sell-side analysts forecast that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, October 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive's dividend payout ratio (DPR) is presently 2.25%.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. BMO Capital Markets dropped their price target on Progressive from $281.00 to $279.00 and set an "outperform" rating on the stock in a research report on Thursday, August 21st. Keefe, Bruyette & Woods dropped their target price on Progressive from $290.00 to $268.00 and set a "market perform" rating on the stock in a research report on Thursday, July 17th. Wall Street Zen cut Progressive from a "buy" rating to a "hold" rating in a research report on Friday, July 18th. Citigroup reiterated a "buy" rating on shares of Progressive in a research report on Friday, August 29th. Finally, Evercore ISI cut Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 target price on the stock. in a research report on Thursday, July 17th. Nine investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $284.18.

Progressive Company 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.