Baron Silver Stevens Financial Advisors LLC Acquires New Position in The Progressive Corporation $PGR

Key Points

• Baron Silver Stevens Financial Advisors LLC has acquired 1,146 shares of The Progressive Corporation, valued at approximately $306,000, during the second quarter.
• The insurance provider reported $4.88 earnings per share for the last quarter, surpassing analysts' estimates of $4.43, and achieved revenue of $20.08 billion.
• Progressive is set to pay a quarterly dividend of $0.10, which translates to an annualized dividend of $0.40, effective on October 10th.

Baron Silver Stevens Financial Advisors LLC acquired a new stake in The Progressive Corporation (NYSE:PGR - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 1,146 shares of the insurance provider's stock, valued at approximately $306,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Integrated Advisors Network LLC grew its stake in shares of Progressive by 1.0% during the first quarter. Integrated Advisors Network LLC now owns 3,808 shares of the insurance provider's stock worth $1,078,000 after purchasing an additional 36 shares during the period. Rise Advisors LLC boosted its holdings in Progressive by 7.4% during the first quarter. Rise Advisors LLC now owns 521 shares of the insurance provider's stock worth $147,000 after buying an additional 36 shares during the last quarter. Pines Wealth Management LLC grew its position in shares of 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 period. Contravisory Investment Management Inc. grew its position in shares of Progressive by 2.0% during the 1st quarter. Contravisory Investment Management Inc. now owns 1,940 shares of the insurance provider's stock worth $549,000 after buying an additional 38 shares during the period. Finally, Beacon Financial Group increased its stake 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 acquiring an additional 39 shares during the last quarter. Institutional investors own 85.34% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on PGR shares. Cantor Fitzgerald raised shares of Progressive to a "hold" rating in a research note on Wednesday, August 13th. Wall Street Zen lowered shares of Progressive from a "buy" rating to a "hold" rating in a report on Sunday, September 21st. Barclays decreased their price target on shares of Progressive from $287.00 to $281.00 and set an "equal weight" rating for the company in a report on Tuesday, August 19th. Morgan Stanley dropped their price objective on Progressive from $267.00 to $265.00 and set an "equal weight" rating on the stock in a research note on Monday, September 22nd. Finally, Keefe, Bruyette & Woods boosted their target price on Progressive from $268.00 to $270.00 and gave the company a "market perform" rating in a research note on Thursday, September 18th. Six investment analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $279.31.

Progressive Stock Performance

Shares of PGR opened at $243.46 on Monday. The company has a market cap of $142.72 billion, a PE ratio of 13.72, a price-to-earnings-growth ratio of 1.36 and a beta of 0.32. The firm has a 50-day moving average of $245.34 and a 200-day moving average of $261.91. The Progressive Corporation has a one year low of $228.54 and a one year high of $292.99. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.31 and a quick ratio of 0.31.

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

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd will be given 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 of this dividend is Thursday, October 2nd. Progressive's dividend payout ratio (DPR) is presently 2.25%.

Insider Activity at Progressive

In other Progressive news, CFO John P. Sauerland sold 16,664 shares of Progressive 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 completion of the transaction, the chief financial officer directly owned 228,024 shares of the company's stock, valued at $56,832,701.76. The trade was a 6.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Patrick K. Callahan sold 6,420 shares of the company's stock in a transaction on Friday, September 19th. The shares were sold at an average price of $242.22, for a total transaction of $1,555,052.40. Following the completion of the transaction, the insider owned 15,192 shares in the company, valued at approximately $3,679,806.24. This represents a 29.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 130,045 shares of company stock worth $31,997,390 in the last three months. 0.33% of the stock is owned by company insiders.

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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