BNC Wealth Management LLC Acquires 1,646 Shares of The Progressive Corporation $PGR

Key Points

• BNC Wealth Management LLC increased its stake in The Progressive Corporation by 22.7% in Q2, acquiring an additional 1,646 shares, leading to a total ownership of 8,892 shares valued at approximately $2.37 million.
• CEO Susan Patricia Griffith sold 30,660 shares of Progressive, marking a 5.70% reduction in her holdings, while insider selling totaled 140,045 shares worth around $34.6 million in the past 90 days.
• Progressive recently declared a quarterly dividend of $0.10 per share, resulting in an annualized yield of 0.2%, with the profitability metrics showing a net margin of 12.66% and a return on equity of 35.37%.

BNC Wealth Management LLC increased its position in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 22.7% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,892 shares of the insurance provider's stock after purchasing an additional 1,646 shares during the period. BNC Wealth Management LLC's holdings in Progressive were worth $2,373,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. State of Alaska Department of Revenue raised its position in shares of Progressive by 2.7% during the 1st quarter. State of Alaska Department of Revenue now owns 68,644 shares of the insurance provider's stock valued at $19,426,000 after purchasing an additional 1,800 shares during the period. Trust Co. of Oklahoma bought a new stake in shares of Progressive during the 2nd quarter valued at $439,000. Zurich Insurance Group Ltd FI raised its position in shares of Progressive by 87.9% during the 1st quarter. Zurich Insurance Group Ltd FI now owns 414,183 shares of the insurance provider's stock valued at $117,218,000 after purchasing an additional 193,800 shares during the period. Belmont Capital LLC bought a new stake in shares of Progressive during the 1st quarter valued at $580,000. Finally, QRG Capital Management Inc. raised its position in shares of Progressive by 36.4% during the 1st quarter. QRG Capital Management Inc. now owns 126,826 shares of the insurance provider's stock valued at $35,893,000 after purchasing an additional 33,864 shares during the period. 85.34% of the stock is currently owned by institutional investors.

Insider Activity

In related news, CEO Susan Patricia Griffith sold 30,660 shares of Progressive stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $242.12, for a total transaction of $7,423,399.20. Following the completion of the transaction, the chief executive officer directly owned 506,945 shares of the company's stock, valued at approximately $122,741,523.40. The trade was a 5.70% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Lori A. Niederst sold 8,063 shares of Progressive stock in a transaction dated 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 transaction, the insider directly owned 39,040 shares of the company's stock, valued at approximately $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 140,045 shares of company stock worth $34,635,290 in the last 90 days. Company insiders own 0.33% of the company's stock.

Progressive Stock Performance

Progressive stock opened at $238.41 on Wednesday. The company's 50-day moving average price is $245.63 and its 200-day moving average price is $262.78. The Progressive Corporation has a twelve month low of $228.54 and a twelve month high of $292.99. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.21. The company has a market cap of $139.76 billion, a PE ratio of 13.43, a price-to-earnings-growth ratio of 1.36 and a beta of 0.32.

Progressive (NYSE:PGR - Get Free Report) last posted its earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share for the quarter, topping 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 firm had revenue of $20.08 billion for the quarter, compared to the consensus estimate of $20.39 billion. During the same period in the previous year, the firm posted $2.48 EPS. The business's quarterly revenue was up 12.1% on a year-over-year basis. On average, equities research analysts forecast that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

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

Analyst Ratings Changes

Several analysts have recently commented on PGR shares. Wolfe Research began coverage on shares of Progressive in a research report on Monday, September 15th. They set a "peer perform" rating on the stock. BMO Capital Markets set a $252.00 price objective on Progressive in a research report on Thursday, September 18th. Evercore ISI lowered Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 price objective for the company. in a research report on Thursday, July 17th. Citigroup restated a "buy" rating on shares of Progressive in a research report on Friday, August 29th. Finally, Wells Fargo & Company restated an "equal weight" rating and set a $265.00 price objective (down previously from $327.00) on shares of Progressive in a research report on Thursday, September 18th. Six analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $279.31.

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.

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