Brookwood Investment Group LLC Takes $1.17 Million Position in The Progressive Corporation (NYSE:PGR)

Brookwood Investment Group LLC purchased a new position in The Progressive Corporation (NYSE:PGR - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 4,144 shares of the insurance provider's stock, valued at approximately $1,173,000.

A number of other hedge funds also recently modified their holdings of PGR. State of Alaska Department of Revenue raised its holdings in 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 acquiring an additional 1,800 shares during the period. QRG Capital Management Inc. increased its holdings in shares of Progressive by 36.4% in the first quarter. QRG Capital Management Inc. now owns 126,826 shares of the insurance provider's stock worth $35,893,000 after purchasing an additional 33,864 shares during the period. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH increased its holdings in shares of Progressive by 498.5% in the first quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 5,057 shares of the insurance provider's stock worth $1,431,000 after purchasing an additional 4,212 shares during the period. Hennessy Advisors Inc. bought a new position in shares of Progressive in the first quarter worth $3,141,000. Finally, Janney Montgomery Scott LLC increased its holdings in shares of Progressive by 16.5% in the first quarter. Janney Montgomery Scott LLC now owns 93,463 shares of the insurance provider's stock worth $26,451,000 after purchasing an additional 13,231 shares during the period. Institutional investors own 85.34% of the company's stock.

Insider Buying and Selling at Progressive

In other Progressive news, CFO John P. Sauerland sold 10,000 shares of the firm's stock in a transaction that occurred on Monday, June 30th. The shares were sold at an average price of $263.79, for a total transaction of $2,637,900.00. Following the completion of the transaction, the chief financial officer owned 228,024 shares of the company's stock, valued at approximately $60,150,450.96. This trade represents a 4.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Stuart B. Burgdoerfer sold 3,681 shares of the firm's stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $260.43, for a total transaction of $958,642.83. Following the transaction, the director directly owned 12,217 shares of the company's stock, valued at $3,181,673.31. This represents a 23.15% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 33,972 shares of company stock valued at $9,078,681. 0.34% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on PGR. BMO Capital Markets decreased their price target on shares of Progressive from $288.00 to $281.00 and set an "outperform" rating on the stock in a report on Friday, July 18th. Wall Street Zen cut shares of Progressive from a "buy" rating to a "hold" rating in a report on Friday, July 18th. Jefferies Financial Group decreased their price target on shares of Progressive from $327.00 to $319.00 and set a "buy" rating on the stock in a report on Friday, April 11th. Bank of America decreased their price target on shares of Progressive from $337.00 to $336.00 and set a "buy" rating on the stock in a report on Thursday, July 17th. Finally, UBS Group cut their target price on shares of Progressive from $280.00 to $268.00 and set a "neutral" rating for the company in a research report on Monday, July 21st. Nine investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $286.88.

Progressive Trading Down 3.8%

PGR stock traded down $9.43 during trading on Monday, reaching $240.67. The company had a trading volume of 5,549,430 shares, compared to its average volume of 3,273,134. The Progressive Corporation has a 52 week low of $208.13 and a 52 week high of $292.99. The company has a market cap of $141.09 billion, a P/E ratio of 13.56, a PEG ratio of 1.50 and a beta of 0.37. The business has a 50 day moving average of $264.25 and a 200 day moving average of $266.28. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.34 and a quick ratio of 0.29.

Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share (EPS) 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 company had revenue of $20.08 billion during the quarter, compared to the consensus estimate of $20.39 billion. During the same period in the prior year, the firm earned $2.48 earnings per share. Progressive's revenue was up 12.1% on a year-over-year basis. As a group, sell-side 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 dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, July 4th were paid a dividend of $0.10 per share. This represents a dividend yield of 0.15%. The ex-dividend date was Thursday, July 3rd. Progressive's dividend payout ratio is 2.25%.

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.