Callan Family Office LLC acquired a new position in The Progressive Corporation (NYSE:PGR - Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The fund acquired 13,846 shares of the insurance provider's stock, valued at approximately $3,025,000.
A number of other large investors have also recently added to or reduced their stakes in PGR. Bogart Wealth LLC grew its position in shares of Progressive by 235.1% in the first quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider's stock valued at $25,000 after purchasing an additional 87 shares during the last quarter. IMG Wealth Management Inc. purchased a new position in shares of Progressive during the 2nd quarter worth approximately $26,000. Meeder Asset Management Inc. acquired a new position in shares of Progressive during the 2nd quarter worth approximately $26,000. Bard Associates Inc. acquired a new position in shares of Progressive during the 4th quarter worth approximately $27,000. Finally, Kilter Group LLC purchased a new stake in Progressive in the 2nd quarter valued at approximately $27,000. 85.34% of the stock is owned by institutional investors and hedge funds.
Insider Activity
In other Progressive news, insider John Jo Murphy sold 8,124 shares of the firm's stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $212.70, for a total value of $1,727,974.80. Following the sale, the insider directly owned 41,291 shares of the company's stock, valued at approximately $8,782,595.70. This trade represents a 16.44% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Susan Patricia Griffith sold 37,338 shares of Progressive stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $212.71, for a total value of $7,942,165.98. Following the completion of the sale, the chief executive officer owned 522,776 shares of the company's stock, valued at $111,199,682.96. This trade represents a 6.67% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 82,224 shares of company stock valued at $17,416,438 in the last three months. Company insiders own 0.32% of the company's stock.
Progressive Stock Down 0.4%
PGR stock opened at $219.45 on Friday. The company has a 50 day moving average price of $215.53 and a two-hundred day moving average price of $206.64. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29. The stock has a market capitalization of $127.58 billion, a P/E ratio of 11.01, a PEG ratio of 2.94 and a beta of 0.27. The Progressive Corporation has a one year low of $189.20 and a one year high of $252.82.
Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings results on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share for the quarter, topping analysts' consensus estimates of $4.64 by $1.03. Progressive had a return on equity of 32.92% and a net margin of 12.84%.The company had revenue of $23.61 billion for the quarter, compared to analyst estimates of $19.49 billion. During the same quarter in the prior year, the company posted $5.40 EPS. The business's revenue for the quarter was up 5.0% compared to the same quarter last year. As a group, sell-side analysts expect that The Progressive Corporation will post 17.71 EPS for the current year.
Progressive Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Thursday, October 1st will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date is Thursday, October 1st. Progressive's dividend payout ratio is presently 2.01%.
Analyst Upgrades and Downgrades
A number of brokerages have commented on PGR. Jefferies Financial Group reiterated a "hold" rating and set a $228.00 target price on shares of Progressive in a report on Wednesday. Mizuho set a $236.00 price objective on Progressive in a research report on Wednesday, August 5th. Bank of America decreased their price objective on Progressive from $313.00 to $308.00 and set a "buy" rating on the stock in a research note on Thursday, July 16th. Wells Fargo & Company lifted their price objective on Progressive from $198.00 to $201.00 and gave the stock an "underweight" rating in a research report on Thursday. Finally, Roth Capital reissued a "buy" rating and issued a $245.00 target price on shares of Progressive in a research note on Thursday. Seven analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Progressive currently has a consensus rating of "Hold" and a consensus target price of $236.05.
Read Our Latest Research Report on Progressive
About Progressive
(
Free Report)
Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.
The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.
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