Clarendon Private LLC Acquires 1,537 Shares of The Progressive Corporation (NYSE:PGR)

Key Points

• Clarendon Private LLC increased its stake in The Progressive Corporation by 57.9%, acquiring an additional 1,537 shares, bringing its total holdings to 4,190 shares valued at $1,186,000.
• Progressive reported earnings of $4.88 per share, surpassing analysts' expectations of $4.43, and achieving a revenue of $20.08 billion despite slightly falling short of forecasts.
• The company declared a $0.10 dividend on July 11, which represents a yield of 0.15%, and has a payout ratio of 2.25%.

Clarendon Private LLC increased its holdings in The Progressive Corporation (NYSE:PGR - Free Report) by 57.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,190 shares of the insurance provider's stock after acquiring an additional 1,537 shares during the period. Progressive comprises approximately 1.3% of Clarendon Private LLC's portfolio, making the stock its 19th biggest holding. Clarendon Private LLC's holdings in Progressive were worth $1,186,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of PGR. Highline Wealth Partners LLC grew its holdings in Progressive by 114.0% during the first quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock valued at $26,000 after purchasing an additional 49 shares during the period. TruNorth Capital Management LLC grew its holdings in Progressive by 210.0% during the first quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider's stock valued at $26,000 after purchasing an additional 63 shares during the period. Minot DeBlois Advisors LLC bought a new position in Progressive during the fourth quarter valued at $28,000. HWG Holdings LP bought a new position in Progressive during the first quarter valued at $28,000. Finally, Garde Capital Inc. bought a new position in Progressive during the first quarter valued at $33,000. 85.34% of the stock is owned by institutional investors.

Progressive Price Performance

PGR stock opened at $240.67 on Tuesday. The firm has a 50 day moving average price of $263.30 and a 200-day moving average price of $266.31. The Progressive Corporation has a 52-week low of $208.13 and a 52-week high of $292.99. The firm has a market capitalization of $141.09 billion, a price-to-earnings ratio of 13.56, a PEG ratio of 1.50 and a beta of 0.37. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.29 and a current ratio of 0.34.

Progressive (NYSE:PGR - Get Free Report) last announced its quarterly earnings data 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 company had revenue of $20.08 billion during the quarter, compared to analyst estimates of $20.39 billion. During the same period in the previous year, the business earned $2.48 EPS. The firm's revenue for the quarter was up 12.1% on a year-over-year basis. Equities research analysts forecast that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Announces Dividend

The business also recently declared a dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, July 4th were given a $0.10 dividend. This represents a yield of 0.15%. The ex-dividend date of this dividend was Thursday, July 3rd. Progressive's payout ratio is 2.25%.

Analysts Set New Price Targets

PGR has been the subject of several research reports. Wells Fargo & Company increased their price objective on Progressive from $328.00 to $333.00 and gave the company an "overweight" rating in a report on Friday, June 20th. JPMorgan Chase & Co. increased their price objective on Progressive from $267.00 to $287.00 and gave the company an "overweight" rating in a report on Tuesday, April 8th. Morgan Stanley dropped their target price on Progressive from $290.00 to $280.00 and set an "equal weight" rating on the stock in a research report on Monday, July 14th. Evercore ISI downgraded 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. Finally, 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. Nine equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $286.88.

Insiders Place Their Bets

In related news, insider John Jo Murphy sold 4,000 shares of the company's stock in a transaction on Friday, June 20th. The shares were sold at an average price of $260.38, for a total value of $1,041,520.00. Following the completion of the transaction, the insider owned 41,289 shares of the company's stock, valued at approximately $10,750,829.82. This represents a 8.83% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO John P. Sauerland sold 10,000 shares of the company's stock in a transaction on Monday, June 30th. The stock was 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 directly owned 228,024 shares of the company's stock, valued at $60,150,450.96. This represents a 4.20% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 33,972 shares of company stock valued at $9,078,681. 0.33% of the stock is currently owned by corporate insiders.

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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