Consolidated Portfolio Review Corp Purchases Shares of 1,461 The Progressive Corporation $PGR

Key Points

• Consolidated Portfolio Review Corp has acquired a new stake in The Progressive Corporation, purchasing 1,461 shares valued at approximately $390,000 in the second quarter.
• Progressive's recent earnings report indicated an earnings per share of $4.88, surpassing analysts' expectations, with a 12.1% year-over-year revenue increase to $20.08 billion.
• The company plans to pay a quarterly dividend of $0.10 on October 10th, representing an annualized yield of 0.2%.

Consolidated Portfolio Review Corp purchased a new stake in The Progressive Corporation (NYSE:PGR - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,461 shares of the insurance provider's stock, valued at approximately $390,000.

Other hedge funds also recently added to or reduced their stakes in the company. Baron Silver Stevens Financial Advisors LLC purchased a new stake in Progressive in the second quarter valued at $306,000. State of Alaska Department of Revenue boosted its holdings in Progressive by 2.7% in the first 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 last quarter. Trust Co. of Oklahoma purchased a new stake in Progressive in the second quarter valued at $439,000. Belmont Capital LLC purchased a new stake in Progressive in the first quarter valued at $580,000. Finally, Zurich Insurance Group Ltd FI boosted its holdings in Progressive by 87.9% in the first 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 last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on PGR. Bank of America increased their target price on shares of Progressive from $343.00 to $350.00 and gave the stock a "buy" rating in a research note on Monday. BMO Capital Markets set a $252.00 target price on shares of Progressive in a research note on Thursday, September 18th. Citigroup reissued a "buy" rating on shares of Progressive in a research note on Friday, August 29th. Cantor Fitzgerald raised shares of Progressive to a "hold" rating in a research note on Wednesday, August 13th. Finally, Keefe, Bruyette & Woods increased their target price on shares of Progressive from $268.00 to $270.00 and gave the stock a "market perform" rating in a research note on Thursday, September 18th. Six analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company. According to MarketBeat, Progressive presently has a consensus rating of "Hold" and a consensus target price of $279.63.

Progressive Trading Down 1.2%

Shares of Progressive stock opened at $243.47 on Friday. The firm has a market capitalization of $142.73 billion, a PE ratio of 13.72, a P/E/G ratio of 1.37 and a beta of 0.32. The Progressive Corporation has a twelve month low of $228.54 and a twelve month high of $292.99. The firm's 50-day moving average price is $245.23 and its 200 day moving average price is $261.09. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.21.

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

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Thursday, October 2nd will be issued a $0.10 dividend. The ex-dividend date is Thursday, October 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive's dividend payout ratio is presently 2.25%.

Insider Buying and Selling

In other Progressive news, CEO Susan Patricia Griffith sold 30,659 shares of the stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $246.06, for a total value of $7,543,953.54. Following the completion of the sale, the chief executive officer owned 476,286 shares in the company, valued at approximately $117,194,933.16. This represents a 6.05% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Lori A. Niederst sold 8,063 shares of the stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $250.18, for a total transaction of $2,017,201.34. Following the completion of the sale, the insider owned 39,040 shares of the company's stock, valued at approximately $9,767,027.20. The trade was a 17.12% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 130,045 shares of company stock worth $31,997,390 in the last 90 days. Corporate insiders own 0.34% of the company's stock.

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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