Cwm LLC Acquires 5,802 Shares of The Progressive Corporation $PGR

Key Points

• Cwm LLC has increased its holdings in The Progressive Corporation by 19.7% during the second quarter, now owning a total of 35,285 shares valued at approximately $9.4 million.
• The Progressive Corporation reported $4.88 earnings per share for the last quarter, surpassing analysts' estimates, and has a projected 14.68 earnings per share for the current fiscal year.
• A quarterly dividend of $0.10 per share was recently paid to shareholders, reflecting a 0.2% dividend yield and a payout ratio of 2.25%.

Cwm LLC increased its holdings in The Progressive Corporation (NYSE:PGR - Free Report) by 19.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 35,285 shares of the insurance provider's stock after purchasing an additional 5,802 shares during the quarter. Cwm LLC's holdings in Progressive were worth $9,416,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. TruNorth Capital Management LLC grew its stake in shares of Progressive by 210.0% in the first quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider's stock worth $26,000 after purchasing an additional 63 shares during the last quarter. HWG Holdings LP bought a new stake in shares of Progressive in the first quarter worth $28,000. Garde Capital Inc. bought a new stake in shares of Progressive in the first quarter worth $33,000. Ransom Advisory Ltd bought a new stake in shares of Progressive in the first quarter worth $35,000. Finally, Activest Wealth Management lifted its holdings in Progressive by 6,350.0% in the first quarter. Activest Wealth Management now owns 129 shares of the insurance provider's stock valued at $37,000 after buying an additional 127 shares during the period. Institutional investors own 85.34% of the company's stock.

Progressive Price Performance

Shares of NYSE PGR opened at $240.54 on Wednesday. The firm's 50-day moving average price is $245.05 and its 200-day moving average price is $259.11. The Progressive Corporation has a 1-year low of $228.54 and a 1-year high of $292.99. The firm has a market capitalization of $141.01 billion, a P/E ratio of 13.55, a P/E/G ratio of 1.31 and a beta of 0.32. 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 announced its quarterly earnings data on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share for the quarter, beating the consensus estimate 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 analyst estimates of $20.39 billion. During the same quarter in the prior year, the business earned $2.48 earnings per share. The business's quarterly revenue was up 12.1% compared to the same quarter last year. Equities research analysts anticipate that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd were issued a dividend of $0.10 per share. The ex-dividend date was Thursday, October 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive's dividend payout ratio is currently 2.25%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on PGR shares. BMO Capital Markets set a $252.00 target price on shares of Progressive in a report on Thursday, September 18th. Wall Street Zen lowered shares of Progressive from a "buy" rating to a "hold" rating in a report on Sunday, September 21st. Morgan Stanley dropped their target price on shares of Progressive from $267.00 to $265.00 and set an "equal weight" rating on the stock in a report on Monday, September 22nd. Wolfe Research started coverage on shares of Progressive in a report on Monday, September 15th. They issued a "peer perform" rating on the stock. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Progressive from $268.00 to $270.00 and gave the company a "market perform" rating in a report on Thursday, September 18th. Seven research analysts have rated the stock with a Buy rating and thirteen have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $279.63.

Insider Activity at Progressive

In other news, insider Patrick K. Callahan sold 6,420 shares of the business's stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $242.22, for a total transaction of $1,555,052.40. Following the completion of the sale, the insider directly owned 15,192 shares of the company's stock, valued at $3,679,806.24. The trade was a 29.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Lori A. Niederst sold 8,063 shares of the business's 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 sale, the insider directly 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 130,045 shares of company stock valued at $31,997,390 over the last quarter. 0.33% of the stock is currently owned by company insiders.

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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