Dynamic Advisor Solutions LLC Purchases 6,465 Shares of The Progressive Corporation $PGR

Key Points

• Dynamic Advisor Solutions LLC significantly increased its holdings in The Progressive Corporation ($PGR) by 599.2% during Q2, obtaining a total of 7,544 shares valued at approximately $2,013,000.
• A number of analysts have recently reduced price targets for Progressive, with Jefferies lowering its target from $309.00 to $287.00 and UBS reducing theirs from $280.00 to $268.00, while maintaining various ratings from "buy" to "neutral."
• Insider activity was notable as Lori A. Niederst sold over 8,000 shares at an average price of $250.18, reducing her ownership by 17.12% in the company.

Dynamic Advisor Solutions LLC raised its position in The Progressive Corporation (NYSE:PGR - Free Report) by 599.2% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 7,544 shares of the insurance provider's stock after purchasing an additional 6,465 shares during the period. Dynamic Advisor Solutions LLC's holdings in Progressive were worth $2,013,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Highline Wealth Partners LLC increased its position in shares of Progressive by 114.0% in the 1st quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock valued at $26,000 after buying an additional 49 shares in the last quarter. TruNorth Capital Management LLC grew its stake in Progressive by 210.0% in the first quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider's stock valued at $26,000 after acquiring an additional 63 shares during the period. HWG Holdings LP acquired a new position in Progressive in the first quarter valued at about $28,000. Garde Capital Inc. bought a new stake in shares of Progressive in the first quarter worth about $33,000. Finally, Ransom Advisory Ltd acquired a new stake in shares of Progressive during the first quarter worth about $35,000. 85.34% of the stock is owned by institutional investors.

Progressive Stock Down 0.4%

Shares of NYSE:PGR traded down $1.08 during midday trading on Monday, reaching $241.26. The company had a trading volume of 2,316,539 shares, compared to its average volume of 2,545,675. The Progressive Corporation has a 1-year low of $228.54 and a 1-year high of $292.99. The stock has a market cap of $141.43 billion, a PE ratio of 13.59, a P/E/G ratio of 1.36 and a beta of 0.32. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.21. The business's 50 day moving average price is $245.70 and its 200 day moving average price is $262.95.

Progressive (NYSE:PGR - Get Free Report) last posted 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 during the quarter, compared to the consensus estimate of $20.39 billion. Progressive had a return on equity of 35.37% and a net margin of 12.66%.The business's revenue was up 12.1% compared to the same quarter last year. During the same period last year, the company earned $2.48 earnings per share. Research analysts forecast that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Announces Dividend

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

Insider Activity

In other Progressive news, CEO Susan Patricia Griffith sold 30,659 shares of the stock in a transaction on 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 $117,194,933.16. This trade represents a 6.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Patrick K. Callahan sold 6,420 shares of the business's stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $242.22, for a total transaction of $1,555,052.40. Following the transaction, the insider owned 15,192 shares in the company, valued at $3,679,806.24. This represents a 29.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 140,045 shares of company stock valued at $34,635,290. 0.33% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on PGR shares. Bank of America decreased their price objective on Progressive from $347.00 to $343.00 and set a "buy" rating for the company in a research report on Thursday. Citigroup reiterated a "buy" rating on shares of Progressive in a report on Friday, August 29th. Keefe, Bruyette & Woods raised their price objective on shares of Progressive from $268.00 to $270.00 and gave the stock a "market perform" rating in a report on Thursday. UBS Group reduced their target price on shares of Progressive from $280.00 to $268.00 and set a "neutral" rating for the company in a research note on Monday, July 21st. Finally, Wolfe Research initiated coverage on Progressive in a report on Monday, September 15th. They set a "peer perform" rating for the company. Six investment analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $279.31.

About Progressive

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.