Elevation Point Wealth Partners LLC Invests $4.36 Million in The Progressive Corporation $PGR

Key Points

• Elevation Point Wealth Partners bought 19,974 Progressive shares worth approximately $4.36 million during the second quarter. Institutional investors and hedge funds collectively own 85.34% of the insurer.
• Analysts maintain a generally cautious outlook, with seven Buy, 14 Hold, and two Sell ratings. Progressive has a consensus rating of Hold and an average price target of $236.05.
• Progressive reported quarterly EPS of $5.67, exceeding estimates of $4.64, while revenue rose 5% year over year to $23.61 billion. The company also declared a quarterly dividend of $0.10 per share, although insiders have sold more than 82,000 shares over the past 90 days.

Elevation Point Wealth Partners LLC bought a new stake in The Progressive Corporation (NYSE:PGR - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The firm bought 19,974 shares of the insurance provider's stock, valued at approximately $4,363,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Klingman & Associates LLC boosted its stake in Progressive by 1.7% in the fourth quarter. Klingman & Associates LLC now owns 2,927 shares of the insurance provider's stock valued at $667,000 after acquiring an additional 48 shares in the last quarter. Pines Wealth Management LLC increased its position in shares of Progressive by 3.9% during the fourth quarter. Pines Wealth Management LLC now owns 1,399 shares of the insurance provider's stock worth $319,000 after purchasing an additional 52 shares in the last quarter. Northwestern Mutual Investment Management Company LLC increased its position in shares of Progressive by 0.3% during the fourth quarter. Northwestern Mutual Investment Management Company LLC now owns 18,736 shares of the insurance provider's stock worth $4,267,000 after purchasing an additional 52 shares in the last quarter. Phillips Wealth Planners LLC lifted its holdings in shares of Progressive by 2.8% in the 4th quarter. Phillips Wealth Planners LLC now owns 1,916 shares of the insurance provider's stock valued at $436,000 after purchasing an additional 52 shares during the last quarter. Finally, Sumitomo Life Insurance Co. lifted its holdings in shares of Progressive by 1.2% in the 4th quarter. Sumitomo Life Insurance Co. now owns 4,307 shares of the insurance provider's stock valued at $981,000 after purchasing an additional 52 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. BMO Capital Markets restated a "market perform" rating on shares of Progressive in a research note on Wednesday. William Blair reiterated a "market perform" rating on shares of Progressive in a research note on Wednesday, July 15th. Mizuho set a $236.00 price objective on Progressive in a report on Wednesday, August 5th. Cantor Fitzgerald lowered their target price on shares of Progressive from $220.00 to $200.00 and set a "neutral" rating on the stock in a research report on Monday, August 17th. Finally, Evercore set a $240.00 target price on shares of Progressive in a report on Friday, July 10th. 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. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $236.05.

Progressive Stock Performance

NYSE PGR opened at $219.45 on Friday. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.24. The Progressive Corporation has a 52-week low of $189.20 and a 52-week high of $252.82. The business's 50-day moving average price is $215.53 and its 200 day moving average price is $206.64. The firm has a market cap of $127.58 billion, a P/E ratio of 11.01, a P/E/G ratio of 2.94 and a beta of 0.27.

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 (EPS) for the quarter, beating the consensus estimate of $4.64 by $1.03. The firm had revenue of $23.61 billion for the quarter, compared to analysts' expectations of $19.49 billion. Progressive had a return on equity of 32.92% and a net margin of 12.84%.The firm's revenue for the quarter was up 5.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $5.40 EPS. On average, equities research analysts expect that The Progressive Corporation will post 17.71 earnings per share for the current year.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Thursday, October 1st will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date is Thursday, October 1st. Progressive's dividend payout ratio (DPR) is 2.01%.

Insiders Place Their Bets

In other news, Director Jeffrey D. Kelly sold 7,000 shares of the company's stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $216.33, for a total transaction of $1,514,310.00. Following the completion of the sale, the director owned 22,546 shares in the company, valued at $4,877,376.18. This represents a 23.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Lori A. Niederst sold 7,339 shares of the company's stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $209.29, for a total value of $1,535,979.31. Following the sale, the insider owned 42,567 shares of the company's stock, valued at $8,908,847.43. This trade represents a 14.71% 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. In the last 90 days, insiders have sold 82,224 shares of company stock valued at $17,416,438. 0.32% of the stock is owned by company insiders.

About Progressive

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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