Elyxium Wealth LLC Makes New Investment in The Progressive Corporation (NYSE:PGR)

Elyxium Wealth LLC purchased a new position in The Progressive Corporation (NYSE:PGR - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 1,220 shares of the insurance provider's stock, valued at approximately $345,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. Highline Wealth Partners LLC boosted its stake in shares of Progressive by 114.0% during 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 during the period. TruNorth Capital Management LLC boosted its stake in shares of Progressive by 210.0% during the 1st quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider's stock valued at $26,000 after buying an additional 63 shares during the period. Minot DeBlois Advisors LLC acquired a new stake in shares of Progressive during the 4th quarter valued at $28,000. HWG Holdings LP acquired a new stake in shares of Progressive during the 1st quarter valued at $28,000. Finally, Garde Capital Inc. acquired a new stake in shares of Progressive during the 1st quarter valued at $33,000. Institutional investors and hedge funds own 85.34% of the company's stock.

Progressive Stock Down 0.3%

Shares of NYSE PGR opened at $246.48 on Friday. The firm has a market cap of $144.49 billion, a PE ratio of 13.89, a P/E/G ratio of 1.51 and a beta of 0.37. The Progressive Corporation has a 12-month low of $208.13 and a 12-month high of $292.99. The company's fifty day simple moving average is $267.67 and its 200 day simple moving average is $265.91. The company has a quick ratio of 0.29, a current ratio of 0.34 and a debt-to-equity ratio of 0.21.

Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings data on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share for the quarter, topping 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 the consensus estimate of $20.39 billion. During the same quarter in the prior year, the company posted $2.48 earnings per share. The business's revenue was up 12.1% on a year-over-year basis. As a group, sell-side analysts forecast that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The company also recently announced a dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, July 4th were issued a $0.10 dividend. The ex-dividend date was Thursday, July 3rd. This represents a dividend yield of 0.15%. Progressive's dividend payout ratio is currently 2.25%.

Insider Buying and Selling

In related news, insider John Jo Murphy sold 4,000 shares of the stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $260.38, for a total transaction of $1,041,520.00. Following the completion of the transaction, the insider owned 41,289 shares in the company, valued at approximately $10,750,829.82. This represents a 8.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Steven Broz sold 1,267 shares of the stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $260.38, for a total transaction of $329,901.46. Following the transaction, the insider owned 27,621 shares of the company's stock, valued at approximately $7,191,955.98. The trade was a 4.39% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 42,705 shares of company stock valued at $11,450,948 over the last 90 days. 0.34% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on PGR shares. Bank of America dropped their target price on shares of Progressive from $337.00 to $336.00 and set a "buy" rating on the stock in a report on Thursday. Keefe, Bruyette & Woods dropped their target price on shares of Progressive from $290.00 to $268.00 and set a "market perform" rating on the stock in a report on Thursday. Morgan Stanley dropped their target price on shares of Progressive from $290.00 to $280.00 and set an "equal weight" rating on the stock in a report on Monday, July 14th. Jefferies Financial Group dropped their target price on shares of Progressive from $327.00 to $319.00 and set a "buy" rating on the stock in a report on Friday, April 11th. Finally, Wells Fargo & Company lifted their target price on shares of Progressive from $328.00 to $333.00 and gave the stock an "overweight" rating in a report on Friday, June 20th. Nine analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, Progressive presently has an average rating of "Moderate Buy" and an average target price of $287.63.

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.

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