The Progressive Corporation (NYSE:PGR) Shares Purchased by Empirical Financial Services LLC d.b.a. Empirical Wealth Management

Key Points

• Empirical Financial Services LLC increased its holdings in The Progressive Corporation by 170.8% in the first quarter, now owning 4,190 shares worth approximately $1,186,000.
• Several research firms have recently lowered their price targets for Progressive, now averaging around $286.88, while the stock has a consensus rating of "Moderate Buy".
• The Progressive Corporation reported $4.88 earnings per share (EPS) for the most recent quarter, exceeding analysts' expectations by $0.45.

Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 170.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,190 shares of the insurance provider's stock after purchasing an additional 2,643 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management's holdings in Progressive were worth $1,186,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Highline Wealth Partners LLC increased its position in Progressive by 114.0% during the first quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock worth $26,000 after purchasing an additional 49 shares during the last quarter. TruNorth Capital Management LLC increased its position in Progressive by 210.0% during 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. Minot DeBlois Advisors LLC acquired a new stake in Progressive during the fourth quarter worth about $28,000. HWG Holdings LP acquired a new stake in Progressive during the first quarter worth about $28,000. Finally, Garde Capital Inc. purchased a new stake in shares of Progressive in the 1st quarter valued at approximately $33,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods reduced their price target on shares of Progressive from $290.00 to $268.00 and set a "market perform" rating on the stock in a research note on Thursday, July 17th. Wall Street Zen downgraded shares of Progressive from a "buy" rating to a "hold" rating in a research note on Friday, July 18th. UBS Group cut their target price on shares of Progressive from $280.00 to $268.00 and set a "neutral" rating on the stock in a research note on Monday, July 21st. JPMorgan Chase & Co. upped their target price on shares of Progressive from $267.00 to $287.00 and gave the stock an "overweight" rating in a research note on Tuesday, April 8th. Finally, Bank of America cut their target price on shares of Progressive from $337.00 to $336.00 and set a "buy" rating on the stock in a research note on Thursday, July 17th. Nine analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Progressive has an average rating of "Moderate Buy" and a consensus target price of $286.88.

Insiders Place Their Bets

In other news, insider Karen Bailo sold 8,922 shares of the stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $249.24, for a total value of $2,223,719.28. Following the completion of the transaction, the insider owned 32,346 shares in the company, valued at $8,061,917.04. This trade represents a 21.62% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO John P. Sauerland sold 16,664 shares of the stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $249.24, for a total transaction of $4,153,335.36. Following the completion of the transaction, the chief financial officer owned 228,024 shares of the company's stock, valued at $56,832,701.76. This represents a 6.81% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 104,250 shares of company stock worth $26,332,348. Insiders own 0.33% of the company's stock.

Progressive Stock Performance

Progressive stock traded up $0.37 during trading hours on Monday, reaching $241.46. 2,284,632 shares of the stock were exchanged, compared to its average volume of 3,915,410. The stock has a market cap of $141.55 billion, a P/E ratio of 13.60, a P/E/G ratio of 1.44 and a beta of 0.33. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.29 and a current ratio of 0.34. The Progressive Corporation has a 52-week low of $208.13 and a 52-week high of $292.99. The firm's 50 day moving average is $260.21 and its 200 day moving average is $266.33.

Progressive (NYSE:PGR - Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, topping analysts' consensus estimates of $4.43 by $0.45. The company had revenue of $20.08 billion during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.48 EPS. Analysts predict that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

The business also recently declared a dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, July 4th were issued a $0.10 dividend. This represents a dividend yield of 15.0%. The ex-dividend date was Thursday, July 3rd. Progressive's dividend payout ratio (DPR) is currently 2.25%.

Progressive Company 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.