The Progressive Corporation $PGR Shares Acquired by Empowered Funds LLC

Key Points

• Empowered Funds LLC increased its holdings in The Progressive Corporation by 13.8%, acquiring an additional 4,540 shares, which brought their total holdings to 37,406 shares worth approximately $10.6 million.
• Insider Patrick K. Callahan sold 6,232 shares at an average price of $249.96, representing a 22.38% decrease in his position, while another insider, John Jo Murphy, sold 2,218 shares.
• Progressive reported $4.88 earnings per share for the last quarter, beating estimates, with a revenue of $20.08 billion, marking a 12.1% increase year-over-year.

Empowered Funds LLC boosted its position in The Progressive Corporation (NYSE:PGR - Free Report) by 13.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 37,406 shares of the insurance provider's stock after buying an additional 4,540 shares during the quarter. Empowered Funds LLC's holdings in Progressive were worth $10,586,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of PGR. Highline Wealth Partners LLC raised its stake 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 purchasing an additional 49 shares in the last quarter. TruNorth Capital Management LLC raised its stake in shares of Progressive by 210.0% in the 1st quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider's stock valued at $26,000 after purchasing an additional 63 shares in the last quarter. Minot DeBlois Advisors LLC acquired a new stake in shares of Progressive in the 4th quarter valued at about $28,000. HWG Holdings LP acquired a new stake in shares of Progressive in the 1st quarter valued at about $28,000. Finally, Garde Capital Inc. acquired a new stake in shares of Progressive in the 1st quarter valued at about $33,000. Institutional investors and hedge funds own 85.34% of the company's stock.

Progressive Stock Performance

Shares of NYSE:PGR traded down $0.51 during trading on Friday, reaching $248.29. 2,612,107 shares of the company's stock traded hands, compared to its average volume of 2,408,336. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.31 and a quick ratio of 0.31. The Progressive Corporation has a 12 month low of $228.54 and a 12 month high of $292.99. The company has a 50 day moving average of $246.44 and a 200-day moving average of $264.74. The stock has a market capitalization of $145.55 billion, a P/E ratio of 13.99, a price-to-earnings-growth ratio of 1.44 and a beta of 0.32.

Progressive (NYSE:PGR - Get Free Report) last posted its earnings results on Wednesday, July 16th. The insurance provider reported $4.88 EPS 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 during the quarter, compared to analysts' expectations of $20.39 billion. During the same quarter in the prior year, the firm earned $2.48 EPS. Progressive's quarterly revenue was up 12.1% on a year-over-year basis. On average, equities analysts expect that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Announces Dividend

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

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on PGR shares. Morgan Stanley upped their target price on shares of Progressive from $265.00 to $267.00 and gave the company an "equal weight" rating in a research note on Friday, August 22nd. Cantor Fitzgerald upgraded shares of Progressive to a "hold" rating in a research note on Wednesday, August 13th. 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. Keefe, Bruyette & Woods cut their target price 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. Finally, Citigroup reaffirmed a "buy" rating on shares of Progressive in a research report on Friday, August 29th. Nine research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $284.82.

Insider Transactions at Progressive

In other news, CFO John P. Sauerland sold 16,664 shares of the stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $249.24, for a total value of $4,153,335.36. Following the completion of the transaction, the chief financial officer directly owned 228,024 shares in the company, valued at $56,832,701.76. This trade represents a 6.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Susan Patricia Griffith sold 30,660 shares of the stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $242.12, for a total transaction of $7,423,399.20. Following the completion of the transaction, the chief executive officer owned 506,945 shares of the company's stock, valued at $122,741,523.40. This trade represents a 5.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 139,010 shares of company stock worth $34,547,699 in the last quarter. 0.34% of the stock is currently owned by corporate insiders.

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.