EP Wealth Advisors LLC Invests $1.98 Million in The Progressive Corporation $PGR

EP Wealth Advisors LLC purchased a new stake in The Progressive Corporation (NYSE:PGR - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 9,061 shares of the insurance provider's stock, valued at approximately $1,979,000.

Other hedge funds also recently bought and sold shares of the company. Heartland Bank & Trust Co purchased a new stake in shares of Progressive in the 2nd quarter valued at approximately $737,000. Ieq Capital LLC acquired a new stake in shares of Progressive during the second quarter worth approximately $15,470,000. Callan Family Office LLC acquired a new stake in shares of Progressive during the second quarter worth approximately $3,025,000. Keebeck Wealth Management purchased a new position in Progressive during the second quarter valued at approximately $237,000. Finally, Keating Financial Advisory Services Inc. purchased a new position in Progressive during the second quarter valued at approximately $104,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Stock Down 0.4%

PGR opened at $219.45 on Friday. The Progressive Corporation has a 1-year low of $189.20 and a 1-year high of $252.82. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.24. The stock has a market capitalization of $127.58 billion, a price-to-earnings ratio of 11.01, a P/E/G ratio of 2.94 and a beta of 0.27. The business has a 50 day moving average of $215.53 and a 200-day moving average of $206.64.

Progressive (NYSE:PGR - Get Free Report) last announced its quarterly earnings data on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.64 by $1.03. The business had revenue of $23.61 billion for the quarter, compared to the consensus estimate of $19.49 billion. Progressive had a net margin of 12.84% and a return on equity of 32.92%. Progressive's quarterly revenue was up 5.0% on a year-over-year basis. During the same quarter last year, the company posted $5.40 earnings per share. As a group, sell-side analysts anticipate that The Progressive Corporation will post 17.71 earnings per share for the current year.

Progressive Dividend Announcement

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

Analyst Ratings Changes

Several analysts recently issued reports on PGR shares. Morgan Stanley raised shares of Progressive from an "underweight" rating to an "equal weight" rating and upped their price objective for the stock from $190.00 to $210.00 in a report on Friday, July 24th. The Goldman Sachs Group reiterated a "buy" rating and issued a $230.00 target price on shares of Progressive in a report on Wednesday. William Blair reissued a "market perform" rating on shares of Progressive in a research report on Wednesday, July 15th. Mizuho set a $236.00 price target on shares of Progressive in a report on Wednesday, August 5th. Finally, HSBC raised their price target on Progressive from $214.00 to $221.00 and gave the company a "hold" rating in a research report on Monday, July 6th. Seven equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $236.05.

Insider Activity at Progressive

In other news, insider John Jo Murphy sold 8,124 shares of the business's stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $212.70, for a total transaction of $1,727,974.80. Following the transaction, the insider owned 41,291 shares in the company, valued at approximately $8,782,595.70. The trade was a 16.44% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Lori A. Niederst sold 7,339 shares of the company's stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $209.29, for a total transaction of $1,535,979.31. Following the transaction, the insider directly owned 42,567 shares of the company's stock, valued at $8,908,847.43. This represents a 14.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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 worth $17,416,438. Insiders own 0.32% of the company's stock.

Progressive Company Profile

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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