Frank Rimerman Advisors LLC Acquires 11,401 Shares of The Progressive Corporation $PGR

Key Points

• Frank Rimerman Advisors LLC boosted its Progressive stake by 128.9% in the first quarter, adding 11,401 shares to bring its total holdings to 20,249 shares valued at about $4.0 million.
• Progressive reported better-than-expected quarterly earnings of $4.80 per share versus $4.67 expected, though revenue came in below estimates at $22.19 billion. Analysts currently rate the stock a consensus Hold with a target price of $236.47.
• The company declared a quarterly dividend of $0.10 per share, payable July 10, and insiders have recently sold shares, including director Jeffrey D. Kelly and insider Steven Broz.

Frank Rimerman Advisors LLC grew its holdings in The Progressive Corporation (NYSE:PGR - Free Report) by 128.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 20,249 shares of the insurance provider's stock after purchasing an additional 11,401 shares during the period. Frank Rimerman Advisors LLC's holdings in Progressive were worth $4,014,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Norges Bank bought a new position in Progressive in the fourth quarter worth approximately $1,836,094,000. Wellington Management Group LLP lifted its holdings in shares of Progressive by 181.8% in the 4th quarter. Wellington Management Group LLP now owns 6,506,302 shares of the insurance provider's stock worth $1,481,615,000 after buying an additional 4,197,212 shares during the period. Diamant Asset Management Inc. lifted its holdings in shares of Progressive by 19,724.0% in the 1st quarter. Diamant Asset Management Inc. now owns 4,068,876 shares of the insurance provider's stock worth $806,614,000 after buying an additional 4,048,351 shares during the period. Life Cycle Investment Partners Ltd bought a new position in shares of Progressive during the 4th quarter worth $353,906,000. Finally, Arrowstreet Capital Limited Partnership increased its stake in shares of Progressive by 193.2% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,206,742 shares of the insurance provider's stock valued at $502,519,000 after buying an additional 1,454,111 shares during the period. 85.34% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on PGR. BMO Capital Markets restated a "market perform" rating and issued a $220.00 price objective on shares of Progressive in a report on Wednesday, May 20th. Royal Bank Of Canada set a $208.00 target price on shares of Progressive in a report on Friday, May 22nd. Keefe, Bruyette & Woods boosted their price target on shares of Progressive from $210.00 to $231.00 and gave the company a "market perform" rating in a report on Wednesday. Weiss Ratings cut shares of Progressive from a "hold (c+)" rating to a "hold (c)" rating in a research report on Wednesday, May 6th. Finally, Barclays set a $247.00 price objective on shares of Progressive in a research note on Wednesday, March 18th. Six equities research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, Progressive currently has a consensus rating of "Hold" and a consensus target price of $236.47.

Progressive Stock Performance

Shares of Progressive stock opened at $232.62 on Thursday. The company has a market capitalization of $135.93 billion, a PE ratio of 11.83, a P/E/G ratio of 4.44 and a beta of 0.26. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.27 and a current ratio of 0.27. The company has a 50-day simple moving average of $205.78 and a two-hundred day simple moving average of $206.70. The Progressive Corporation has a one year low of $189.20 and a one year high of $254.93.

Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share for the quarter, beating analysts' consensus estimates of $4.67 by $0.13. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The business had revenue of $22.19 billion for the quarter, compared to analysts' expectations of $23.51 billion. During the same period last year, the business earned $4.37 EPS. The company's revenue was up 6.5% compared to the same quarter last year. Research analysts expect that The Progressive Corporation will post 17.26 EPS for the current fiscal year.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Thursday, July 2nd will be paid a $0.10 dividend. The ex-dividend date is Thursday, July 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive's dividend payout ratio (DPR) is 2.03%.

Insider Transactions at Progressive

In other Progressive news, insider Steven Broz sold 1,157 shares of the company's stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $204.76, for a total transaction of $236,907.32. Following the transaction, the insider owned 27,511 shares in the company, valued at approximately $5,633,152.36. This represents a 4.04% decrease in their position. The sale 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, Director Jeffrey D. Kelly sold 7,000 shares of the firm's stock in a transaction 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 transaction, the director directly owned 22,546 shares of the company's stock, valued at approximately $4,877,376.18. This represents a 23.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 15,230 shares of company stock worth $3,165,817. Insiders own 0.32% of the company's stock.

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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