Freedom Day Solutions LLC Raises Position in The Progressive Corporation (NYSE:PGR)

Freedom Day Solutions LLC raised its holdings in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 285.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 13,821 shares of the insurance provider's stock after acquiring an additional 10,237 shares during the quarter. Progressive makes up 1.2% of Freedom Day Solutions LLC's portfolio, making the stock its 14th largest holding. Freedom Day Solutions LLC's holdings in Progressive were worth $3,911,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. Highline Wealth Partners LLC lifted 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 in the last quarter. Minot DeBlois Advisors LLC purchased a new position in shares of Progressive during the 4th quarter valued at $28,000. HWG Holdings LP purchased a new position in shares of Progressive during the 1st quarter valued at $28,000. Atala Financial Inc purchased a new position in shares of Progressive during the 4th quarter valued at $32,000. Finally, Garde Capital Inc. purchased a new position in shares of Progressive during the 1st quarter valued at $33,000. Hedge funds and other institutional investors own 85.34% of the company's stock.

Analyst Upgrades and Downgrades

PGR has been the topic of a number of analyst reports. Barclays lowered their target price on shares of Progressive from $297.00 to $287.00 and set an "equal weight" rating on the stock in a research note on Monday. Jefferies Financial Group decreased their price target on shares of Progressive from $327.00 to $319.00 and set a "buy" rating on the stock in a research note on Friday, April 11th. Morgan Stanley cut shares of Progressive from an "overweight" rating to an "equal weight" rating and decreased their price target for the stock from $330.00 to $290.00 in a research note on Monday. JPMorgan Chase & Co. boosted their price target 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, Wall Street Zen upgraded shares of Progressive from a "hold" rating to a "buy" rating in a research note on Saturday, June 21st. Eight research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $285.41.

Insider Activity

In related news, insider John Jo Murphy sold 4,000 shares of the company's 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 transaction, the insider directly owned 41,289 shares in the company, valued at approximately $10,750,829.82. This represents a 8.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Dyke Kahina Van sold 2,490 shares of the company's stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $277.67, for a total transaction of $691,398.30. Following the transaction, the director owned 12,429 shares in the company, valued at $3,451,160.43. The trade was a 16.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 42,705 shares of company stock worth $11,450,948. 0.34% of the stock is owned by insiders.

Progressive Stock Down 0.5%

Shares of NYSE PGR opened at $249.13 on Friday. The firm's 50-day moving average price is $272.26 and its 200-day moving average price is $265.57. 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 $146.04 billion, a price-to-earnings ratio of 16.80, a P/E/G ratio of 1.58 and a beta of 0.37. The Progressive Corporation has a 12-month low of $207.50 and a 12-month high of $292.99.

Progressive (NYSE:PGR - Get Free Report) last announced its earnings results on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.28 by $0.37. The firm had revenue of $22.21 billion for the quarter, compared to analysts' expectations of $21.87 billion. Progressive had a net margin of 11.10% and a return on equity of 33.50%. On average, equities research analysts anticipate that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Announces Dividend

The firm also recently announced a dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, July 4th will be given a dividend of $0.10 per share. This represents a dividend yield of 0.15%. The ex-dividend date of this dividend is Thursday, July 3rd. Progressive's dividend payout ratio is 2.70%.

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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