Gallacher Capital Management LLC Purchases 1,289 Shares of The Progressive Corporation $PGR

Key Points

• Gallacher Capital Management LLC increased its stake in The Progressive Corporation by 96.3%, acquiring an additional 1,289 shares in the second quarter, bringing its total holdings to 2,627 shares valued at $701,000.
• Progressive's recent earnings report revealed an EPS of $4.88, exceeding analysts' expectations of $4.43, while the company's revenue of $20.08 billion was slightly below the forecast.
• The company announced a quarterly dividend of $0.10 per share, which will be paid to investors of record on October 2nd, representing an annualized yield of 0.2%.

Gallacher Capital Management LLC lifted its position in The Progressive Corporation (NYSE:PGR - Free Report) by 96.3% in the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,627 shares of the insurance provider's stock after acquiring an additional 1,289 shares during the period. Gallacher Capital Management LLC's holdings in Progressive were worth $701,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Trust Co. of Oklahoma purchased a new stake in shares of Progressive in the 2nd quarter worth approximately $439,000. Fox Hill Wealth Management purchased a new stake in shares of Progressive in the 2nd quarter worth approximately $2,487,000. Capital Asset Advisory Services LLC purchased a new stake in shares of Progressive in the 2nd quarter worth approximately $201,000. Wesbanco Bank Inc. grew its stake in shares of Progressive by 48.6% in the 2nd quarter. Wesbanco Bank Inc. now owns 22,361 shares of the insurance provider's stock worth $5,967,000 after buying an additional 7,314 shares during the last quarter. Finally, Verde Capital Management grew its stake in shares of Progressive by 9.3% in the 2nd quarter. Verde Capital Management now owns 9,394 shares of the insurance provider's stock worth $2,507,000 after buying an additional 800 shares during the last quarter. Institutional investors own 85.34% of the company's stock.

Progressive Price Performance

Shares of Progressive stock opened at $248.29 on Monday. The Progressive Corporation has a one year low of $228.54 and a one year high of $292.99. The stock's fifty day moving average is $246.44 and its 200 day moving average is $264.58. The stock has a market cap of $145.55 billion, a P/E ratio of 13.99, a P/E/G ratio of 1.44 and a beta of 0.32. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.31 and a current ratio of 0.31.

Progressive (NYSE:PGR - Get Free Report) last announced its earnings results on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, topping analysts' consensus estimates of $4.43 by $0.45. Progressive had a return on equity of 35.37% and a net margin of 12.66%.The company had revenue of $20.08 billion for the quarter, compared to analysts' expectations of $20.39 billion. During the same period last year, the firm earned $2.48 EPS. Progressive's revenue for the quarter was up 12.1% compared to the same quarter last year. Sell-side analysts anticipate that The Progressive Corporation will post 14.68 earnings per share for the current year.

Progressive Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Thursday, October 2nd will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend is Thursday, October 2nd. Progressive's dividend payout ratio (DPR) is currently 2.25%.

Analysts Set New Price Targets

PGR has been the topic of several recent research reports. Morgan Stanley upped their price target on Progressive from $265.00 to $267.00 and gave the stock an "equal weight" rating in a research note on Friday, August 22nd. Bank of America upped their price target on Progressive from $344.00 to $347.00 and gave the stock a "buy" rating in a research note on Wednesday, September 10th. UBS Group cut their price target on Progressive from $280.00 to $268.00 and set a "neutral" rating on the stock in a research note on Monday, July 21st. Wells Fargo & Company cut their price target on Progressive from $330.00 to $327.00 and set an "overweight" rating on the stock in a research note on Thursday, August 21st. Finally, Barclays cut their target price on Progressive from $287.00 to $281.00 and set an "equal weight" rating on the stock in a research note on Tuesday, August 19th. Nine investment 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, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $284.82.

Insider Buying and Selling

In related news, insider Lori A. Niederst sold 8,063 shares of the firm's stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $250.18, for a total value of $2,017,201.34. Following the transaction, the insider directly owned 39,040 shares of the company's stock, valued at approximately $9,767,027.20. This trade represents a 17.12% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Susan Patricia Griffith sold 30,660 shares of the firm's stock in a transaction on Monday, July 28th. The stock was sold at an average price of $242.12, for a total value of $7,423,399.20. Following the completion of the transaction, the chief executive officer directly owned 506,945 shares in the company, valued at approximately $122,741,523.40. This represents a 5.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 139,010 shares of company stock worth $34,547,699 in the last quarter. Company insiders own 0.33% of the company's stock.

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.

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