GC Wealth Management RIA LLC Purchases New Position in The Progressive Corporation $PGR

Key Points

• GC Wealth Management RIA LLC acquired a new position in The Progressive Corporation, purchasing 10,383 shares valued at approximately $2.77 million.
• Progressive reported a strong quarterly earnings, with an EPS of $4.88, exceeding analysts' expectations of $4.43 and showing a 12.1% revenue increase compared to the previous year.
• The company announced a $0.10 quarterly dividend to be paid on October 10th, maintaining a payout ratio of 2.25%.

GC Wealth Management RIA LLC purchased a new stake in The Progressive Corporation (NYSE:PGR - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 10,383 shares of the insurance provider's stock, valued at approximately $2,771,000.

A number of other institutional investors and hedge funds have also made changes to their positions in PGR. Nuveen LLC purchased a new stake in Progressive in the 1st quarter worth $1,473,180,000. GQG Partners LLC increased its stake in shares of Progressive by 61.4% during the first quarter. GQG Partners LLC now owns 8,346,133 shares of the insurance provider's stock worth $2,362,039,000 after purchasing an additional 3,174,632 shares in the last quarter. C WorldWide Group Holding A S increased its stake in shares of Progressive by 12,110.3% during the first quarter. C WorldWide Group Holding A S now owns 1,248,628 shares of the insurance provider's stock worth $353,374,000 after purchasing an additional 1,238,402 shares in the last quarter. Alliancebernstein L.P. increased its stake in shares of Progressive by 15.2% during the first quarter. Alliancebernstein L.P. now owns 8,263,157 shares of the insurance provider's stock worth $2,338,556,000 after purchasing an additional 1,091,828 shares in the last quarter. Finally, Axiom Investors LLC DE purchased a new stake in shares of Progressive during the first quarter worth about $194,557,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Progressive Stock Performance

Progressive stock opened at $243.46 on Monday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.31 and a current ratio of 0.31. The stock has a fifty day moving average of $245.34 and a two-hundred day moving average of $261.91. The company has a market capitalization of $142.72 billion, a price-to-earnings ratio of 13.72, a PEG ratio of 1.36 and a beta of 0.32. The Progressive Corporation has a fifty-two week low of $228.54 and a fifty-two week high of $292.99.

Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings data on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, topping analysts' consensus estimates of $4.43 by $0.45. The firm had revenue of $20.08 billion during the quarter, compared to analysts' expectations of $20.39 billion. Progressive had a return on equity of 35.37% and a net margin of 12.66%.The firm's quarterly revenue was up 12.1% compared to the same quarter last year. During the same quarter last year, the business posted $2.48 EPS. On average, analysts anticipate that The Progressive Corporation will post 14.68 EPS for the current fiscal 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 paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend is Thursday, October 2nd. Progressive's payout ratio is presently 2.25%.

Analyst Upgrades and Downgrades

Several research firms have commented on PGR. Keefe, Bruyette & Woods boosted their price objective on Progressive from $268.00 to $270.00 and gave the stock a "market perform" rating in a research note on Thursday, September 18th. Evercore ISI cut Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 price target for the company. in a research report on Thursday, July 17th. Cantor Fitzgerald raised shares of Progressive to a "hold" rating in a report on Wednesday, August 13th. Wolfe Research started coverage on shares of Progressive in a report on Monday, September 15th. They set a "peer perform" rating for the company. Finally, Wall Street Zen cut shares of Progressive from a "buy" rating to a "hold" rating in a research note on Sunday, September 21st. Six investment analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company's stock. According to MarketBeat, Progressive presently has a consensus rating of "Hold" and a consensus price target of $279.31.

Insider Transactions at Progressive

In other news, insider Lori A. Niederst sold 8,063 shares of Progressive 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 completion of the sale, the insider owned 39,040 shares of the company's stock, valued at $9,767,027.20. The trade was a 17.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Susan Patricia Griffith sold 30,659 shares of Progressive stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $246.06, for a total value of $7,543,953.54. Following the completion of the sale, the chief executive officer directly owned 476,286 shares of the company's stock, valued at approximately $117,194,933.16. This represents a 6.05% decrease in their position. The disclosure for this sale can be found here. Insiders sold 130,045 shares of company stock worth $31,997,390 in the last three months. 0.33% of the stock is currently owned by company insiders.

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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