The Progressive Corporation (NYSE:PGR) Shares Purchased by Geneos Wealth Management Inc.

Key Points

• Geneos Wealth Management Inc. increased its stake in The Progressive Corporation by 88.3% in the first quarter, now holding a total of 49,291 shares valued at approximately $13.95 million.
• Progressive reported quarterly earnings of $4.88 per share, exceeding analyst expectations of $4.43, with a total revenue of $20.08 billion, which was up 12.1% year-over-year.
• The company announced a $0.10 dividend paid to shareholders, with a current dividend yield of 0.15% and a payout ratio of 2.25%.

Geneos Wealth Management Inc. boosted its holdings in The Progressive Corporation (NYSE:PGR - Free Report) by 88.3% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 49,291 shares of the insurance provider's stock after buying an additional 23,120 shares during the quarter. Geneos Wealth Management Inc.'s holdings in Progressive were worth $13,950,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of PGR. Highline Wealth Partners LLC increased its holdings in Progressive by 114.0% in the 1st quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock worth $26,000 after acquiring an additional 49 shares in the last quarter. TruNorth Capital Management LLC increased its holdings in Progressive by 210.0% in the 1st quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider's stock worth $26,000 after acquiring an additional 63 shares in the last quarter. Minot DeBlois Advisors LLC bought a new position in Progressive in the 4th quarter worth approximately $28,000. HWG Holdings LP bought a new position in Progressive in the 1st quarter worth approximately $28,000. Finally, Garde Capital Inc. bought a new position in Progressive in the 1st quarter worth approximately $33,000. Hedge funds and other institutional investors own 85.34% of the company's stock.

Insiders Place Their Bets

In other news, insider Patrick K. Callahan sold 6,232 shares of the company's stock in a transaction on Monday, July 28th. The stock was sold at an average price of $242.16, for a total value of $1,509,141.12. Following the transaction, the insider owned 27,844 shares of the company's stock, valued at $6,742,703.04. This represents a 18.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Susan Patricia Griffith sold 30,660 shares of the company's stock in a transaction on Monday, July 28th. The shares were 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 trade represents a 5.70% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 104,250 shares of company stock worth $26,332,348. Corporate insiders own 0.34% of the company's stock.

Progressive Price Performance

Shares of PGR traded down $0.32 during trading hours on Friday, hitting $241.73. 1,664,515 shares of the stock were exchanged, compared to its average volume of 3,274,726. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.29 and a current ratio of 0.34. The Progressive Corporation has a 12-month low of $208.13 and a 12-month high of $292.99. The company has a market cap of $141.70 billion, a price-to-earnings ratio of 13.61, a price-to-earnings-growth ratio of 1.45 and a beta of 0.37. The stock's 50-day moving average price is $260.94 and its two-hundred day moving average price is $266.01.

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

Progressive Announces Dividend

The firm also recently declared a dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, July 4th were paid a $0.10 dividend. This represents a dividend yield of 15.0%. The ex-dividend date of this dividend was Thursday, July 3rd. Progressive's dividend payout ratio is 2.25%.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. BMO Capital Markets dropped their price target on Progressive from $288.00 to $281.00 and set an "outperform" rating for the company in a research note on Friday, July 18th. Bank of America dropped their price target on Progressive from $337.00 to $336.00 and set a "buy" rating for the company in a research note on Thursday, July 17th. Barclays dropped their price target on Progressive from $297.00 to $287.00 and set an "equal weight" rating for the company in a research note on Monday, July 7th. Wall Street Zen downgraded Progressive from a "buy" rating to a "hold" rating in a research report on Friday, July 18th. Finally, Evercore ISI downgraded Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 target price for the company. in a research report on Thursday, July 17th. Nine investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $286.88.

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.