1,072 Shares in The Progressive Corporation $PGR Acquired by George Kaiser Family Foundation

Key Points

• The George Kaiser Family Foundation has made a new investment in The Progressive Corporation, acquiring 1,072 shares valued at approximately $303,000, making Progressive its 28th largest position.
• Insider selling activity included Progressive CEO Susan Patricia Griffith, who sold 30,660 shares valued at over $7.4 million, reducing her position by 5.70%.
• Progressive's earnings exceeded expectations with $4.88 EPS, and the company plans to distribute a quarterly dividend of $0.10 per share, which will be paid on October 10th.

George Kaiser Family Foundation purchased a new position in The Progressive Corporation (NYSE:PGR - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,072 shares of the insurance provider's stock, valued at approximately $303,000. Progressive makes up about 0.0% of George Kaiser Family Foundation's holdings, making the stock its 28th largest position.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Northwest & Ethical Investments L.P. lifted its stake in shares of Progressive by 13.9% in the first quarter. Northwest & Ethical Investments L.P. now owns 65,978 shares of the insurance provider's stock worth $18,670,000 after buying an additional 8,038 shares in the last quarter. Steward Partners Investment Advisory LLC lifted its stake in shares of Progressive by 72.1% in the first quarter. Steward Partners Investment Advisory LLC now owns 30,529 shares of the insurance provider's stock worth $8,640,000 after buying an additional 12,793 shares in the last quarter. Tyler Stone Wealth Management lifted its stake in shares of Progressive by 1.5% in the first quarter. Tyler Stone Wealth Management now owns 5,304 shares of the insurance provider's stock worth $1,501,000 after buying an additional 78 shares in the last quarter. Raymond James Financial Inc. lifted its stake in shares of Progressive by 14.4% in the first quarter. Raymond James Financial Inc. now owns 1,950,321 shares of the insurance provider's stock worth $551,961,000 after buying an additional 245,817 shares in the last quarter. Finally, Boston Family Office LLC purchased a new position in shares of Progressive in the first quarter worth about $247,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Progressive

In related news, insider Lori A. Niederst sold 8,063 shares of Progressive stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $250.18, for a total value of $2,017,201.34. Following the completion of the transaction, the insider owned 39,040 shares in the company, valued at approximately $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 SEC, which is accessible through this hyperlink. Also, CFO John P. Sauerland sold 16,664 shares of Progressive stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $249.24, for a total transaction of $4,153,335.36. Following the completion of the transaction, the chief financial officer owned 228,024 shares of the company's stock, valued at $56,832,701.76. This represents a 6.81% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 112,313 shares of company stock valued at $28,349,549. 0.33% of the stock is owned by corporate insiders.

Progressive Stock Up 0.6%

Shares of PGR stock traded up $1.6040 during trading on Wednesday, reaching $252.2440. The company's stock had a trading volume of 3,662,057 shares, compared to its average volume of 3,255,443. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.31 and a quick ratio of 0.31. The company has a market capitalization of $147.87 billion, a price-to-earnings ratio of 14.21, a P/E/G ratio of 1.46 and a beta of 0.33. The stock's 50-day moving average price is $252.37 and its 200 day moving average price is $266.40. The Progressive Corporation has a 1-year low of $228.54 and a 1-year high of $292.99.

Progressive (NYSE:PGR - Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share for the quarter, beating 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 net margin of 12.66% and a return on equity of 35.37%. The business's quarterly revenue was up 12.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.48 earnings per share. On average, research analysts anticipate that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Announces Dividend

The firm also recently disclosed 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 dividend yield of 0.2%. Progressive's dividend payout ratio (DPR) is currently 2.25%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on PGR. Cantor Fitzgerald raised shares of Progressive to a "hold" rating in a research note on Wednesday, August 13th. Jefferies Financial Group cut their price objective on shares of Progressive from $309.00 to $287.00 and set a "buy" rating for the company in a research report on Monday, August 11th. BMO Capital Markets cut their price objective on shares of Progressive from $288.00 to $281.00 and set an "outperform" rating for the company in a research report on Friday, July 18th. Bank of America cut their price objective on shares of Progressive from $337.00 to $336.00 and set a "buy" rating for the company in a research report on Thursday, July 17th. Finally, Wall Street Zen cut shares of Progressive from a "buy" rating to a "hold" rating in a research report on Friday, July 18th. Nine investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $284.53.

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.