Joel Isaacson & Co. LLC Invests $308,000 in The Progressive Corporation $PGR

Key Points

• Joel Isaacson & Co. LLC has invested approximately $308,000 in The Progressive Corporation, acquiring 1,156 shares of the insurance provider's stock during the second quarter.
• Insider transactions included CEO Susan Patricia Griffith selling 30,659 shares worth approximately $7.54 million, representing a 6.05% decrease in their ownership.
• Progressive announced a quarterly dividend of $0.10 per share, set to be paid on October 10th, with a current dividend yield of 0.2%.

Joel Isaacson & Co. LLC acquired a new position in shares of The Progressive Corporation (NYSE:PGR - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 1,156 shares of the insurance provider's stock, valued at approximately $308,000.

Several other hedge funds and other institutional investors have also made changes to their positions in PGR. Nuveen LLC acquired a new position in shares of Progressive during the first quarter worth approximately $1,473,180,000. GQG Partners LLC boosted its position 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 buying an additional 3,174,632 shares during the period. C WorldWide Group Holding A S boosted its position 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 buying an additional 1,238,402 shares during the period. Alliancebernstein L.P. raised its holdings in 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 bought a new stake in Progressive during the first quarter worth approximately $194,557,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider John Jo Murphy sold 2,218 shares of the company's stock in a transaction on Friday, September 19th. The shares were sold at an average price of $242.10, for a total value of $536,977.80. Following the transaction, the insider directly owned 43,506 shares of the company's stock, valued at approximately $10,532,802.60. This represents a 4.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Susan Patricia Griffith sold 30,659 shares of the company's stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $246.06, for a total transaction of $7,543,953.54. Following the completion of the transaction, the chief executive officer directly owned 476,286 shares in the company, valued at $117,194,933.16. This trade represents a 6.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 130,045 shares of company stock valued at $31,997,390 over the last quarter. 0.33% of the stock is owned by insiders.

Progressive Stock Performance

Shares of Progressive stock opened at $243.77 on Wednesday. The stock has a market cap of $142.90 billion, a PE ratio of 13.73, a price-to-earnings-growth ratio of 1.34 and a beta of 0.32. The business has a fifty day simple moving average of $245.18 and a 200-day simple moving average of $260.32. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.21. The Progressive Corporation has a 12 month low of $228.54 and a 12 month high of $292.99.

Progressive (NYSE:PGR - Get Free Report) last issued its earnings results on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, topping the consensus estimate of $4.43 by $0.45. The business 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%.Progressive's revenue was up 12.1% compared to the same quarter last year. During the same quarter last year, the firm posted $2.48 earnings per share. On average, sell-side 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 quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend is Thursday, October 2nd. Progressive's dividend payout ratio (DPR) is 2.25%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on PGR shares. Wolfe Research started coverage on Progressive in a report on Monday, September 15th. They set a "peer perform" rating on the stock. BMO Capital Markets set a $252.00 target price on Progressive in a report on Thursday, September 18th. Wells Fargo & Company reissued an "equal weight" rating and set a $265.00 target price (down previously from $327.00) on shares of Progressive in a report on Thursday, September 18th. Evercore ISI dropped their target price on Progressive from $275.00 to $273.00 and set an "in-line" rating on the stock in a report on Wednesday, October 1st. Finally, Barclays dropped their price target on Progressive from $287.00 to $281.00 and set an "equal weight" rating on the stock in a report on Tuesday, August 19th. Seven research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $279.63.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.