Joseph Group Capital Management Raises Stock Position in The Progressive Corporation (NYSE:PGR)

Joseph Group Capital Management increased its position in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 10.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,845 shares of the insurance provider's stock after acquiring an additional 1,208 shares during the quarter. Progressive comprises 1.4% of Joseph Group Capital Management's holdings, making the stock its 23rd biggest position. Joseph Group Capital Management's holdings in Progressive were worth $3,635,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Burford Brothers Inc. acquired a new position in shares of Progressive in the first quarter valued at approximately $1,635,000. Covey Capital Advisors LLC lifted its stake in shares of Progressive by 0.7% during the first quarter. Covey Capital Advisors LLC now owns 20,104 shares of the insurance provider's stock valued at $5,690,000 after buying an additional 147 shares during the period. Cerity Partners LLC lifted its holdings in shares of Progressive by 8.5% during the 1st quarter. Cerity Partners LLC now owns 203,324 shares of the insurance provider's stock worth $57,543,000 after acquiring an additional 15,948 shares during the period. Phillips Financial Management LLC raised its stake in shares of Progressive by 4.7% during the first quarter. Phillips Financial Management LLC now owns 1,308 shares of the insurance provider's stock valued at $370,000 after purchasing an additional 59 shares during the period. Finally, Pelham Capital Ltd. acquired a new position in Progressive in the first quarter worth $5,972,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on PGR shares. Jefferies Financial Group cut their price objective on Progressive from $327.00 to $319.00 and set a "buy" rating on the stock in a report on Friday, April 11th. UBS Group decreased their target price on Progressive from $291.00 to $280.00 and set a "neutral" rating on the stock in a report on Wednesday. Wall Street Zen raised Progressive from a "hold" rating to a "buy" rating in a research report on Saturday, June 21st. Morgan Stanley downgraded Progressive from an "overweight" rating to an "equal weight" rating and reduced their price target for the company from $330.00 to $290.00 in a research note on Monday. Finally, Bank of America raised Progressive from a "neutral" rating to a "buy" rating and set a $312.00 price target for the company in a research note on Monday, April 28th. Eight analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $285.41.

Insiders Place Their Bets

In related news, Director Dyke Kahina Van sold 2,490 shares of the firm's stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $277.67, for a total value of $691,398.30. Following the sale, the director owned 12,429 shares in the company, valued at approximately $3,451,160.43. This trade represents a 16.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Stuart B. Burgdoerfer sold 3,681 shares of the business's stock in a transaction on Friday, June 20th. The stock was sold at an average price of $260.43, for a total transaction of $958,642.83. Following the completion of the sale, the director owned 12,217 shares in the company, valued at approximately $3,181,673.31. The trade was a 23.15% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 42,705 shares of company stock valued at $11,450,948 over the last three months. 0.34% of the stock is currently owned by company insiders.

Progressive Trading Down 0.5%

Shares of NYSE:PGR opened at $249.13 on Friday. The business's 50 day simple moving average is $272.26 and its 200 day simple moving average is $265.57. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29. The Progressive Corporation has a 1 year low of $207.50 and a 1 year high of $292.99. The company has a market capitalization of $146.04 billion, a P/E ratio of 16.80, a P/E/G ratio of 1.58 and a beta of 0.37.

Progressive (NYSE:PGR - Get Free Report) last issued its earnings results on Wednesday, April 16th. The insurance provider reported $4.65 EPS for the quarter, beating the consensus estimate of $4.28 by $0.37. Progressive had a return on equity of 33.50% and a net margin of 11.10%. The company had revenue of $22.21 billion during the quarter, compared to the consensus estimate of $21.87 billion. On average, research analysts anticipate that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Announces Dividend

The business also recently announced a dividend, which will be paid on Friday, July 11th. Investors of record on Friday, July 4th will be given a $0.10 dividend. The ex-dividend date is Thursday, July 3rd. This represents a yield of 0.15%. Progressive's dividend payout ratio (DPR) is presently 2.70%.

Progressive 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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