JT Stratford LLC acquired a new position in The Progressive Corporation (NYSE:PGR - Free Report) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 4,126 shares of the insurance provider's stock, valued at approximately $1,168,000.
A number of other large investors have also modified their holdings of PGR. Highline Wealth Partners LLC increased its holdings in shares of 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 during the period. TruNorth Capital Management LLC lifted its holdings in Progressive by 210.0% in the first quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider's stock worth $26,000 after purchasing an additional 63 shares during the period. Minot DeBlois Advisors LLC acquired a new stake in Progressive in the fourth quarter worth about $28,000. HWG Holdings LP acquired a new stake in Progressive in the first quarter worth about $28,000. Finally, Garde Capital Inc. acquired a new stake in Progressive in the first quarter worth about $33,000. Institutional investors and hedge funds own 85.34% of the company's stock.
Analysts Set New Price Targets
PGR has been the subject of several research analyst reports. Cantor Fitzgerald raised shares of Progressive to a "hold" rating in a report on Wednesday, August 13th. Barclays lowered their target price on Progressive from $287.00 to $281.00 and set an "equal weight" rating on the stock in a report on Tuesday, August 19th. Evercore ISI lowered Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 target price on the stock. in a report on Thursday, July 17th. Citigroup initiated coverage on Progressive in a report on Wednesday, August 13th. They set a "buy" rating and a $312.00 target price on the stock. Finally, Bank of America lowered their target price on Progressive from $337.00 to $336.00 and set a "buy" rating on the stock in a report on Thursday, July 17th. Nine analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Progressive presently has a consensus rating of "Moderate Buy" and an average target price of $284.18.
Get Our Latest Report on PGR
Insider Buying and Selling at Progressive
In related news, insider John Jo Murphy sold 2,218 shares of the company's stock in a transaction on Monday, July 28th. The shares were sold at an average price of $249.24, for a total value of $552,814.32. Following the completion of the sale, the insider directly owned 47,942 shares in the company, valued at approximately $11,949,064.08. This represents a 4.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, 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 transaction of $1,509,141.12. Following the completion of the sale, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 108,556 shares of company stock valued at $27,306,166 in the last quarter. Corporate insiders own 0.34% of the company's stock.
Progressive Stock Down 0.0%
Shares of PGR stock traded down $0.0130 on Friday, reaching $248.9370. 2,532,861 shares of the company's stock traded hands, compared to its average volume of 3,191,144. The Progressive Corporation has a 12-month low of $228.54 and a 12-month high of $292.99. 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 company has a market capitalization of $145.93 billion, a P/E ratio of 14.02, a price-to-earnings-growth ratio of 1.46 and a beta of 0.33. The business's 50 day moving average price is $251.40 and its two-hundred day moving average price is $266.43.
Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings results 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. Progressive had a return on equity of 35.37% and a net margin of 12.66%.The business had revenue of $20.08 billion for the quarter, compared to the consensus estimate of $20.39 billion. During the same quarter in the previous year, the company posted $2.48 earnings per share. Progressive's revenue for the quarter was up 12.1% compared to the same quarter last year. On average, equities analysts forecast that The Progressive Corporation will post 14.68 earnings per share for the current year.
Progressive Announces Dividend
The company 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 dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive's dividend payout ratio is 2.25%.
Progressive Company Profile
(
Free Report)
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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