Kestra Investment Management LLC Acquires 3,232 Shares of The Progressive Corporation $PGR

Key Points

• Kestra Investment Management LLC increased its holdings in The Progressive Corporation by 81.5%, acquiring an additional 3,232 shares, bringing its total to 7,197 shares valued at approximately $2,037,000.
• Insider selling activity was noted, with CEO Susan Patricia Griffith selling 30,659 shares for over $7.5 million, indicating a 6.05% decrease in her ownership.
• The Progressive Corporation recently declared a quarterly dividend of $0.10 per share, with an annualized yield of 0.2%, scheduled for payment on October 10th.

Kestra Investment Management LLC increased its stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 81.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,197 shares of the insurance provider's stock after purchasing an additional 3,232 shares during the period. Kestra Investment Management LLC's holdings in Progressive were worth $2,037,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Integrated Advisors Network LLC grew its position in shares of Progressive by 1.0% during the 1st quarter. Integrated Advisors Network LLC now owns 3,808 shares of the insurance provider's stock worth $1,078,000 after buying an additional 36 shares during the period. Rise Advisors LLC grew its holdings in Progressive by 7.4% during the first quarter. Rise Advisors LLC now owns 521 shares of the insurance provider's stock valued at $147,000 after purchasing an additional 36 shares during the period. Pines Wealth Management LLC grew its holdings in Progressive by 3.0% during the first quarter. Pines Wealth Management LLC now owns 1,287 shares of the insurance provider's stock valued at $335,000 after purchasing an additional 37 shares during the period. Contravisory Investment Management Inc. increased its stake in Progressive by 2.0% in the first quarter. Contravisory Investment Management Inc. now owns 1,940 shares of the insurance provider's stock valued at $549,000 after purchasing an additional 38 shares in the last quarter. Finally, Beacon Financial Group increased its stake in Progressive by 1.1% in the first quarter. Beacon Financial Group now owns 3,659 shares of the insurance provider's stock valued at $1,036,000 after purchasing an additional 39 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on PGR shares. Wall Street Zen cut shares of Progressive from a "buy" rating to a "hold" rating in a research report on Friday, July 18th. Citigroup reiterated a "buy" rating on shares of Progressive in a report on Friday, August 29th. Keefe, Bruyette & Woods decreased their target price on Progressive from $290.00 to $268.00 and set a "market perform" rating for the company in a research note on Thursday, July 17th. Evercore ISI downgraded Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 price target for the company. in a report on Thursday, July 17th. Finally, Bank of America lifted their price objective on Progressive from $344.00 to $347.00 and gave the company a "buy" rating in a report on Wednesday. Nine analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $284.82.

Progressive Stock Up 1.2%

NYSE:PGR traded up $2.91 during trading hours on Wednesday, reaching $246.17. 2,149,414 shares of the stock were exchanged, compared to its average volume of 2,643,187. The stock has a market cap of $144.31 billion, a PE ratio of 14.15, a PEG ratio of 1.41 and a beta of 0.32. The Progressive Corporation has a twelve month low of $228.54 and a twelve month high of $292.99. The firm has a 50 day moving average of $247.14 and a 200 day moving average of $265.25. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.31 and a quick ratio of 0.31.

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

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date is Thursday, October 2nd. Progressive's dividend payout ratio is currently 2.25%.

Insider Buying and Selling

In other Progressive news, CFO John P. Sauerland sold 16,664 shares of the firm's stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $249.24, for a total value of $4,153,335.36. Following the completion of the transaction, the chief financial officer directly owned 228,024 shares in the company, valued at $56,832,701.76. This trade represents a 6.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Karen Bailo sold 8,922 shares of the business's stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $249.24, for a total value of $2,223,719.28. Following the transaction, the insider directly owned 32,346 shares in the company, valued at $8,061,917.04. This trade represents a 21.62% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 139,010 shares of company stock worth $34,547,699 over the last three months. Company insiders own 0.34% of the company's stock.

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.