Lee Johnson Capital Management LLC Buys New Stake in The Progressive Corporation (NYSE:PGR)

Lee Johnson Capital Management LLC acquired a new position in shares of The Progressive Corporation (NYSE:PGR - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 12,891 shares of the insurance provider's stock, valued at approximately $3,648,000. Progressive accounts for 1.9% of Lee Johnson Capital Management LLC's portfolio, making the stock its 20th largest position.

A number of other large investors also recently added to or reduced their stakes in the stock. Brighton Jones LLC raised its position in shares of Progressive by 15.6% in the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider's stock valued at $813,000 after buying an additional 457 shares during the last quarter. Revolve Wealth Partners LLC purchased a new stake in shares of Progressive in the fourth quarter valued at about $269,000. Highview Capital Management LLC DE grew its holdings in shares of Progressive by 3.2% in the fourth quarter. Highview Capital Management LLC DE now owns 11,040 shares of the insurance provider's stock valued at $2,645,000 after purchasing an additional 339 shares during the period. Proficio Capital Partners LLC grew its holdings in shares of Progressive by 54.1% in the fourth quarter. Proficio Capital Partners LLC now owns 2,371 shares of the insurance provider's stock valued at $568,000 after purchasing an additional 832 shares during the period. Finally, Rialto Wealth Management LLC purchased a new position in Progressive during the fourth quarter worth about $43,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Progressive

In other news, Director Dyke Kahina Van sold 2,490 shares of the stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $277.67, for a total transaction of $691,398.30. Following the completion of the transaction, the director directly owned 12,429 shares in the company, valued at approximately $3,451,160.43. This represents a 16.69% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Steven Broz sold 1,267 shares of the firm's stock in a transaction on Friday, June 20th. The stock was sold at an average price of $260.38, for a total value of $329,901.46. Following the transaction, the insider owned 27,621 shares in the company, valued at $7,191,955.98. This trade represents a 4.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 42,705 shares of company stock worth $11,450,948. 0.33% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research firms have recently commented on PGR. Wells Fargo & Company raised their price objective on shares of Progressive from $328.00 to $333.00 and gave the company an "overweight" rating in a research note on Friday, June 20th. Wall Street Zen raised shares of Progressive from a "hold" rating to a "buy" rating in a report on Saturday, June 21st. JPMorgan Chase & Co. raised their price objective on shares of Progressive from $267.00 to $287.00 and gave the stock an "overweight" rating in a report on Tuesday, April 8th. BMO Capital Markets raised their target price on shares of Progressive from $282.00 to $288.00 and gave the stock an "outperform" rating in a research report on Thursday, April 17th. Finally, Barclays lowered their price objective on shares of Progressive from $297.00 to $287.00 and set an "equal weight" rating on the stock in a research report on Monday. Eight investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, Progressive has a consensus rating of "Moderate Buy" and a consensus price target of $285.94.

Progressive Stock Down 3.2%

PGR opened at $253.38 on Tuesday. The firm has a 50 day moving average price of $273.96 and a 200 day moving average price of $265.71. The company has a market cap of $148.54 billion, a PE ratio of 17.09, a price-to-earnings-growth ratio of 1.61 and a beta of 0.37. The Progressive Corporation has a 1 year low of $207.50 and a 1 year high of $292.99. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29.

Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings results on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share for the quarter, topping analysts' consensus estimates of $4.28 by $0.37. The firm had revenue of $22.21 billion during the quarter, compared to analysts' expectations of $21.87 billion. Progressive had a return on equity of 33.50% and a net margin of 11.10%. Sell-side analysts expect that The Progressive Corporation will post 14.68 earnings per share for the current year.

Progressive Announces Dividend

The firm also recently announced a dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, July 4th will be paid a dividend of $0.10 per share. This represents a dividend yield of 0.15%. The ex-dividend date of this dividend is Thursday, July 3rd. Progressive's dividend payout ratio (DPR) is currently 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.

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.