Little House Capital LLC Buys 1,220 Shares of The Progressive Corporation $PGR

Key Points

• Little House Capital LLC increased its stake in The Progressive Corporation by 25.5%, acquiring an additional 1,220 shares, bringing its total holdings to 6,010 shares valued at approximately $1.6 million.
• Insiders, including CEO Susan Patricia Griffith, sold significant amounts of stock recently, with Griffith selling 30,660 shares for over $7.4 million, resulting in a 5.70% decrease in her ownership.
• Analysts have mixed views on Progressive, with target prices being lowered by BMO Capital and Barclays, while Citigroup reissued a "buy" rating; the stock currently has an average target of $284.82.

Little House Capital LLC increased its stake in The Progressive Corporation (NYSE:PGR - Free Report) by 25.5% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,010 shares of the insurance provider's stock after purchasing an additional 1,220 shares during the period. Little House Capital LLC's holdings in Progressive were worth $1,604,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of PGR. Highline Wealth Partners LLC grew its holdings in Progressive by 114.0% during 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 grew its holdings in Progressive by 210.0% during the 1st quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider's stock worth $26,000 after acquiring an additional 63 shares during the period. HWG Holdings LP acquired a new stake in Progressive during the 1st quarter worth $28,000. Garde Capital Inc. acquired a new stake in Progressive during the 1st quarter worth $33,000. Finally, Ransom Advisory Ltd acquired a new stake in Progressive during the 1st quarter worth $35,000. Institutional investors and hedge funds own 85.34% of the company's stock.

Insiders Place Their Bets

In related news, CEO Susan Patricia Griffith sold 30,660 shares of the company's stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $242.12, for a total value of $7,423,399.20. Following the transaction, the chief executive officer owned 506,945 shares in the company, valued at approximately $122,741,523.40. This represents a 5.70% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Patrick K. Callahan sold 6,232 shares of the company's stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $242.16, for a total transaction of $1,509,141.12. Following the completion of the transaction, the insider owned 27,844 shares in the company, valued at approximately $6,742,703.04. This trade represents a 18.29% 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 in the last 90 days. Corporate insiders own 0.33% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on PGR shares. BMO Capital Markets lowered their target price on shares of Progressive from $281.00 to $279.00 and set an "outperform" rating for the company in a report on Thursday, August 21st. Barclays lowered their target price on shares of Progressive from $287.00 to $281.00 and set an "equal weight" rating for the company in a report on Tuesday, August 19th. Citigroup reissued a "buy" rating on shares of Progressive in a report on Friday, August 29th. Wolfe Research assumed coverage on shares of Progressive in a report on Monday. They issued a "peer perform" rating for the company. Finally, Wall Street Zen raised shares of Progressive from a "hold" rating to a "buy" rating in a report on Saturday. Nine equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $284.82.

Progressive Stock Down 1.1%

Shares of PGR stock opened at $245.45 on Tuesday. 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 firm's 50-day moving average is $246.28 and its 200-day moving average is $264.32. The stock has a market cap of $143.88 billion, a price-to-earnings ratio of 13.83, a PEG ratio of 1.44 and a beta of 0.32. The Progressive Corporation has a 52-week low of $228.54 and a 52-week 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 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.43 by $0.45. The company had revenue of $20.08 billion for the quarter, compared to analysts' expectations of $20.39 billion. Progressive had a net margin of 12.66% and a return on equity of 35.37%. Progressive's quarterly revenue was up 12.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.48 EPS. Sell-side analysts predict that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Dividend Announcement

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

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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