LPL Financial LLC Acquires 9,099 Shares of The Progressive Corporation (NYSE:PGR)

LPL Financial LLC raised its holdings in The Progressive Corporation (NYSE:PGR - Free Report) by 1.9% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 482,776 shares of the insurance provider's stock after acquiring an additional 9,099 shares during the quarter. LPL Financial LLC owned about 0.08% of Progressive worth $136,631,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Integrated Advisors Network LLC boosted its stake in Progressive by 1.0% in the first quarter. Integrated Advisors Network LLC now owns 3,808 shares of the insurance provider's stock valued at $1,078,000 after acquiring an additional 36 shares during the last quarter. Pines Wealth Management LLC raised its holdings in Progressive by 3.0% in the first quarter. Pines Wealth Management LLC now owns 1,287 shares of the insurance provider's stock worth $335,000 after purchasing an additional 37 shares during the period. Contravisory Investment Management Inc. raised its holdings in Progressive by 2.0% in the first quarter. Contravisory Investment Management Inc. now owns 1,940 shares of the insurance provider's stock worth $549,000 after purchasing an additional 38 shares during the period. Beacon Financial Group raised its holdings in Progressive by 1.1% in the first quarter. Beacon Financial Group now owns 3,659 shares of the insurance provider's stock worth $1,036,000 after purchasing an additional 39 shares during the period. Finally, Kesler Norman & Wride LLC raised its holdings in Progressive by 1.1% in the fourth quarter. Kesler Norman & Wride LLC now owns 3,695 shares of the insurance provider's stock worth $885,000 after purchasing an additional 40 shares during the period. 85.34% of the stock is owned by institutional investors.

Insider Activity at Progressive

In other news, Director Stuart B. Burgdoerfer sold 3,681 shares of the business's stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $260.43, for a total transaction of $958,642.83. Following the transaction, the director directly owned 12,217 shares in the company, valued at $3,181,673.31. The trade was a 23.15% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Steven Broz sold 1,267 shares of the business's stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $247.54, for a total transaction of $313,633.18. Following the transaction, the insider owned 26,354 shares in the company, valued at $6,523,669.16. This represents a 4.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 33,972 shares of company stock worth $9,078,681 over the last ninety days. Company insiders own 0.33% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on PGR shares. Morgan Stanley cut their target price on shares of Progressive from $290.00 to $280.00 and set an "equal weight" rating on the stock in a report on Monday, July 14th. JPMorgan Chase & Co. increased their target price on shares of Progressive from $267.00 to $287.00 and gave the stock an "overweight" rating in a report on Tuesday, April 8th. UBS Group cut their target price on shares of Progressive from $280.00 to $268.00 and set a "neutral" rating on the stock in a report on Monday, July 21st. Wells Fargo & Company increased their target price on shares of Progressive from $328.00 to $333.00 and gave the stock an "overweight" rating in a report on Friday, June 20th. Finally, Barclays cut their target price on shares of Progressive from $297.00 to $287.00 and set an "equal weight" rating on the stock in a report on Monday, July 7th. Nine analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, Progressive has an average rating of "Moderate Buy" and an average target price of $286.88.

Progressive Trading Down 3.8%

PGR opened at $240.67 on Tuesday. The firm's fifty day simple moving average is $263.30 and its 200 day simple moving average is $266.31. The company has a current ratio of 0.34, a quick ratio of 0.29 and a debt-to-equity ratio of 0.21. The Progressive Corporation has a 12 month low of $208.13 and a 12 month high of $292.99. The stock has a market capitalization of $141.09 billion, a P/E ratio of 13.56, a P/E/G ratio of 1.50 and a beta of 0.37.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, topping the consensus estimate of $4.43 by $0.45. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The firm had revenue of $20.08 billion for the quarter, compared to analysts' expectations of $20.39 billion. During the same period in the previous year, the firm posted $2.48 EPS. The company's revenue for the quarter was up 12.1% on a year-over-year basis. As a group, research analysts anticipate that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

The company also recently disclosed a dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, July 4th were paid a dividend of $0.10 per share. The ex-dividend date was Thursday, July 3rd. This represents a dividend yield of 0.15%. Progressive's dividend payout ratio is presently 2.25%.

About Progressive

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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