McHugh Group LLC Raises Stock Holdings in The Progressive Corporation $PGR

Key Points

• McHugh Group LLC increased its stake in The Progressive Corporation by 25.2% in Q2, owning 8,200 shares valued at approximately $2.19 million, making it the fund's 15th largest holding.
• The Progressive Corporation reported $4.88 EPS for the last quarter, exceeding analyst expectations, and had a 12.1% year-over-year revenue increase to $20.08 billion.
• The company announced a quarterly dividend of $0.10, with a yield of 0.2%, set to be paid on October 10th, 2023.

McHugh Group LLC increased its position in The Progressive Corporation (NYSE:PGR - Free Report) by 25.2% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,200 shares of the insurance provider's stock after acquiring an additional 1,650 shares during the period. Progressive makes up about 1.5% of McHugh Group LLC's portfolio, making the stock its 15th biggest holding. McHugh Group LLC's holdings in Progressive were worth $2,188,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Integrated Advisors Network LLC raised its stake in Progressive by 1.0% in the 1st quarter. Integrated Advisors Network LLC now owns 3,808 shares of the insurance provider's stock worth $1,078,000 after acquiring an additional 36 shares during the last quarter. Rise Advisors LLC raised its stake in Progressive by 7.4% in the 1st quarter. Rise Advisors LLC now owns 521 shares of the insurance provider's stock worth $147,000 after acquiring an additional 36 shares during the last quarter. Pines Wealth Management LLC raised its stake in Progressive by 3.0% in the 1st quarter. Pines Wealth Management LLC now owns 1,287 shares of the insurance provider's stock worth $335,000 after acquiring an additional 37 shares during the last quarter. Contravisory Investment Management Inc. raised its stake in Progressive by 2.0% in the 1st quarter. Contravisory Investment Management Inc. now owns 1,940 shares of the insurance provider's stock worth $549,000 after acquiring an additional 38 shares during the last quarter. Finally, Beacon Financial Group raised its stake in Progressive by 1.1% in the 1st quarter. Beacon Financial Group now owns 3,659 shares of the insurance provider's stock worth $1,036,000 after acquiring an additional 39 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company's stock.

Progressive Price Performance

NYSE:PGR opened at $241.93 on Friday. The Progressive Corporation has a 52 week low of $228.54 and a 52 week high of $292.99. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.21. The stock has a market capitalization of $141.82 billion, a PE ratio of 13.63, a price-to-earnings-growth ratio of 1.40 and a beta of 0.32. The stock's 50-day moving average price is $245.88 and its 200-day moving average price is $263.75.

Progressive (NYSE:PGR - Get Free Report) last posted its earnings results on Wednesday, July 16th. The insurance provider reported $4.88 EPS 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 firm had revenue of $20.08 billion for the quarter, compared to analysts' expectations of $20.39 billion. During the same period last year, the firm earned $2.48 EPS. The company's quarterly revenue was up 12.1% on a year-over-year basis. As a group, equities analysts expect that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

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 $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date is Thursday, October 2nd. Progressive's payout ratio is presently 2.25%.

Insider Buying and Selling

In related news, insider John Jo Murphy sold 2,218 shares of Progressive stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $250.78, for a total value of $556,230.04. Following the sale, the insider directly owned 45,724 shares in the company, valued at approximately $11,466,664.72. The trade was a 4.63% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Susan Patricia Griffith sold 30,659 shares of Progressive stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $246.06, for a total value of $7,543,953.54. Following the completion of the sale, the chief executive officer owned 476,286 shares in the company, valued at approximately $117,194,933.16. The trade was a 6.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 130,062 shares of company stock worth $32,217,635 in the last quarter. 0.34% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Barclays reduced their price objective on Progressive from $287.00 to $281.00 and set an "equal weight" rating for the company in a research note on Tuesday, August 19th. Wall Street Zen upgraded Progressive from a "hold" rating to a "buy" rating in a research note on Saturday, September 13th. Keefe, Bruyette & Woods lifted their price objective on Progressive from $268.00 to $270.00 and gave the company a "market perform" rating in a research note on Thursday. BMO Capital Markets set a $252.00 price objective on Progressive in a research note on Thursday. Finally, Morgan Stanley lifted their price objective on Progressive from $265.00 to $267.00 and gave the company an "equal weight" rating in a research note on Friday, August 22nd. Six analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $279.44.

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.

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