Mitchell Capital Management Co. Buys Shares of 11,041 The Progressive Corporation $PGR

Key Points

• Mitchell Capital Management Co. acquired 11,041 shares of The Progressive Corporation valued at approximately $2.7 million in the second quarter.
• Progressive reported a 12.1% increase in quarterly revenue compared to the same period last year, totaling $20.08 billion, with an EPS of $4.88.
• The company announced a quarterly dividend of $0.10 per share, reflecting an annualized yield of 0.2% and a payout ratio of 2.25%.

Mitchell Capital Management Co. bought a new stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund bought 11,041 shares of the insurance provider's stock, valued at approximately $2,721,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Index Fund Advisors Inc. raised its position in shares of Progressive by 343.2% during the 2nd quarter. Index Fund Advisors Inc. now owns 3,625 shares of the insurance provider's stock valued at $967,000 after acquiring an additional 2,807 shares during the last quarter. Clarendon Private LLC raised its position in shares of Progressive by 7.7% during the 2nd quarter. Clarendon Private LLC now owns 4,512 shares of the insurance provider's stock valued at $1,204,000 after acquiring an additional 322 shares during the last quarter. LRI Investments LLC grew its holdings in shares of Progressive by 13.4% in the 2nd quarter. LRI Investments LLC now owns 338 shares of the insurance provider's stock valued at $90,000 after buying an additional 40 shares during the period. CWM LLC grew its holdings in shares of Progressive by 19.7% in the 2nd quarter. CWM LLC now owns 35,285 shares of the insurance provider's stock valued at $9,416,000 after buying an additional 5,802 shares during the period. Finally, OFI Invest Asset Management grew its holdings in shares of Progressive by 6.7% in the 2nd quarter. OFI Invest Asset Management now owns 235,858 shares of the insurance provider's stock valued at $62,941,000 after buying an additional 14,760 shares during the period. Institutional investors own 85.34% of the company's stock.

Wall Street Analysts Forecast Growth

PGR has been the subject of several research analyst reports. Barclays set a $271.00 price target on shares of Progressive in a report on Wednesday. UBS Group decreased their price target on shares of Progressive from $268.00 to $261.00 and set a "neutral" rating for the company in a report on Wednesday. Wolfe Research initiated coverage on shares of Progressive in a report on Monday, September 15th. They issued a "peer perform" rating for the company. Wells Fargo & Company boosted their price target on shares of Progressive from $265.00 to $266.00 and gave the company an "equal weight" rating in a report on Wednesday, October 8th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Progressive in a report on Wednesday, October 8th. Seven equities research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $279.63.

Progressive Price Performance

Shares of NYSE PGR opened at $240.18 on Monday. The firm has a market cap of $140.80 billion, a PE ratio of 13.53, a PEG ratio of 1.33 and a beta of 0.32. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.21. The Progressive Corporation has a 1-year low of $228.54 and a 1-year high of $292.99. The company has a fifty day moving average price of $245.20 and a 200 day moving average price of $259.54.

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

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 10th. Investors of record on Thursday, October 2nd were paid a $0.10 dividend. The ex-dividend date of this dividend was 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 presently 2.25%.

Insider Transactions at Progressive

In other news, insider Patrick K. Callahan sold 6,420 shares of the stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $242.22, for a total transaction of $1,555,052.40. Following the completion of the transaction, the insider directly owned 15,192 shares in the company, valued at $3,679,806.24. This represents a 29.71% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO John P. Sauerland sold 16,664 shares of the firm's stock in a transaction dated Monday, July 28th. The shares were 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 owned 228,024 shares of the company's stock, valued at $56,832,701.76. The trade was a 6.81% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 130,045 shares of company stock worth $31,997,390. Company insiders own 0.34% of the company's stock.

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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