National Wealth Management Group LLC Makes New $562,000 Investment in The Progressive Corporation $PGR

Key Points

• National Wealth Management Group LLC acquired 1,987 shares of The Progressive Corporation, valued at approximately $562,000, during the first quarter.
• Progressive reported a quarterly earnings per share (EPS) of $4.88, surpassing analyst expectations of $4.43, with a 12.1% increase in revenue year-over-year.
• The company declared a quarterly dividend of $0.10 per share, with a dividend yield of 0.2% and an ex-dividend date of October 2nd.

National Wealth Management Group LLC bought a new position in shares of The Progressive Corporation (NYSE:PGR - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 1,987 shares of the insurance provider's stock, valued at approximately $562,000.

Other large investors have also added to or reduced their stakes in the company. Brighton Jones LLC boosted its holdings in Progressive by 15.6% in the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider's stock worth $813,000 after acquiring an additional 457 shares in the last quarter. Revolve Wealth Partners LLC bought a new position in Progressive in the fourth quarter worth approximately $269,000. Highview Capital Management LLC DE boosted its holdings in Progressive by 3.2% in the fourth quarter. Highview Capital Management LLC DE now owns 11,040 shares of the insurance provider's stock worth $2,645,000 after acquiring an additional 339 shares in the last quarter. Bison Wealth LLC boosted its holdings in Progressive by 3.2% in the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider's stock worth $615,000 after acquiring an additional 80 shares in the last quarter. Finally, Cary Street Partners Financial LLC bought a new position in Progressive in the fourth quarter worth approximately $236,000. Institutional investors and hedge funds own 85.34% of the company's stock.

Progressive Stock Down 2.1%

Shares of PGR stock traded down $5.25 during trading hours on Friday, reaching $243.76. The company had a trading volume of 1,690,776 shares, compared to its average volume of 2,616,163. The Progressive Corporation has a 12 month low of $228.54 and a 12 month high of $292.99. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.31 and a quick ratio of 0.31. The business has a fifty day simple moving average of $247.98 and a 200-day simple moving average of $265.54. The company has a market cap of $142.90 billion, a price-to-earnings ratio of 13.73, a price-to-earnings-growth ratio of 1.42 and a beta of 0.32.

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 analysts' consensus estimates of $4.43 by $0.45. The business had revenue of $20.08 billion for the quarter, compared to analyst estimates of $20.39 billion. Progressive had a return on equity of 35.37% and a net margin of 12.66%.Progressive's quarterly revenue was up 12.1% compared to the same quarter last year. During the same period last year, the company posted $2.48 earnings per share. On average, research analysts expect that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Announces Dividend

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

Insider Buying and Selling at Progressive

In related news, insider Patrick K. Callahan sold 6,232 shares of Progressive stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $249.96, for a total transaction of $1,557,750.72. Following the sale, the insider directly owned 21,612 shares in the company, valued at approximately $5,402,135.52. This trade represents a 22.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Susan Patricia Griffith sold 30,659 shares of Progressive stock in a transaction on 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 sale, the chief executive officer owned 476,286 shares in the company, valued at $117,194,933.16. This trade represents a 6.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 139,010 shares of company stock valued at $34,547,699 in the last ninety days. 0.33% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on PGR. Jefferies Financial Group cut their price target on Progressive from $309.00 to $287.00 and set a "buy" rating on the stock in a report on Monday, August 11th. Morgan Stanley increased their price target on Progressive from $265.00 to $267.00 and gave the stock an "equal weight" rating in a report on Friday, August 22nd. Wall Street Zen lowered Progressive from a "buy" rating to a "hold" rating in a report on Friday, July 18th. UBS Group cut their price target on Progressive from $280.00 to $268.00 and set a "neutral" rating on the stock in a report on Monday, July 21st. Finally, Citigroup restated a "buy" rating on shares of Progressive in a report on Friday, August 29th. Nine research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $284.18.

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.