Oak Harvest Investment Services Boosts Position in The Progressive Corporation $PGR

Key Points

• Oak Harvest Investment Services increased its stake in The Progressive Corporation by 11.2% in Q1, owning a total of 29,246 shares valued at approximately $8.28 million.
• Progressive's recent quarterly earnings report showed an EPS of $4.88, exceeding estimates, with a year-over-year revenue increase of 12.1%.
• The company announced a dividend of $0.10 per share, to be paid on October 10th, with a current annualized dividend yield of 0.2%.

Oak Harvest Investment Services increased its stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 11.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 29,246 shares of the insurance provider's stock after purchasing an additional 2,947 shares during the quarter. Progressive makes up approximately 1.2% of Oak Harvest Investment Services' portfolio, making the stock its 29th largest position. Oak Harvest Investment Services' holdings in Progressive were worth $8,277,000 as of its most recent SEC filing.

Other large investors have 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 valued at $1,078,000 after acquiring an additional 36 shares during the period. Pines Wealth Management LLC increased its stake in shares of 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 in the last quarter. Contravisory Investment Management Inc. lifted its stake in shares of Progressive by 2.0% during the 1st quarter. Contravisory Investment Management Inc. now owns 1,940 shares of the insurance provider's stock valued at $549,000 after buying an additional 38 shares in the last quarter. Beacon Financial Group lifted its stake in shares of Progressive by 1.1% during the 1st quarter. Beacon Financial Group now owns 3,659 shares of the insurance provider's stock valued at $1,036,000 after buying an additional 39 shares in the last quarter. Finally, Pinnacle Wealth Management Advisory Group LLC boosted its holdings in Progressive by 2.1% in the 1st quarter. Pinnacle Wealth Management Advisory Group LLC now owns 1,927 shares of the insurance provider's stock worth $545,000 after buying an additional 39 shares during the period. Institutional investors and hedge funds own 85.34% of the company's stock.

Progressive Trading Up 0.6%

Shares of NYSE:PGR traded up $1.59 on Thursday, reaching $246.28. 2,316,439 shares of the company traded hands, compared to its average volume of 3,232,993. The Progressive Corporation has a 52 week low of $228.54 and a 52 week high of $292.99. 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 business's 50-day simple moving average is $250.25 and its 200 day simple moving average is $266.20. The stock has a market capitalization of $144.37 billion, a P/E ratio of 13.87, a price-to-earnings-growth ratio of 1.43 and a beta of 0.33.

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

Progressive Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd will be given a $0.10 dividend. The ex-dividend date of this dividend is Thursday, October 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive's dividend payout ratio is currently 2.25%.

Insider Buying and Selling

In related news, insider Patrick K. Callahan sold 6,232 shares of Progressive 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 directly owned 27,844 shares of the company's stock, valued at $6,742,703.04. This trade represents a 18.29% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO John P. Sauerland sold 16,664 shares of the company's stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $249.24, for a total transaction of $4,153,335.36. Following the completion of the sale, the chief financial officer owned 228,024 shares in the company, valued at approximately $56,832,701.76. This trade represents a 6.81% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 108,351 shares of company stock worth $27,003,746 over the last quarter. Company insiders own 0.34% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on PGR. Wells Fargo & Company reduced their price target on Progressive from $330.00 to $327.00 and set an "overweight" rating for the company in a research report on Thursday, August 21st. Wall Street Zen lowered Progressive from a "buy" rating to a "hold" rating in a report on Friday, July 18th. Cantor Fitzgerald raised shares of Progressive to a "hold" rating in a report on Wednesday, August 13th. Barclays reduced their price objective on shares of Progressive from $287.00 to $281.00 and set an "equal weight" rating for the company in a research note on Tuesday, August 19th. Finally, Morgan Stanley increased their target price on shares of Progressive from $265.00 to $267.00 and gave the stock an "equal weight" rating in a research note on Friday, August 22nd. Nine analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $284.18.

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.