One Wealth Advisors LLC Invests $1.34 Million in The Progressive Corporation $PGR

Key Points

• One Wealth Advisors purchased 6,149 Progressive shares worth approximately $1.34 million, while institutional investors collectively own 85.34% of the insurer.
• Analysts maintain a consensus “Hold” rating, with a $235 average price target; individual targets range from $205 to $241.
• Progressive beat quarterly expectations, reporting $5.67 in EPS versus $4.64 expected and $23.61 billion in revenue. The company also announced a quarterly dividend of $0.10 per share.

One Wealth Advisors LLC purchased a new position in shares of The Progressive Corporation (NYSE:PGR - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 6,149 shares of the insurance provider's stock, valued at approximately $1,343,000.

Several other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in Progressive by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 55,261,140 shares of the insurance provider's stock worth $12,584,067,000 after purchasing an additional 593,612 shares in the last quarter. State Street Corp grew its position in shares of Progressive by 0.3% during the 3rd quarter. State Street Corp now owns 25,808,762 shares of the insurance provider's stock worth $6,373,474,000 after purchasing an additional 78,374 shares in the last quarter. Capital International Investors increased its holdings in shares of Progressive by 8.9% during the fourth quarter. Capital International Investors now owns 14,921,724 shares of the insurance provider's stock worth $3,398,123,000 after purchasing an additional 1,217,527 shares during the period. GQG Partners LLC increased its holdings in shares of Progressive by 11.7% during the fourth quarter. GQG Partners LLC now owns 10,432,549 shares of the insurance provider's stock worth $2,375,706,000 after purchasing an additional 1,092,151 shares during the period. Finally, Norges Bank acquired a new stake in shares of Progressive in the fourth quarter valued at approximately $1,836,094,000. 85.34% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently issued reports on PGR. UBS Group increased their price target on Progressive from $220.00 to $230.00 and gave the stock a "neutral" rating in a research report on Tuesday, June 30th. Mizuho set a $236.00 price objective on Progressive in a report on Wednesday, August 5th. JPMorgan Chase & Co. cut their target price on Progressive from $250.00 to $241.00 and set a "neutral" rating for the company in a research report on Tuesday, August 4th. Evercore set a $240.00 target price on Progressive in a report on Friday, July 10th. Finally, BMO Capital Markets decreased their price target on Progressive from $220.00 to $205.00 and set a "market perform" rating on the stock in a research report on Thursday, July 16th. Five analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $235.00.

Progressive Stock Up 0.3%

Shares of PGR opened at $209.48 on Friday. The Progressive Corporation has a one year low of $189.20 and a one year high of $254.93. The company has a market cap of $121.79 billion, a P/E ratio of 10.51, a P/E/G ratio of 2.82 and a beta of 0.27. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29. The firm has a 50 day simple moving average of $214.36 and a two-hundred day simple moving average of $206.47.

Progressive (NYSE:PGR - Get Free Report) last released its earnings results on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share for the quarter, topping the consensus estimate of $4.64 by $1.03. Progressive had a return on equity of 32.92% and a net margin of 12.84%.The firm had revenue of $23.61 billion during the quarter, compared to analysts' expectations of $19.49 billion. During the same period in the prior year, the company earned $5.40 earnings per share. The company's quarterly revenue was up 5.0% on a year-over-year basis. Research analysts forecast that The Progressive Corporation will post 17.57 EPS for the current fiscal year.

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Thursday, October 1st will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date is Thursday, October 1st. Progressive's dividend payout ratio is currently 2.01%.

Insiders Place Their Bets

In other Progressive news, CIO Jonathan S. Bauer sold 2,242 shares of Progressive stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $212.71, for a total value of $476,895.82. Following the transaction, the executive owned 26,250 shares in the company, valued at $5,583,637.50. The trade was a 7.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider John Jo Murphy sold 8,124 shares of the business's stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $212.70, for a total value of $1,727,974.80. Following the transaction, the insider directly owned 41,291 shares of the company's stock, valued at approximately $8,782,595.70. The trade was a 16.44% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 74,885 shares of company stock valued at $15,880,459 over the last ninety days. 0.32% of the stock is owned by insiders.

Progressive Company Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.

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