OneAscent Investment Solutions LLC Acquires New Shares in The Progressive Corporation (NYSE:PGR)

Key Points

• OneAscent Investment Solutions LLC has purchased a new stake in The Progressive Corporation, acquiring 1,538 shares valued at approximately $435,000 in the first quarter.
• Insider trades revealed significant activity, with CEO Susan Patricia Griffith and another insider selling a combined total of over $9.9 million worth of shares recently.
• Analysts have set new price targets for Progressive, with ratings varying from "buy" to "neutral," and a consensus target price of $283.06 indicating a "Moderate Buy" outlook.

OneAscent Investment Solutions LLC purchased a new stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 1,538 shares of the insurance provider's stock, valued at approximately $435,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PGR. Integrated Advisors Network LLC grew its position in Progressive by 1.0% during the 1st quarter. Integrated Advisors Network LLC now owns 3,808 shares of the insurance provider's stock worth $1,078,000 after purchasing an additional 36 shares in the last quarter. Pines Wealth Management LLC increased its stake in Progressive by 3.0% in the first quarter. Pines Wealth Management LLC now owns 1,287 shares of the insurance provider's stock valued at $335,000 after acquiring an additional 37 shares during the period. Contravisory Investment Management Inc. grew its stake in Progressive by 2.0% during the first quarter. Contravisory Investment Management Inc. now owns 1,940 shares of the insurance provider's stock worth $549,000 after buying an additional 38 shares during the last quarter. Beacon Financial Group grew its stake in shares of Progressive by 1.1% during the first quarter. Beacon Financial Group now owns 3,659 shares of the insurance provider's stock valued at $1,036,000 after purchasing an additional 39 shares during the last quarter. Finally, Pinnacle Wealth Management Advisory Group LLC raised its position in shares of Progressive by 2.1% during the 1st quarter. Pinnacle Wealth Management Advisory Group LLC now owns 1,927 shares of the insurance provider's stock valued at $545,000 after acquiring an additional 39 shares during the last quarter. 85.34% of the stock is owned by institutional investors.

Progressive Stock Performance

PGR traded down $3.93 during trading hours on Friday, hitting $247.02. The company's stock had a trading volume of 3,425,649 shares, compared to its average volume of 3,184,152. The Progressive Corporation has a fifty-two week low of $228.54 and a fifty-two 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 firm has a market capitalization of $144.81 billion, a PE ratio of 13.92, a PEG ratio of 1.46 and a beta of 0.33. The company has a 50-day simple moving average of $253.14 and a 200 day simple moving average of $266.39.

Progressive (NYSE:PGR - Get Free Report) last issued its earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share (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 analysts' expectations of $20.39 billion. Progressive had a return on equity of 35.37% and a net margin of 12.66%. The company's quarterly revenue was up 12.1% on a year-over-year basis. During the same period in the previous year, the firm posted $2.48 EPS. As a group, sell-side analysts expect that The Progressive Corporation will post 14.68 EPS for the current 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 given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive's payout ratio is 2.25%.

Analyst Ratings Changes

A number of brokerages recently commented on PGR. Wells Fargo & Company raised their price objective on shares of Progressive from $328.00 to $333.00 and gave the stock an "overweight" rating in a report on Friday, June 20th. Barclays lowered their price objective on shares of Progressive from $297.00 to $287.00 and set an "equal weight" rating for the company in a research report on Monday, July 7th. Evercore ISI lowered shares of Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 price objective on the stock. in a research note on Thursday, July 17th. Bank of America cut their target price on shares of Progressive from $337.00 to $336.00 and set a "buy" rating on the stock in a research note on Thursday, July 17th. Finally, Morgan Stanley decreased their price objective on shares of Progressive from $275.00 to $265.00 and set an "equal weight" rating for the company in a report on Monday, August 11th. Ten equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $284.88.

Insider Activity

In other Progressive news, insider Lori A. Niederst sold 8,063 shares of the business's stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $250.18, for a total value of $2,017,201.34. Following the completion of the sale, the insider owned 39,040 shares of the company's stock, valued at $9,767,027.20. The trade was a 17.12% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider John Jo Murphy sold 2,218 shares of Progressive stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $249.24, for a total value of $552,814.32. Following the completion of the transaction, the insider owned 47,942 shares in the company, valued at $11,949,064.08. The trade was a 4.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 112,313 shares of company stock valued at $28,349,549. 0.34% of the stock is currently owned by company insiders.

About Progressive

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.