Overbrook Management Corp Buys 9,074 Shares of The Progressive Corporation $PGR

Key Points

• Overbrook Management Corp increased its stake in The Progressive Corporation by 14.6% during the second quarter, owning 71,207 shares valued at approximately $19 million.
• The Progressive Corporation reported earnings of $4.88 per share for the last quarter, exceeding analysts’ expectations, with a year-over-year revenue growth of 12.1%.
• Progressive announced a quarterly dividend of $0.10 per share, reflecting an annualized dividend yield of 0.2%, which will be paid on October 10th.

Overbrook Management Corp increased its stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 14.6% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 71,207 shares of the insurance provider's stock after purchasing an additional 9,074 shares during the quarter. Progressive accounts for 3.5% of Overbrook Management Corp's holdings, making the stock its 13th biggest holding. Overbrook Management Corp's holdings in Progressive were worth $19,002,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of PGR. Integrated Advisors Network LLC boosted its position in shares of Progressive by 1.0% during the first quarter. Integrated Advisors Network LLC now owns 3,808 shares of the insurance provider's stock valued at $1,078,000 after buying an additional 36 shares during the period. Rise Advisors LLC boosted its holdings in Progressive by 7.4% during the 1st quarter. Rise Advisors LLC now owns 521 shares of the insurance provider's stock valued at $147,000 after acquiring an additional 36 shares during the period. Pines Wealth Management LLC boosted its holdings in Progressive by 3.0% during the 1st 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. increased its stake in Progressive by 2.0% in the first quarter. Contravisory Investment Management Inc. now owns 1,940 shares of the insurance provider's stock worth $549,000 after purchasing an additional 38 shares during the period. Finally, Beacon Financial Group increased its stake in Progressive by 1.1% in the first quarter. Beacon Financial Group now owns 3,659 shares of the insurance provider's stock worth $1,036,000 after purchasing an additional 39 shares during the period. 85.34% of the stock is currently owned by institutional investors.

Progressive Stock Up 0.5%

Progressive stock opened at $243.46 on Monday. The Progressive Corporation has a twelve month low of $228.54 and a twelve month high of $292.99. The business has a fifty day moving average of $245.34 and a two-hundred day moving average of $261.91. The firm has a market cap of $142.72 billion, a P/E ratio of 13.72, a P/E/G ratio of 1.36 and a beta of 0.32. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.21.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings data 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. Progressive had a return on equity of 35.37% and a net margin of 12.66%.The firm had revenue of $20.08 billion during the quarter, compared to analysts' expectations of $20.39 billion. During the same period in the prior year, the business posted $2.48 EPS. The firm's quarterly revenue was up 12.1% on a year-over-year basis. On average, analysts forecast that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Announces Dividend

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 paid 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 2nd. Progressive's payout ratio is 2.25%.

Wall Street Analyst Weigh In

PGR has been the topic of a number of research analyst reports. UBS Group cut their price target on shares of Progressive from $280.00 to $268.00 and set a "neutral" rating on the stock in a report on Monday, July 21st. Wall Street Zen cut shares of Progressive from a "buy" rating to a "hold" rating in a research report on Sunday, September 21st. Wolfe Research assumed coverage on shares of Progressive in a research report on Monday, September 15th. They set a "peer perform" rating on the stock. Morgan Stanley decreased their price target on shares of Progressive from $267.00 to $265.00 and set an "equal weight" rating for the company in a research note on Monday, September 22nd. Finally, Jefferies Financial Group dropped their price objective on Progressive from $309.00 to $287.00 and set a "buy" rating on the stock in a research note on Monday, August 11th. Six equities research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $279.31.

Insider Buying and Selling

In other news, insider Lori A. Niederst sold 8,063 shares of the stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $250.18, for a total transaction of $2,017,201.34. Following the completion of the sale, the insider owned 39,040 shares in the company, valued at approximately $9,767,027.20. This represents a 17.12% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Susan Patricia Griffith sold 30,659 shares of the business's 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 transaction, the chief executive officer owned 476,286 shares in the company, valued at approximately $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 130,045 shares of company stock valued at $31,997,390 over the last quarter. Insiders own 0.33% of the company's stock.

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.

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