Pinnacle Wealth Management LLC Invests $2.33 Million in The Progressive Corporation $PGR

Key Points

• Pinnacle Wealth Management LLC invested approximately $2.33 million in shares of The Progressive Corporation, acquiring 8,738 shares in the 2nd quarter, which constitutes about 2.0% of its portfolio.
• CEO Susan Patricia Griffith and CFO John P. Sauerland sold a total of 47,324 shares worth approximately $11.58 million in late July, resulting in significant decreases in their respective ownership stakes.
• Progressive's recent earnings report showed a miss on consensus estimates, with an EPS of $4.45, while the company's revenue was $21.38 billion, falling short of $21.64 billion in analyst expectations.

Pinnacle Wealth Management LLC purchased a new position in shares of The Progressive Corporation (NYSE:PGR - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 8,738 shares of the insurance provider's stock, valued at approximately $2,332,000. Progressive makes up approximately 2.0% of Pinnacle Wealth Management LLC's portfolio, making the stock its 24th biggest position.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. TruNorth Capital Management LLC lifted its holdings in shares of Progressive by 210.0% during the first quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider's stock worth $26,000 after buying an additional 63 shares during the last quarter. HWG Holdings LP bought a new stake in shares of Progressive in the first quarter valued at approximately $28,000. Garde Capital Inc. bought a new stake in shares of Progressive in the first quarter valued at approximately $33,000. Ransom Advisory Ltd bought a new stake in shares of Progressive in the first quarter valued at approximately $35,000. Finally, Activest Wealth Management boosted its position in shares of Progressive by 6,350.0% in the first quarter. Activest Wealth Management now owns 129 shares of the insurance provider's stock valued at $37,000 after acquiring an additional 127 shares during the period. Institutional investors and hedge funds own 85.34% of the company's stock.

Insiders Place Their Bets

In other news, CEO Susan Patricia Griffith sold 30,660 shares of the stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $242.12, for a total value of $7,423,399.20. Following the completion of the transaction, the chief executive officer directly owned 506,945 shares of the company's stock, valued at approximately $122,741,523.40. This represents a 5.70% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO John P. Sauerland sold 16,664 shares of the stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $249.24, for a total value of $4,153,335.36. Following the completion of the transaction, the chief financial officer directly owned 228,024 shares of the company's stock, valued at approximately $56,832,701.76. The trade was a 6.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 128,778 shares of company stock worth $31,683,756 in the last 90 days. 0.34% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on PGR shares. Bank of America increased their price objective on Progressive from $350.00 to $351.00 and gave the company a "buy" rating in a research report on Thursday. Morgan Stanley reduced their price objective on Progressive from $267.00 to $265.00 and set an "equal weight" rating for the company in a research report on Monday, September 22nd. Barclays set a $271.00 price target on Progressive in a report on Wednesday, October 8th. Keefe, Bruyette & Woods cut their price target on Progressive from $270.00 to $262.00 and set a "market perform" rating for the company in a report on Thursday. Finally, Wall Street Zen cut Progressive from a "buy" rating to a "hold" rating in a report on Sunday, September 21st. Seven research analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the stock. According to MarketBeat, Progressive has a consensus rating of "Hold" and a consensus price target of $274.46.

Progressive Trading Up 1.7%

Progressive stock opened at $225.57 on Friday. The Progressive Corporation has a 12 month low of $217.20 and a 12 month high of $292.99. The company has a quick ratio of 0.31, a current ratio of 0.32 and a debt-to-equity ratio of 0.19. The business has a 50 day moving average price of $243.73 and a two-hundred day moving average price of $257.90. The stock has a market cap of $132.23 billion, a price-to-earnings ratio of 12.37, a price-to-earnings-growth ratio of 1.26 and a beta of 0.32.

Progressive (NYSE:PGR - Get Free Report) last issued its earnings results on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $5.04 by ($0.59). Progressive had a return on equity of 33.88% and a net margin of 12.57%.The company had revenue of $21.38 billion during the quarter, compared to analyst estimates of $21.64 billion. During the same period in the previous year, the company posted $3.58 earnings per share. As a group, equities analysts forecast that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd were issued a $0.10 dividend. The ex-dividend date of this dividend was Thursday, October 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive's dividend payout ratio is presently 2.19%.

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.

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