Private Advisor Group LLC Purchases 2,480 Shares of The Progressive Corporation (NYSE:PGR)

Private Advisor Group LLC lifted its stake in The Progressive Corporation (NYSE:PGR - Free Report) by 21.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,934 shares of the insurance provider's stock after buying an additional 2,480 shares during the period. Private Advisor Group LLC's holdings in Progressive were worth $3,944,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the stock. Highline Wealth Partners LLC grew its position in Progressive by 114.0% during the 1st quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock worth $26,000 after acquiring an additional 49 shares during the last quarter. TruNorth Capital Management LLC grew its position in Progressive by 210.0% during the 1st quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider's stock worth $26,000 after acquiring an additional 63 shares during the last quarter. Minot DeBlois Advisors LLC bought a new stake in Progressive during the 4th quarter worth approximately $28,000. HWG Holdings LP bought a new stake in Progressive during the 1st quarter worth approximately $28,000. Finally, Garde Capital Inc. bought a new stake in Progressive during the 1st quarter worth approximately $33,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Stuart B. Burgdoerfer sold 3,681 shares of Progressive stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $260.43, for a total value of $958,642.83. Following the sale, the director owned 12,217 shares of the company's stock, valued at approximately $3,181,673.31. The trade was a 23.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO John P. Sauerland sold 10,000 shares of Progressive stock in a transaction dated Monday, June 30th. The shares were sold at an average price of $263.79, for a total value of $2,637,900.00. Following the completion of the sale, the chief financial officer directly owned 228,024 shares in the company, valued at approximately $60,150,450.96. This represents a 4.20% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 43,972 shares of company stock valued at $11,764,581 in the last quarter. 0.34% of the stock is currently owned by corporate insiders.

Progressive Stock Up 1.1%

Shares of Progressive stock traded up $2.84 during trading on Friday, reaching $250.22. The stock had a trading volume of 2,805,287 shares, compared to its average volume of 4,033,992. The company has a market capitalization of $146.69 billion, a price-to-earnings ratio of 14.10, a P/E/G ratio of 1.50 and a beta of 0.37. The stock has a fifty day moving average price of $264.25 and a two-hundred day moving average price of $266.12. The Progressive Corporation has a 52 week low of $208.13 and a 52 week high of $292.99. The company has a current ratio of 0.34, a quick ratio of 0.29 and a debt-to-equity ratio of 0.21.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, beating analysts' consensus estimates of $4.43 by $0.45. The company had revenue of $20.08 billion for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period in the previous year, the company posted $2.48 earnings per share. Sell-side analysts predict that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

The business also recently announced a dividend, which was paid on Friday, July 11th. Investors of record on Friday, July 4th were given a $0.10 dividend. This represents a dividend yield of 0.15%. The ex-dividend date was Thursday, July 3rd. Progressive's dividend payout ratio is currently 2.25%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on PGR shares. Morgan Stanley decreased their price target on Progressive from $290.00 to $280.00 and set an "equal weight" rating on the stock in a research report on Monday, July 14th. Bank of America decreased their price objective on Progressive from $337.00 to $336.00 and set a "buy" rating on the stock in a research report on Thursday, July 17th. Wall Street Zen lowered Progressive from a "buy" rating to a "hold" rating in a research report on Friday, July 18th. Evercore ISI lowered Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 price objective on the stock. in a research report on Thursday, July 17th. Finally, BMO Capital Markets decreased their price objective on Progressive from $288.00 to $281.00 and set an "outperform" rating on the stock in a research report on Friday, July 18th. Nine analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $286.88.

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.