Revisor Wealth Management LLC Invests $577,000 in The Progressive Corporation (NYSE:PGR)

Revisor Wealth Management LLC purchased a new position in The Progressive Corporation (NYSE:PGR - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 2,040 shares of the insurance provider's stock, valued at approximately $577,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in Progressive by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 53,400,366 shares of the insurance provider's stock worth $12,795,262,000 after purchasing an additional 583,376 shares during the period. Geode Capital Management LLC lifted its stake in Progressive by 1.3% during the fourth quarter. Geode Capital Management LLC now owns 14,615,430 shares of the insurance provider's stock valued at $3,498,363,000 after buying an additional 189,638 shares in the last quarter. Norges Bank purchased a new stake in shares of Progressive in the fourth quarter worth approximately $1,843,045,000. Northern Trust Corp lifted its position in shares of Progressive by 13.0% in the fourth quarter. Northern Trust Corp now owns 6,179,529 shares of the insurance provider's stock worth $1,480,677,000 after purchasing an additional 710,684 shares in the last quarter. Finally, Capital Research Global Investors lifted its position in shares of Progressive by 34.3% in the fourth quarter. Capital Research Global Investors now owns 6,058,187 shares of the insurance provider's stock worth $1,451,602,000 after purchasing an additional 1,547,677 shares in the last quarter. Institutional investors own 85.34% of the company's stock.

Progressive Stock Performance

NYSE:PGR traded up $2.50 during trading on Thursday, reaching $260.30. The company's stock had a trading volume of 2,685,585 shares, compared to its average volume of 2,775,782. The firm has a market cap of $152.59 billion, a price-to-earnings ratio of 17.55, a price-to-earnings-growth ratio of 1.58 and a beta of 0.37. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29. The firm has a 50 day moving average of $274.48 and a 200-day moving average of $265.11. The Progressive Corporation has a 12 month low of $207.50 and a 12 month high of $292.99.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings data on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.28 by $0.37. The business had revenue of $22.21 billion for the quarter, compared to analysts' expectations of $21.87 billion. Progressive had a return on equity of 33.50% and a net margin of 11.10%. Research analysts expect that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Announces Dividend

The company also recently disclosed a dividend, which will be paid on Friday, July 11th. Investors of record on Friday, July 4th will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, July 3rd. This represents a dividend yield of 0.15%. Progressive's dividend payout ratio is 2.70%.

Insider Activity at Progressive

In other news, Director Dyke Kahina Van sold 2,490 shares of Progressive stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $277.67, for a total value of $691,398.30. Following the sale, the director directly owned 12,429 shares in the company, valued at approximately $3,451,160.43. This trade represents a 16.69% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John Jo Murphy sold 4,000 shares of Progressive stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $260.38, for a total value of $1,041,520.00. Following the sale, the insider owned 41,289 shares in the company, valued at $10,750,829.82. This represents a 8.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 42,705 shares of company stock worth $11,450,948 in the last quarter. 0.34% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities analysts recently weighed in on PGR shares. Wells Fargo & Company raised their price objective on shares of Progressive from $328.00 to $333.00 and gave the company an "overweight" rating in a research report on Friday, June 20th. Keefe, Bruyette & Woods reiterated a "market perform" rating and set a $288.00 price target on shares of Progressive in a research note on Thursday, April 17th. Morgan Stanley set a $330.00 price target on shares of Progressive and gave the stock an "overweight" rating in a research note on Monday, May 19th. UBS Group lifted their price objective on Progressive from $285.00 to $291.00 and gave the company a "neutral" rating in a report on Wednesday, May 28th. Finally, Bank of America raised Progressive from a "neutral" rating to a "buy" rating and set a $312.00 price target for the company in a report on Monday, April 28th. Seven research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $288.88.

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.