RIHO Partners LLC bought a new position in The Progressive Corporation (NYSE:PGR - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 128,918 shares of the insurance provider's stock, valued at approximately $28,162,000. Progressive comprises about 15.8% of RIHO Partners LLC's portfolio, making the stock its largest position.
A number of other large investors also recently modified their holdings of PGR. Bogart Wealth LLC increased its position in Progressive by 235.1% in the first quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider's stock worth $25,000 after purchasing an additional 87 shares during the period. IMG Wealth Management Inc. acquired a new position in Progressive during the 2nd quarter valued at about $26,000. Meeder Asset Management Inc. bought a new position in shares of Progressive in the 2nd quarter valued at about $26,000. Bard Associates Inc. bought a new position in shares of Progressive in the 4th quarter valued at about $27,000. Finally, Kilter Group LLC acquired a new stake in shares of Progressive during the 2nd quarter worth approximately $27,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.
Progressive Stock Performance
Shares of PGR stock opened at $218.90 on Friday. The stock has a market cap of $127.26 billion, a PE ratio of 10.98, a price-to-earnings-growth ratio of 2.90 and a beta of 0.27. The stock has a 50-day moving average of $217.19 and a 200-day moving average of $207.23. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29. The Progressive Corporation has a one year low of $189.20 and a one year high of $249.83.
Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings data on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share for the quarter, topping the consensus estimate of $4.64 by $1.03. The business had revenue of $23.61 billion for the quarter, compared to analyst estimates of $19.49 billion. Progressive had a net margin of 12.84% and a return on equity of 32.92%. Progressive's quarterly revenue was up 5.0% compared to the same quarter last year. During the same quarter last year, the firm earned $5.40 EPS. As a group, sell-side analysts expect that The Progressive Corporation will post 17.74 earnings per share for the current year.
Progressive Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Thursday, October 1st will be issued a $0.10 dividend. The ex-dividend date is Thursday, October 1st. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive's dividend payout ratio (DPR) is 2.01%.
Wall Street Analysts Forecast Growth
A number of equities research analysts recently weighed in on PGR shares. Jefferies Financial Group reissued a "hold" rating and set a $228.00 price target on shares of Progressive in a research note on Wednesday, August 19th. Royal Bank Of Canada set a $208.00 price objective on shares of Progressive in a research note on Friday, May 22nd. JPMorgan Chase & Co. lowered their target price on shares of Progressive from $250.00 to $241.00 and set a "neutral" rating for the company in a report on Tuesday, August 4th. Mizuho set a $236.00 target price on shares of Progressive in a research report on Wednesday, August 5th. Finally, William Blair reissued a "market perform" rating on shares of Progressive in a research note on Wednesday, July 15th. Seven research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, Progressive presently has an average rating of "Hold" and an average target price of $236.26.
Read Our Latest Report on PGR
Insider Activity at Progressive
In related news, Director Jeffrey D. Kelly sold 7,000 shares of the company's stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $216.33, for a total value of $1,514,310.00. Following the completion of the sale, the director owned 22,546 shares in the company, valued at $4,877,376.18. This represents a 23.69% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider John Jo Murphy sold 8,124 shares of the firm's stock in a transaction on Monday, July 27th. The stock was sold at an average price of $212.70, for a total value of $1,727,974.80. Following the sale, the insider directly owned 41,291 shares in the company, valued at $8,782,595.70. The trade was a 16.44% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 83,449 shares of company stock valued at $17,685,203. 0.32% of the stock is owned by corporate insiders.
Progressive Company Profile
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Free Report)
Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.
The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.
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