RWA Wealth Partners LLC Increases Holdings in The Progressive Corporation $PGR

Key Points

• RWA Wealth Partners LLC significantly increased its stake in The Progressive Corporation by 326.8% in Q1, holding 4,166 shares valued at $1,179,000.
• Several hedge funds, including Highline Wealth Partners and TruNorth Capital Management, also expanded their positions in Progressive, indicating strong institutional interest.
• The company recently announced a quarterly dividend of $0.10 per share, reflecting an annualized yield of 0.2% and a dividend payout ratio of 2.25%.

RWA Wealth Partners LLC increased its stake in The Progressive Corporation (NYSE:PGR - Free Report) by 326.8% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 4,166 shares of the insurance provider's stock after purchasing an additional 3,190 shares during the quarter. RWA Wealth Partners LLC's holdings in Progressive were worth $1,179,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Highline Wealth Partners LLC grew its position in shares of Progressive by 114.0% in the first quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock valued at $26,000 after purchasing an additional 49 shares in the last quarter. TruNorth Capital Management LLC grew its position in 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 in the last quarter. HWG Holdings LP purchased a new position in Progressive during the first quarter worth about $28,000. Minot DeBlois Advisors LLC purchased a new position in Progressive during the fourth quarter worth about $28,000. Finally, Garde Capital Inc. purchased a new position in Progressive during the first quarter worth about $33,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, insider John Jo Murphy sold 2,218 shares of the business's stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $249.24, for a total value of $552,814.32. Following the completion of the sale, the insider owned 47,942 shares of the company's stock, valued at approximately $11,949,064.08. The trade was a 4.42% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Lori A. Niederst sold 8,063 shares of the business's stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $250.18, for a total value of $2,017,201.34. Following the completion of the sale, the insider directly owned 39,040 shares of the company's stock, valued at approximately $9,767,027.20. This trade represents a 17.12% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 112,313 shares of company stock worth $28,349,549 in the last 90 days. 0.33% of the stock is currently owned by company insiders.

Analyst Ratings Changes

PGR has been the subject of several recent analyst reports. Wall Street Zen cut Progressive from a "buy" rating to a "hold" rating in a research report on Friday, July 18th. UBS Group reduced their target price on Progressive from $280.00 to $268.00 and set a "neutral" rating for the company in a research report on Monday, July 21st. Cantor Fitzgerald upgraded Progressive to a "hold" rating in a research report on Wednesday, August 13th. Bank of America reduced their target price on Progressive from $337.00 to $336.00 and set a "buy" rating for the company in a research report on Thursday, July 17th. Finally, Wells Fargo & Company boosted their target price on Progressive from $328.00 to $333.00 and gave the stock an "overweight" rating in a research report on Friday, June 20th. Nine analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $284.53.

Progressive Trading Up 1.5%

Shares of PGR stock opened at $250.6930 on Wednesday. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.21. The business has a 50-day moving average price of $252.37 and a two-hundred day moving average price of $266.40. The Progressive Corporation has a 12-month low of $228.54 and a 12-month high of $292.99. The firm has a market cap of $146.96 billion, a P/E ratio of 14.12, a price-to-earnings-growth ratio of 1.46 and a beta of 0.33.

Progressive (NYSE:PGR - Get Free Report) last released its earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share for the quarter, beating 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 company had revenue of $20.08 billion during the quarter, compared to analyst estimates of $20.39 billion. During the same quarter in the previous year, the company posted $2.48 EPS. Progressive's revenue for the quarter was up 12.1% on a year-over-year basis. Equities analysts anticipate that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive's dividend payout ratio (DPR) is presently 2.25%.

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.

Want to see what other hedge funds are holding PGR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Progressive Corporation (NYSE:PGR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.