SHEPHERD WEALTH MANAGEMENT Ltd LIABILITY Co Makes New Investment in The Progressive Corporation (NYSE:PGR)

Key Points

• SHEPHERD WEALTH MANAGEMENT Ltd LIABILITY Co has acquired 11,878 shares in The Progressive Corporation, valued at approximately $3,365,000, making it the 13th biggest position in their portfolio.
• Progressive reported $4.88 earnings per share for the recent quarter, exceeding analysts' estimates of $4.43, with a year-over-year revenue increase of 12.1%.
• The company declared a quarterly dividend of $0.10, with shareholders set to receive this payment on October 10th, representing an annual yield of 0.2%.

SHEPHERD WEALTH MANAGEMENT Ltd LIABILITY Co acquired a new stake in The Progressive Corporation (NYSE:PGR - Free Report) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 11,878 shares of the insurance provider's stock, valued at approximately $3,365,000. Progressive comprises approximately 3.5% of SHEPHERD WEALTH MANAGEMENT Ltd LIABILITY Co's investment portfolio, making the stock its 13th biggest position.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in PGR. Highline Wealth Partners LLC grew its stake in 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 acquiring an additional 49 shares during the period. TruNorth Capital Management LLC grew its stake in Progressive by 210.0% in the first quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider's stock valued at $26,000 after acquiring an additional 63 shares during the period. Minot DeBlois Advisors LLC acquired a new position in Progressive in the fourth quarter valued at about $28,000. HWG Holdings LP acquired a new position in Progressive in the first quarter valued at about $28,000. Finally, Garde Capital Inc. acquired a new position in Progressive in the first quarter valued at about $33,000. Institutional investors own 85.34% of the company's stock.

Progressive Stock Performance

Progressive stock traded up $2.00 during midday trading on Thursday, reaching $251.19. 4,574,102 shares of the company's stock were exchanged, compared to its average volume of 3,178,978. The Progressive Corporation has a 52 week low of $228.54 and a 52 week high of $292.99. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.31 and a current ratio of 0.31. The firm has a market cap of $147.25 billion, a price-to-earnings ratio of 14.15, a P/E/G ratio of 1.47 and a beta of 0.33. The stock's 50-day simple moving average is $253.79 and its 200 day simple moving average is $266.24.

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

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Thursday, October 2nd will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive's payout ratio is currently 2.25%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on PGR shares. Wells Fargo & Company increased their target price on Progressive from $328.00 to $333.00 and gave the stock an "overweight" rating in a report on Friday, June 20th. Jefferies Financial Group cut their price target on Progressive from $309.00 to $287.00 and set a "buy" rating on the stock in a report on Monday. UBS Group cut their price target on Progressive from $280.00 to $268.00 and set a "neutral" rating on the stock in a report on Monday, July 21st. Bank of America cut their price target on Progressive from $337.00 to $336.00 and set a "buy" rating on the stock in a report on Thursday, July 17th. Finally, Barclays cut their price target on Progressive from $297.00 to $287.00 and set an "equal weight" rating on the stock in a report on Monday, July 7th. Ten investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $283.06.

Insider Buying and Selling at Progressive

In other Progressive news, CFO John P. Sauerland sold 16,664 shares of the firm's stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $249.24, for a total transaction of $4,153,335.36. Following the completion of the sale, the chief financial officer directly owned 228,024 shares in the company, valued at $56,832,701.76. This trade represents a 6.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Susan Patricia Griffith sold 30,660 shares of the firm's stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $242.12, for a total transaction of $7,423,399.20. Following the sale, the chief executive officer owned 506,945 shares of the company's stock, valued at $122,741,523.40. This trade represents a 5.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 104,250 shares of company stock valued at $26,332,348 in the last three months. Corporate insiders own 0.34% of the company's stock.

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.