Signal Advisors Wealth LLC Increases Stake in The Progressive Corporation $PGR

Key Points

• Signal Advisors Wealth LLC increased its stake in The Progressive Corporation by 36.9%, acquiring an additional 5,465 shares, bringing its total holdings to 20,261 shares valued at approximately $5.4 million.
• Progressive reported a 12.1% year-over-year increase in revenue to $20.08 billion for the latest quarter, with earnings per share surpassing estimates at $4.88.
• Progressive recently declared a quarterly dividend of $0.10, with an annualized yield of 0.2%, set to be paid on October 10th to shareholders recorded by October 2nd.

Signal Advisors Wealth LLC lifted its position in The Progressive Corporation (NYSE:PGR - Free Report) by 36.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 20,261 shares of the insurance provider's stock after buying an additional 5,465 shares during the quarter. Signal Advisors Wealth LLC's holdings in Progressive were worth $5,407,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Dynamic Advisor Solutions LLC boosted its position in Progressive by 599.2% during the second quarter. Dynamic Advisor Solutions LLC now owns 7,544 shares of the insurance provider's stock worth $2,013,000 after purchasing an additional 6,465 shares during the period. Channel Wealth LLC lifted its position in Progressive by 7.1% during the second quarter. Channel Wealth LLC now owns 9,422 shares of the insurance provider's stock worth $2,514,000 after purchasing an additional 625 shares during the period. Chesley Taft & Associates LLC lifted its position in Progressive by 1.7% during the second quarter. Chesley Taft & Associates LLC now owns 18,771 shares of the insurance provider's stock worth $5,009,000 after purchasing an additional 313 shares during the period. Gateway Investment Advisers LLC lifted its position in Progressive by 33.2% during the second quarter. Gateway Investment Advisers LLC now owns 6,110 shares of the insurance provider's stock worth $1,631,000 after purchasing an additional 1,522 shares during the period. Finally, Baron Wealth Management LLC lifted its holdings in shares of Progressive by 31.6% in the second quarter. Baron Wealth Management LLC now owns 1,111 shares of the insurance provider's stock worth $297,000 after acquiring an additional 267 shares during the last quarter. 85.34% of the stock is owned by institutional investors.

Progressive Stock Up 0.1%

NYSE PGR traded up $0.26 during mid-day trading on Friday, hitting $242.26. The company's stock had a trading volume of 4,778,275 shares, compared to its average volume of 2,433,152. The company's 50 day simple moving average is $245.83 and its 200 day simple moving average is $263.47. The Progressive Corporation has a twelve month low of $228.54 and a twelve month high of $292.99. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.21. The firm has a market capitalization of $142.02 billion, a price-to-earnings ratio of 13.65, a PEG ratio of 1.38 and a beta of 0.32.

Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.43 by $0.45. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The business had revenue of $20.08 billion during the quarter, compared to the consensus estimate of $20.39 billion. During the same quarter last year, the firm posted $2.48 EPS. Progressive's revenue was up 12.1% compared to the same quarter last year. Analysts anticipate that The Progressive Corporation will post 14.68 earnings per share for the current 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 given a $0.10 dividend. The ex-dividend date of this dividend is Thursday, October 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive's dividend payout ratio (DPR) is presently 2.25%.

Insiders Place Their Bets

In other Progressive news, insider Patrick K. Callahan sold 6,232 shares of the firm's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $249.96, for a total transaction of $1,557,750.72. Following the transaction, the insider directly owned 21,612 shares in the company, valued at approximately $5,402,135.52. This trade represents a 22.38% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Susan Patricia Griffith sold 30,659 shares of the firm's stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $246.06, for a total value of $7,543,953.54. Following the transaction, the chief executive officer owned 476,286 shares in the company, valued at approximately $117,194,933.16. This trade represents a 6.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 130,062 shares of company stock worth $32,217,635 in the last quarter. Insiders own 0.34% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently commented on PGR. Wolfe Research began coverage on shares of Progressive in a report on Monday. They issued a "peer perform" rating for the company. Barclays decreased their target price on shares of Progressive from $287.00 to $281.00 and set an "equal weight" rating for the company in a research report on Tuesday, August 19th. Bank of America decreased their target price on shares of Progressive from $347.00 to $343.00 and set a "buy" rating for the company in a research report on Thursday. UBS Group decreased their target price on shares of Progressive from $280.00 to $268.00 and set a "neutral" rating for the company in a research report on Monday, July 21st. Finally, Keefe, Bruyette & Woods increased their target price on shares of Progressive from $268.00 to $270.00 and gave the company a "market perform" rating in a research report on Thursday. Six equities research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $279.44.

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.