Sky Investment Group LLC Has $2.26 Million Position in The Progressive Corporation $PGR

Key Points

• Sky Investment Group LLC raised its stake in The Progressive Corporation by 205.9%, owning 8,474 shares valued at approximately $2.26 million as of the latest SEC filing.
• The Progressive Corporation reported $4.88 EPS in its latest quarter, surpassing analysts' expectations of $4.43 EPS, with a net margin of 12.66%.
• A quarterly dividend of $0.10 per share will be paid to shareholders of record on October 2nd, resulting in an annual yield of 0.2%.

Sky Investment Group LLC increased its position in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 205.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,474 shares of the insurance provider's stock after buying an additional 5,704 shares during the period. Sky Investment Group LLC's holdings in Progressive were worth $2,261,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Brighton Jones LLC raised its stake in Progressive by 15.6% in the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider's stock valued at $813,000 after purchasing an additional 457 shares during the last quarter. Revolve Wealth Partners LLC purchased a new position in shares of Progressive in the 4th quarter valued at about $269,000. Highview Capital Management LLC DE raised its position in shares of Progressive by 3.2% during the 4th quarter. Highview Capital Management LLC DE now owns 11,040 shares of the insurance provider's stock worth $2,645,000 after acquiring an additional 339 shares in the last quarter. Bison Wealth LLC increased its position in Progressive by 3.2% during the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider's stock worth $615,000 after buying an additional 80 shares during the period. Finally, Waverly Advisors LLC grew its stake in shares of Progressive by 103.7% in the 4th quarter. Waverly Advisors LLC now owns 5,232 shares of the insurance provider's stock valued at $1,254,000 after purchasing an additional 2,663 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company's stock.

Insider Activity at Progressive

In related news, insider Patrick K. Callahan sold 6,232 shares of the business's stock in a transaction on Monday, July 28th. The stock was sold at an average price of $242.16, for a total transaction of $1,509,141.12. Following the sale, the insider owned 27,844 shares in the company, valued at $6,742,703.04. The trade was a 18.29% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO John P. Sauerland sold 16,664 shares of the firm's stock in a transaction on Monday, July 28th. The stock was sold at an average price of $249.24, for a total value of $4,153,335.36. Following the completion of the transaction, the chief financial officer directly owned 228,024 shares of the company's stock, valued at $56,832,701.76. The trade was a 6.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 130,062 shares of company stock worth $32,217,635 in the last three months. 0.34% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research firms have recently weighed in on PGR. UBS Group cut their price target on Progressive from $280.00 to $268.00 and set a "neutral" rating for the company in a report on Monday, July 21st. Wells Fargo & Company reiterated an "equal weight" rating and set a $265.00 price target (down from $327.00) on shares of Progressive in a research report on Thursday. Wall Street Zen cut Progressive from a "buy" rating to a "hold" rating in a research report on Sunday. Jefferies Financial Group decreased their target price on Progressive from $309.00 to $287.00 and set a "buy" rating for the company in a research note on Monday, August 11th. Finally, BMO Capital Markets set a $252.00 price target on Progressive in a report on Thursday. Six analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company's stock. According to data from MarketBeat.com, Progressive presently has a consensus rating of "Hold" and a consensus price target of $279.44.

Progressive Stock Up 0.1%

NYSE PGR traded up $0.26 during trading on Friday, reaching $242.26. 4,778,275 shares of the company's stock were exchanged, compared to its average volume of 2,433,152. The firm has a market capitalization of $142.01 billion, a PE ratio of 13.65, a P/E/G ratio of 1.38 and a beta of 0.32. 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 Progressive Corporation has a fifty-two week low of $228.54 and a fifty-two week high of $292.99. The company's fifty day simple moving average is $245.83 and its 200-day simple moving average is $263.34.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, topping the consensus estimate of $4.43 by $0.45. The company had revenue of $20.08 billion for the quarter, compared to the consensus estimate of $20.39 billion. Progressive had a return on equity of 35.37% and a net margin of 12.66%.The company's revenue for the quarter was up 12.1% on a year-over-year basis. During the same period in the previous year, the business posted $2.48 EPS. Sell-side analysts predict that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Announces Dividend

The company also recently disclosed 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. The ex-dividend date is Thursday, October 2nd. 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%.

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.