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Strategic Advocates LLC Makes New Investment in The Progressive Corporation (NYSE:PGR)

Progressive logo with Finance background

Key Points

  • Strategic Advocates LLC made a new investment in The Progressive Corporation, acquiring 7,640 shares valued at approximately $2.16 million, which represents 0.8% of its portfolio.
  • Progressive reported a quarterly EPS of $4.88, exceeding expectations and marking a 12.1% year-over-year revenue increase, totaling $20.08 billion.
  • The company's stock has a market cap of $141.79 billion and a current PE ratio of 13.63, with analysts giving it a Moderate Buy rating and an average price target of $286.88.
  • Five stocks we like better than Progressive.

Strategic Advocates LLC acquired a new position in shares of The Progressive Corporation (NYSE:PGR - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The firm acquired 7,640 shares of the insurance provider's stock, valued at approximately $2,162,000. Progressive accounts for about 0.8% of Strategic Advocates LLC's portfolio, making the stock its 24th biggest position.

A number of other hedge funds also recently added to or reduced their stakes in PGR. Highline Wealth Partners LLC lifted its position in Progressive by 114.0% during the 1st quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock worth $26,000 after acquiring an additional 49 shares during the period. TruNorth Capital Management LLC raised its stake in shares of Progressive by 210.0% during the 1st 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. Minot DeBlois Advisors LLC purchased a new position in shares of Progressive during the 4th quarter worth approximately $28,000. HWG Holdings LP purchased a new position in shares of Progressive during the 1st quarter worth approximately $28,000. Finally, Garde Capital Inc. purchased a new position in shares of Progressive during the 1st quarter worth approximately $33,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Progressive Trading Up 0.1%

Shares of PGR opened at $241.88 on Friday. The stock's 50-day moving average is $260.94 and its two-hundred day moving average is $266.01. The stock has a market cap of $141.79 billion, a PE ratio of 13.63, a P/E/G ratio of 1.45 and a beta of 0.37. The Progressive Corporation has a 12 month low of $208.13 and a 12 month high of $292.99. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.34 and a quick ratio of 0.29.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings data on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, topping analysts' consensus estimates of $4.43 by $0.45. The company had revenue of $20.08 billion for the quarter, compared to analysts' expectations of $20.39 billion. Progressive had a return on equity of 35.37% and a net margin of 12.66%. The firm's quarterly revenue was up 12.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.48 earnings per share. Equities analysts forecast 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 dividend, which was paid on Friday, July 11th. Investors of record on Friday, July 4th were paid a $0.10 dividend. The ex-dividend date was Thursday, July 3rd. This represents a dividend yield of 15.0%. Progressive's payout ratio is 2.25%.

Insiders Place Their Bets

In related news, insider Patrick K. Callahan sold 6,232 shares of the business's stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $242.16, for a total value of $1,509,141.12. Following the transaction, the insider owned 27,844 shares in the company, valued at approximately $6,742,703.04. The trade was a 18.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO John P. Sauerland sold 16,664 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 $4,153,335.36. Following the completion of the transaction, the chief financial officer owned 228,024 shares in the company, valued at approximately $56,832,701.76. This trade represents a 6.81% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 104,250 shares of company stock valued at $26,332,348. Insiders own 0.34% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on PGR shares. Bank of America cut their target price on Progressive from $337.00 to $336.00 and set a "buy" rating for the company in a research note on Thursday, July 17th. Morgan Stanley dropped their price objective on Progressive from $290.00 to $280.00 and set an "equal weight" rating for the company in a research note on Monday, July 14th. UBS Group dropped their price objective on Progressive from $280.00 to $268.00 and set a "neutral" rating for the company in a research note on Monday, July 21st. Evercore ISI cut Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 target price on the stock. in a report on Thursday, July 17th. Finally, JPMorgan Chase & Co. raised their price objective on Progressive from $267.00 to $287.00 and gave the stock an "overweight" rating in a report on Tuesday, April 8th. Nine investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $286.88.

Get Our Latest Research Report on PGR

Progressive Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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.

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