The Progressive Corporation (NYSE:PGR) Shares Acquired by EverSource Wealth Advisors LLC

Key Points

• EverSource Wealth Advisors LLC increased its stake in The Progressive Corporation by 1.6%, holding 66,070 shares valued at approximately $18.7 million, making it the institutional investor's 21st largest position.
• Several analysts have adjusted their price targets for Progressive, with UBS Group lowering its target from $280 to $268, while Progressive currently has a consensus rating of "Moderate Buy" with an average target price of $283.06.
• Progressive reported earnings per share of $4.88 for the last quarter, exceeding estimates by $0.45, but its revenue of $20.08 billion fell short of expectations, marking a 12.1% year-over-year increase.

EverSource Wealth Advisors LLC raised its stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 1.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 66,070 shares of the insurance provider's stock after purchasing an additional 1,036 shares during the period. Progressive accounts for 1.0% of EverSource Wealth Advisors LLC's holdings, making the stock its 21st biggest position. EverSource Wealth Advisors LLC's holdings in Progressive were worth $18,699,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in PGR. Highline Wealth Partners LLC raised its stake in Progressive by 114.0% in the 1st 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 during the last quarter. TruNorth Capital Management LLC increased its stake in shares of Progressive by 210.0% in the 1st quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider's stock worth $26,000 after acquiring an additional 63 shares during the last quarter. Minot DeBlois Advisors LLC acquired a new stake in shares of Progressive in the 4th quarter worth $28,000. HWG Holdings LP acquired a new stake in shares of Progressive in the 1st quarter worth $28,000. Finally, Garde Capital Inc. acquired a new stake in shares of Progressive in the 1st quarter worth $33,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on PGR shares. UBS Group lowered 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. BMO Capital Markets lowered their price target on Progressive from $288.00 to $281.00 and set an "outperform" rating for the company in a report on Friday, July 18th. Cantor Fitzgerald upgraded Progressive to a "hold" rating in a report on Wednesday. Evercore ISI cut Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 price target for the company. in a report on Thursday, July 17th. Finally, Keefe, Bruyette & Woods lowered their price target on Progressive from $290.00 to $268.00 and set a "market perform" rating for the company in a report on Thursday, July 17th. Ten analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Progressive presently has a consensus rating of "Moderate Buy" and an average target price of $283.06.

Progressive Trading Up 0.8%

NYSE:PGR opened at $251.19 on Friday. The firm has a market cap of $147.25 billion, a P/E ratio of 14.15, a PEG ratio of 1.47 and a beta of 0.33. 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 stock's 50 day simple moving average is $253.79 and its 200-day simple moving average is $266.24. The Progressive Corporation has a 12-month low of $228.54 and a 12-month high of $292.99.

Progressive (NYSE:PGR - Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share for the quarter, topping analysts' consensus estimates of $4.43 by $0.45. The firm had revenue of $20.08 billion for the quarter, compared to analyst estimates of $20.39 billion. Progressive had a return on equity of 35.37% and a net margin of 12.66%. Progressive's quarterly revenue was up 12.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.48 earnings per share. Equities analysts anticipate that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Announces Dividend

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

Insiders Place Their Bets

In other news, insider Patrick K. Callahan sold 6,232 shares of the company's stock in a transaction on 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 sale, the insider directly owned 27,844 shares in the company, valued at $6,742,703.04. This represents a 18.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Andrew J. Quigg sold 3,191 shares of the company's stock in a transaction on Monday, July 28th. The shares were sold at an average price of $249.24, for a total value of $795,324.84. Following the completion of the sale, the insider owned 37,977 shares in the company, valued at $9,465,387.48. This represents a 7.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 104,250 shares of company stock valued at $26,332,348. 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.

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