The Progressive Corporation (NYSE:PGR) Shares Bought by Accretive Wealth Partners LLC

Key Points

• Accretive Wealth Partners LLC increased its holdings in The Progressive Corporation by 72.7% during the first quarter, now owning a total of 20,091 shares valued at approximately $5.7 million.
• The company reported earnings of $4.88 per share for the latest quarter, beating estimates by $0.45, while quarterly revenue of $20.08 billion was slightly below expectations.
• Progressive recently announced a $0.10 dividend per share, reflecting a dividend yield of 0.15%, and the company's stock has a current market capitalization of approximately $146.69 billion.

Accretive Wealth Partners LLC raised its holdings in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 72.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 20,091 shares of the insurance provider's stock after purchasing an additional 8,455 shares during the quarter. Progressive accounts for approximately 2.0% of Accretive Wealth Partners LLC's portfolio, making the stock its 10th largest position. Accretive Wealth Partners LLC's holdings in Progressive were worth $5,699,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in PGR. Highline Wealth Partners LLC increased 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 buying an additional 49 shares during the last quarter. TruNorth Capital Management LLC lifted its holdings in Progressive by 210.0% during the first quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider's stock valued at $26,000 after purchasing an additional 63 shares during the last quarter. Minot DeBlois Advisors LLC bought a new position in Progressive in the 4th quarter worth approximately $28,000. HWG Holdings LP bought a new position in shares of Progressive in the first quarter worth $28,000. Finally, Garde Capital Inc. purchased a new position in Progressive during the 1st quarter valued at about $33,000. Institutional investors and hedge funds own 85.34% of the company's stock.

Progressive Trading Up 1.1%

Shares of NYSE:PGR opened at $250.22 on Friday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.29 and a current ratio of 0.34. The stock has a market capitalization of $146.69 billion, a price-to-earnings ratio of 14.10, a PEG ratio of 1.48 and a beta of 0.37. The stock's 50-day simple moving average is $264.25 and its two-hundred day simple moving average is $265.96. The Progressive Corporation has a 52-week low of $208.13 and a 52-week high of $292.99.

Progressive (NYSE:PGR - Get Free Report) last released its earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share for the quarter, beating 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%. Progressive's quarterly revenue was up 12.1% compared to the same quarter last year. During the same period in the previous year, the business earned $2.48 earnings per share. Analysts expect that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Announces Dividend

The firm also recently announced a dividend, which was paid on Friday, July 11th. Investors of record on Friday, July 4th were given a dividend of $0.10 per share. This represents a dividend yield of 0.15%. The ex-dividend date of this dividend was Thursday, July 3rd. Progressive's dividend payout ratio is currently 2.25%.

Insider Activity

In related news, CFO John P. Sauerland sold 10,000 shares of the firm's stock in a transaction on Monday, June 30th. The shares were sold at an average price of $263.79, for a total value of $2,637,900.00. Following the completion of the transaction, the chief financial officer directly owned 228,024 shares of the company's stock, valued at approximately $60,150,450.96. This trade represents a 4.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Stuart B. Burgdoerfer sold 3,681 shares of the business's stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $260.43, for a total transaction of $958,642.83. Following the completion of the sale, the director owned 12,217 shares in the company, valued at approximately $3,181,673.31. This trade represents a 23.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 43,972 shares of company stock valued at $11,764,581. Company insiders own 0.34% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on PGR. BMO Capital Markets decreased their price target on shares of Progressive from $288.00 to $281.00 and set an "outperform" rating on the stock in a report on Friday, July 18th. Wall Street Zen lowered shares of Progressive from a "buy" rating to a "hold" rating in a report on Friday, July 18th. Keefe, Bruyette & Woods dropped their price objective on Progressive from $290.00 to $268.00 and set a "market perform" rating for the company in a report on Thursday, July 17th. UBS Group cut their target price on shares of Progressive from $280.00 to $268.00 and set a "neutral" rating on the stock in a research note on Monday, July 21st. Finally, JPMorgan Chase & Co. upped their price target on Progressive from $267.00 to $287.00 and gave the stock an "overweight" rating in a research note on Tuesday, April 8th. Nine investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $286.88.

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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