The Progressive Corporation (NYSE:PGR) Shares Bought by Savvy Advisors Inc.

Key Points

• Savvy Advisors Inc. increased its stake in The Progressive Corporation by 30.1%, owning 5,108 shares valued at approximately $1.45 million after acquiring additional shares.
• Analyst ratings for Progressive vary, with a current consensus rating of "Moderate Buy" and an average price target of $286.88, with projections of earnings per share at $14.68 for the fiscal year.
• Insider transactions include CFO John P. Sauerland selling over 16,000 shares, representing a 6.81% decrease in their ownership, suggesting potential insider sentiment about the stock's performance.

Savvy Advisors Inc. lifted its holdings in The Progressive Corporation (NYSE:PGR - Free Report) by 30.1% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 5,108 shares of the insurance provider's stock after purchasing an additional 1,182 shares during the quarter. Savvy Advisors Inc.'s holdings in Progressive were worth $1,446,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of PGR. Highline Wealth Partners LLC raised its holdings in Progressive by 114.0% in the first quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock worth $26,000 after purchasing an additional 49 shares in the last quarter. 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 during the period. Minot DeBlois Advisors LLC acquired a new position in Progressive in the 4th quarter valued at $28,000. HWG Holdings LP acquired a new position in Progressive in the 1st quarter valued at $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 currently owned by institutional investors.

Insiders Place Their Bets

In related news, CEO Susan Patricia Griffith sold 30,660 shares of the firm's stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $242.12, for a total value of $7,423,399.20. Following the sale, the chief executive officer owned 506,945 shares of the company's stock, valued at approximately $122,741,523.40. This trade represents a 5.70% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider John Jo Murphy sold 2,218 shares of the firm's stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $249.24, for a total value of $552,814.32. Following the completion of the sale, the insider owned 47,942 shares in the company, valued at approximately $11,949,064.08. This represents a 4.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 104,250 shares of company stock worth $26,332,348. 0.33% of the stock is currently owned by insiders.

Progressive Stock Performance

NYSE:PGR traded down $1.68 during trading hours on Monday, reaching $244.83. 2,523,361 shares of the stock were exchanged, compared to its average volume of 3,536,841. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.21. The firm has a 50 day simple moving average of $256.79 and a 200-day simple moving average of $266.45. The Progressive Corporation has a 52 week low of $220.33 and a 52 week high of $292.99. The stock has a market capitalization of $143.52 billion, a P/E ratio of 13.79, a P/E/G ratio of 1.45 and a beta of 0.33.

Progressive (NYSE:PGR - Get Free Report) last announced its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.43 by $0.45. The business 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 business's revenue was up 12.1% on a year-over-year basis. During the same quarter last year, the business posted $2.48 EPS. As a group, sell-side analysts forecast that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Dividend Announcement

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

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Keefe, Bruyette & Woods lowered their target price on Progressive from $290.00 to $268.00 and set a "market perform" rating for the company in a report on Thursday, July 17th. BMO Capital Markets decreased their price target on Progressive from $288.00 to $281.00 and set an "outperform" rating on the stock in a research note on Friday, July 18th. Wells Fargo & Company boosted their price target on Progressive from $328.00 to $333.00 and gave the stock an "overweight" rating in a report on Friday, June 20th. Wall Street Zen lowered Progressive from a "buy" rating to a "hold" rating in a research note on Friday, July 18th. Finally, Barclays lowered their target price on Progressive from $297.00 to $287.00 and set an "equal weight" rating for the company in a research note on Monday, July 7th. Nine equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, Progressive presently has a consensus rating of "Moderate Buy" and an average price target of $283.94.

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.