Oak Thistle LLC raised its stake in The Progressive Corporation (NYSE:PGR - Free Report) by 65.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 15,028 shares of the insurance provider's stock after purchasing an additional 5,972 shares during the period. Progressive makes up approximately 0.9% of Oak Thistle LLC's holdings, making the stock its 9th biggest position. Oak Thistle LLC's holdings in Progressive were worth $4,253,000 as of its most recent SEC filing.
Other hedge funds have also recently bought and sold shares of the company. Integrated Advisors Network LLC lifted its holdings in shares of Progressive by 1.0% during the 1st quarter. Integrated Advisors Network LLC now owns 3,808 shares of the insurance provider's stock worth $1,078,000 after acquiring an additional 36 shares during the period. Pines Wealth Management LLC lifted its holdings in shares of Progressive by 3.0% during the 1st quarter. Pines Wealth Management LLC now owns 1,287 shares of the insurance provider's stock worth $335,000 after acquiring an additional 37 shares during the period. Contravisory Investment Management Inc. lifted its holdings in shares of Progressive by 2.0% during the 1st quarter. Contravisory Investment Management Inc. now owns 1,940 shares of the insurance provider's stock worth $549,000 after acquiring an additional 38 shares during the period. Beacon Financial Group lifted its holdings in shares of Progressive by 1.1% during the 1st quarter. Beacon Financial Group now owns 3,659 shares of the insurance provider's stock worth $1,036,000 after acquiring an additional 39 shares during the period. Finally, Kesler Norman & Wride LLC lifted its holdings in shares of Progressive by 1.1% during the 4th quarter. Kesler Norman & Wride LLC now owns 3,695 shares of the insurance provider's stock worth $885,000 after acquiring an additional 40 shares during the period. 85.34% of the stock is owned by institutional investors.
Insider Activity at Progressive
In other news, insider Steven Broz sold 1,267 shares of Progressive stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $247.54, for a total transaction of $313,633.18. Following the completion of the sale, the insider owned 26,354 shares in the company, valued at $6,523,669.16. The trade was a 4.59% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider John Jo Murphy sold 4,000 shares of Progressive stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $260.38, for a total transaction of $1,041,520.00. Following the sale, the insider owned 41,289 shares of the company's stock, valued at approximately $10,750,829.82. This represents a 8.83% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 43,972 shares of company stock worth $11,764,581 over the last 90 days. Insiders own 0.34% of the company's stock.
Progressive Price Performance
PGR traded up $2.84 during midday trading on Friday, hitting $250.22. The company had a trading volume of 2,805,287 shares, compared to its average volume of 4,033,992. 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 company has a market capitalization of $146.69 billion, a PE ratio of 14.10, a P/E/G ratio of 1.50 and a beta of 0.37. The Progressive Corporation has a twelve month low of $208.13 and a twelve month high of $292.99. The firm's 50-day simple moving average is $264.25 and its 200-day simple moving average is $266.12.
Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings data 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 firm had revenue of $20.08 billion during the quarter, compared to analysts' expectations of $20.39 billion. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The company's quarterly revenue was up 12.1% compared to the same quarter last year. During the same quarter last year, the company posted $2.48 EPS. Equities research analysts predict that The Progressive Corporation will post 14.68 EPS for the current fiscal year.
Progressive Dividend Announcement
The firm also recently declared a dividend, which was paid on Friday, July 11th. Stockholders 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 was Thursday, July 3rd. Progressive's dividend payout ratio is 2.25%.
Analyst Upgrades and Downgrades
PGR has been the subject of a number of analyst reports. Barclays reduced their price objective on shares of Progressive from $297.00 to $287.00 and set an "equal weight" rating for the company in a report on Monday, July 7th. Keefe, Bruyette & Woods reduced their price objective on shares of Progressive from $290.00 to $268.00 and set a "market perform" rating for the company in a report on Thursday, July 17th. JPMorgan Chase & Co. raised their price objective on shares of Progressive from $267.00 to $287.00 and gave the stock an "overweight" rating in a report on Tuesday, April 8th. Morgan Stanley reduced their price objective on shares of Progressive from $290.00 to $280.00 and set an "equal weight" rating for the company in a report on Monday, July 14th. Finally, UBS Group cut their price target on shares of Progressive from $280.00 to $268.00 and set a "neutral" rating for the company in a report on Monday, July 21st. Nine analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Progressive currently has a consensus rating of "Moderate Buy" and a consensus target price of $286.88.
View Our Latest Research Report on Progressive
About Progressive
(
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.
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