The Progressive Corporation $PGR Shares Acquired by Apollon Wealth Management LLC

Key Points

• Apollon Wealth Management LLC increased its holdings in The Progressive Corporation (NYSE:PGR) by 7.8%, owning 15,638 shares worth approximately $4,173,000 as of its latest filing.
• CEO Susan Patricia Griffith sold 30,659 shares at an average price of $246.06, decreasing her position by 6.05% and retaining 476,286 shares valued at about $117 million.
• The Progressive Corporation announced a quarterly $0.10 dividend, reflecting a 0.2% dividend yield, with a payout ratio of 2.25% as per the latest financial report.

Apollon Wealth Management LLC increased its holdings in The Progressive Corporation (NYSE:PGR - Free Report) by 7.8% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 15,638 shares of the insurance provider's stock after buying an additional 1,130 shares during the period. Apollon Wealth Management LLC's holdings in Progressive were worth $4,173,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Highline Wealth Partners LLC boosted its stake in Progressive by 114.0% during 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 period. TruNorth Capital Management LLC boosted its stake in Progressive by 210.0% during the 1st 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 period. HWG Holdings LP acquired a new position in Progressive during the 1st quarter valued at about $28,000. Garde Capital Inc. acquired a new position in Progressive during the 1st quarter valued at about $33,000. Finally, Ransom Advisory Ltd acquired a new position in Progressive during the 1st quarter valued at about $35,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO Susan Patricia Griffith sold 30,659 shares of the business's stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $246.06, for a total value of $7,543,953.54. Following the sale, the chief executive officer directly owned 476,286 shares in the company, valued at $117,194,933.16. The trade was a 6.05% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Patrick K. Callahan sold 6,420 shares of the business's stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $242.22, for a total transaction of $1,555,052.40. Following the completion of the sale, the insider owned 15,192 shares in the company, valued at $3,679,806.24. The trade was a 29.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 130,045 shares of company stock worth $31,997,390. Company insiders own 0.34% of the company's stock.

Progressive Stock Down 0.8%

NYSE PGR opened at $240.18 on Friday. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.31 and a quick ratio of 0.31. The company's 50 day simple moving average is $245.20 and its 200 day simple moving average is $259.65. The Progressive Corporation has a 12 month low of $228.54 and a 12 month high of $292.99. The company has a market capitalization of $140.80 billion, a P/E ratio of 13.53, a PEG ratio of 1.34 and a beta of 0.32.

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

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 10th. Investors of record on Thursday, October 2nd were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date was Thursday, October 2nd. Progressive's payout ratio is presently 2.25%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on PGR shares. Barclays set a $271.00 target price on shares of Progressive in a research note on Wednesday. JPMorgan Chase & Co. boosted their target price on shares of Progressive from $301.00 to $303.00 and gave the company an "overweight" rating in a research note on Thursday. Evercore ISI reduced their target price on shares of Progressive from $275.00 to $273.00 and set an "in-line" rating for the company in a research note on Wednesday, October 1st. Citigroup reissued a "buy" rating on shares of Progressive in a research note on Friday, August 29th. Finally, BMO Capital Markets set a $252.00 price target on shares of Progressive in a research note on Thursday, September 18th. Seven research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $279.63.

Progressive 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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