The Progressive Corporation $PGR Shares Acquired by Beaumont Financial Advisors LLC

Beaumont Financial Advisors LLC lifted its position in The Progressive Corporation (NYSE:PGR - Free Report) by 15.2% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 18,725 shares of the insurance provider's stock after purchasing an additional 2,475 shares during the quarter. Beaumont Financial Advisors LLC's holdings in Progressive were worth $4,997,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. EdgeRock Capital LLC acquired a new position in Progressive during the second quarter worth approximately $1,035,000. MBE Wealth Management LLC grew its position in shares of Progressive by 9.7% during the second quarter. MBE Wealth Management LLC now owns 1,684 shares of the insurance provider's stock worth $449,000 after acquiring an additional 149 shares during the last quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH increased its holdings in shares of Progressive by 303.2% in the 2nd quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 20,388 shares of the insurance provider's stock valued at $5,441,000 after acquiring an additional 15,331 shares during the period. Perigon Wealth Management LLC raised its position in Progressive by 6.0% in the 2nd quarter. Perigon Wealth Management LLC now owns 4,979 shares of the insurance provider's stock valued at $1,329,000 after purchasing an additional 283 shares during the last quarter. Finally, Plancorp LLC raised its position in Progressive by 2.9% in the 2nd quarter. Plancorp LLC now owns 1,799 shares of the insurance provider's stock valued at $480,000 after purchasing an additional 50 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company's stock.

Wall Street Analyst Weigh In

PGR has been the topic of a number of recent research reports. Bank of America dropped their price objective on shares of Progressive from $347.00 to $343.00 and set a "buy" rating on the stock in a research note on Thursday, September 18th. Wells Fargo & Company reissued an "equal weight" rating and set a $265.00 price target (down previously from $327.00) on shares of Progressive in a report on Thursday, September 18th. BMO Capital Markets set a $252.00 price objective on Progressive in a research note on Thursday, September 18th. Wall Street Zen downgraded Progressive from a "buy" rating to a "hold" rating in a research note on Sunday, September 21st. Finally, Wolfe Research started coverage on Progressive in a research note on Monday, September 15th. They set a "peer perform" rating for the company. Six investment analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $279.31.

Insider Transactions at Progressive

In other news, insider John Jo Murphy sold 2,218 shares of Progressive stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $242.10, for a total transaction of $536,977.80. Following the completion of the sale, the insider directly owned 43,506 shares in the company, valued at approximately $10,532,802.60. This trade represents a 4.85% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 value of $1,555,052.40. Following the sale, the insider directly owned 15,192 shares in the company, valued at $3,679,806.24. This trade represents a 29.71% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 140,045 shares of company stock valued at $34,635,290. 0.34% of the stock is owned by company insiders.

Progressive Stock Up 0.9%

PGR opened at $242.18 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 Progressive Corporation has a 12 month low of $228.54 and a 12 month high of $292.99. The stock has a market capitalization of $141.97 billion, a P/E ratio of 13.64, a P/E/G ratio of 1.34 and a beta of 0.32. The business has a 50 day simple moving average of $245.40 and a 200-day simple moving average of $262.37.

Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings data 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. Progressive had a return on equity of 35.37% and a net margin of 12.66%.The firm had revenue of $20.08 billion during the quarter, compared to analysts' expectations of $20.39 billion. During the same quarter in the prior year, the business posted $2.48 earnings per share. Progressive's revenue was up 12.1% compared to the same quarter last year. On average, equities analysts anticipate that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd will be 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 is Thursday, October 2nd. Progressive's dividend payout ratio (DPR) is currently 2.25%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.