The Progressive Corporation $PGR Shares Acquired by Wilmington Savings Fund Society FSB

Key Points

• Wilmington Savings Fund Society FSB increased its stake in The Progressive Corporation by 9.4% during the second quarter, owning a total of 14,869 shares valued at approximately $3.97 million.
• Progressive reported a quarterly earnings per share (EPS) of $4.88, exceeding the consensus estimate of $4.43, and had total revenues of $20.08 billion for the quarter.
• The stock has received seven "Buy" ratings and thirteen "Hold" ratings from analysts, with a consensus price target of $279.63.

Wilmington Savings Fund Society FSB increased its position in The Progressive Corporation (NYSE:PGR - Free Report) by 9.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 14,869 shares of the insurance provider's stock after buying an additional 1,278 shares during the quarter. Wilmington Savings Fund Society FSB's holdings in Progressive were worth $3,968,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in PGR. Rise Advisors LLC increased its position in shares of Progressive by 7.4% during the first quarter. Rise Advisors LLC now owns 521 shares of the insurance provider's stock worth $147,000 after acquiring an additional 36 shares during the last quarter. Pinnacle Wealth Management Advisory Group LLC grew its stake in Progressive by 2.1% in the first quarter. Pinnacle Wealth Management Advisory Group LLC now owns 1,927 shares of the insurance provider's stock worth $545,000 after purchasing an additional 39 shares in the last quarter. LRI Investments LLC boosted its stake in Progressive by 13.4% in the second quarter. LRI Investments LLC now owns 338 shares of the insurance provider's stock valued at $90,000 after acquiring an additional 40 shares during the period. True North Advisors LLC boosted its stake in Progressive by 4.0% in the first quarter. True North Advisors LLC now owns 1,055 shares of the insurance provider's stock valued at $299,000 after acquiring an additional 41 shares during the period. Finally, GenTrust LLC boosted its stake in Progressive by 3.5% in the first quarter. GenTrust LLC now owns 1,234 shares of the insurance provider's stock valued at $349,000 after acquiring an additional 42 shares during the period. 85.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on PGR. Cantor Fitzgerald upgraded Progressive to a "hold" rating in a research report on Wednesday, August 13th. Bank of America lifted their price objective on shares of Progressive from $343.00 to $350.00 and gave the stock a "buy" rating in a research report on Monday, September 29th. Zacks Research cut shares of Progressive from a "strong-buy" rating to a "hold" rating in a report on Friday, October 10th. Barclays set a $271.00 price target on shares of Progressive in a report on Wednesday, October 8th. Finally, Evercore ISI decreased their price objective on shares of Progressive from $275.00 to $273.00 and set an "in-line" rating for the company in a report on Wednesday, October 1st. Seven research analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $279.63.

Progressive Price Performance

Shares of Progressive stock opened at $240.54 on Wednesday. The Progressive Corporation has a 1-year low of $228.54 and a 1-year high of $292.99. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.21. The firm's 50-day moving average price is $245.05 and its two-hundred day moving average price is $259.11. The stock has a market capitalization of $141.01 billion, a price-to-earnings ratio of 13.55, a P/E/G ratio of 1.31 and a beta of 0.32.

Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, beating the consensus estimate of $4.43 by $0.45. The business had revenue of $20.08 billion for 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%. Progressive's revenue was up 12.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.48 earnings per share. On average, equities analysts predict that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Announces Dividend

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

Insiders Place Their Bets

In related news, CEO Susan Patricia Griffith sold 30,660 shares of Progressive stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $242.12, for a total transaction of $7,423,399.20. Following the completion of the sale, the chief executive officer owned 506,945 shares of the company's stock, valued at approximately $122,741,523.40. The trade was a 5.70% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Patrick K. Callahan sold 6,420 shares of Progressive stock in a transaction dated 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 sale, the insider directly owned 15,192 shares of the company's stock, valued at $3,679,806.24. The trade was a 29.71% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 130,045 shares of company stock valued at $31,997,390 in the last quarter. Company insiders own 0.33% of the company's stock.

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.

Want to see what other hedge funds are holding PGR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Progressive Corporation (NYSE:PGR - Free Report).

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.