The Progressive Corporation $PGR Shares Bought by Tidal Investments LLC

Key Points

• Tidal Investments increased its Progressive stake by 15.9% in the second quarter, acquiring 11,525 additional shares and bringing its holdings to 83,911 shares valued at approximately $18.33 million. Institutional investors collectively own 85.34% of the company.
• Analyst sentiment remains mixed, with seven Buy, fourteen Hold and two Sell ratings. Progressive has a consensus rating of Hold and an average price target of $236.26.
• Progressive reported quarterly earnings of $5.67 per share, beating estimates of $4.64, while revenue reached $23.61 billion. The company also declared a $0.10 quarterly dividend, equivalent to a 0.2% yield.

Tidal Investments LLC grew its stake in The Progressive Corporation (NYSE:PGR - Free Report) by 15.9% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 83,911 shares of the insurance provider's stock after buying an additional 11,525 shares during the quarter. Tidal Investments LLC's holdings in Progressive were worth $18,330,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Brighton Jones LLC raised its holdings in shares of Progressive by 15.6% during the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider's stock valued at $813,000 after acquiring an additional 457 shares during the last quarter. Revolve Wealth Partners LLC acquired a new stake in shares of Progressive in the fourth quarter worth approximately $269,000. Bison Wealth LLC boosted its stake in shares of Progressive by 3.2% in the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider's stock worth $615,000 after acquiring an additional 80 shares during the last quarter. HUB Investment Partners LLC increased its position in shares of Progressive by 7.8% during the second quarter. HUB Investment Partners LLC now owns 2,282 shares of the insurance provider's stock worth $609,000 after purchasing an additional 166 shares in the last quarter. Finally, Diversify Wealth Management LLC increased its position in shares of Progressive by 12.0% during the second quarter. Diversify Wealth Management LLC now owns 15,146 shares of the insurance provider's stock worth $3,681,000 after purchasing an additional 1,622 shares in 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 subject of a number of research reports. Roth Capital reaffirmed a "buy" rating and set a $245.00 target price on shares of Progressive in a report on Thursday, August 20th. Royal Bank Of Canada set a $208.00 price target on shares of Progressive in a research report on Friday, May 22nd. Cantor Fitzgerald dropped their price objective on shares of Progressive from $220.00 to $200.00 and set a "neutral" rating for the company in a research note on Monday, August 17th. Morgan Stanley upgraded shares of Progressive from an "underweight" rating to an "equal weight" rating and increased their price objective for the company from $190.00 to $210.00 in a report on Friday, July 24th. Finally, Bank of America decreased their target price on shares of Progressive from $313.00 to $308.00 and set a "buy" rating on the stock in a research note on Thursday, July 16th. Seven research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $236.26.

Insider Activity

In other Progressive news, insider Steven Broz sold 1,225 shares of Progressive stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $219.40, for a total value of $268,765.00. Following the sale, the insider owned 31,257 shares in the company, valued at $6,857,785.80. The trade was a 3.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Karen Bailo sold 8,452 shares of the company's stock in a transaction on Monday, July 27th. The shares were sold at an average price of $212.71, for a total value of $1,797,824.92. Following the completion of the transaction, the insider directly owned 32,348 shares in the company, valued at approximately $6,880,743.08. This trade represents a 20.72% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 113,714 shares of company stock worth $24,466,294. 0.32% of the stock is owned by company insiders.

Progressive Trading Up 0.2%

Shares of PGR opened at $215.90 on Friday. The Progressive Corporation has a 12-month low of $189.20 and a 12-month high of $249.71. The firm has a market capitalization of $125.52 billion, a P/E ratio of 10.83, a P/E/G ratio of 2.87 and a beta of 0.27. The firm has a 50-day moving average price of $216.96 and a 200 day moving average price of $208.14. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.24.

Progressive (NYSE:PGR - Get Free Report) last issued its earnings results on Wednesday, July 15th. The insurance provider reported $5.67 EPS for the quarter, topping analysts' consensus estimates of $4.64 by $1.03. The company had revenue of $23.61 billion for the quarter, compared to the consensus estimate of $19.49 billion. Progressive had a net margin of 12.84% and a return on equity of 32.92%. Progressive's quarterly revenue was up 5.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $5.40 earnings per share. Sell-side analysts forecast that The Progressive Corporation will post 17.76 EPS for the current year.

Progressive Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Thursday, October 1st will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend is Thursday, October 1st. Progressive's payout ratio is presently 2.01%.

Progressive Company Profile

Progressive Corporation, founded in 1937 and headquartered in Mayfield Village, Ohio, is an insurance company that primarily serves customers in the United States. The company is best known for its personal and commercial auto insurance businesses and distributes products through independent agents, direct channels and digital platforms.

Progressive offers a broad range of insurance products, including coverage for automobiles, motorcycles, boats, recreational vehicles, homes and renters.

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