The Progressive Corporation $PGR Shares Purchased by FSM Wealth Advisors LLC

Key Points

• FSM Wealth Advisors LLC significantly increased its stake in The Progressive Corporation by 1,614.1% in the second quarter, owning 30,476 shares valued at approximately $7.7 million.
• Progressive's quarterly earnings report revealed an EPS of $4.45, missing analysts' estimates by $0.59, and revenue of $21.38 billion, which was below expectation as well.
• The company also announced a quarterly dividend of $0.10 per share, reflecting an annualized yield of 0.2% and a low payout ratio.

FSM Wealth Advisors LLC raised its holdings in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 1,614.1% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 30,476 shares of the insurance provider's stock after purchasing an additional 28,698 shares during the quarter. Progressive accounts for 1.3% of FSM Wealth Advisors LLC's portfolio, making the stock its 20th largest position. FSM Wealth Advisors LLC's holdings in Progressive were worth $7,727,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. TruNorth Capital Management LLC grew 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 in the last quarter. Ransom Advisory Ltd bought a new position in Progressive during the 1st quarter worth approximately $35,000. Activest Wealth Management lifted its holdings in Progressive by 6,350.0% during the 1st quarter. Activest Wealth Management now owns 129 shares of the insurance provider's stock worth $37,000 after buying an additional 127 shares during the last quarter. Richardson Financial Services Inc. lifted its holdings in Progressive by 1,885.7% during the 2nd quarter. Richardson Financial Services Inc. now owns 139 shares of the insurance provider's stock worth $37,000 after buying an additional 132 shares during the last quarter. Finally, Accent Capital Management LLC bought a new position in Progressive during the 1st quarter worth approximately $39,000. Institutional investors and hedge funds own 85.34% of the company's stock.

Progressive Stock Down 0.3%

PGR opened at $222.04 on Thursday. The Progressive Corporation has a one year low of $217.20 and a one year high of $292.99. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.31 and a current ratio of 0.32. The stock's fifty day moving average is $242.27 and its 200-day moving average is $256.94. The company has a market capitalization of $130.16 billion, a PE ratio of 12.18, a P/E/G ratio of 1.27 and a beta of 0.32.

Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings data on Wednesday, October 15th. The insurance provider reported $4.45 EPS for the quarter, missing analysts' consensus estimates of $5.04 by ($0.59). Progressive had a return on equity of 33.88% and a net margin of 12.57%.The firm had revenue of $21.38 billion during the quarter, compared to the consensus estimate of $21.64 billion. During the same period in the prior year, the firm posted $3.58 EPS. On average, equities analysts predict that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, October 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive's payout ratio is 2.19%.

Insider Buying and Selling at Progressive

In other news, CFO John P. Sauerland sold 16,664 shares of Progressive stock in a transaction on Monday, July 28th. The stock was sold at an average price of $249.24, for a total transaction of $4,153,335.36. Following the transaction, the chief financial officer owned 228,024 shares in the company, valued at approximately $56,832,701.76. The trade was a 6.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Susan Patricia Griffith sold 30,660 shares of the business's stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $242.12, for a total value of $7,423,399.20. Following the completion of the transaction, the chief executive officer owned 506,945 shares in the company, valued at $122,741,523.40. This trade represents a 5.70% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 128,778 shares of company stock valued at $31,683,756 in the last ninety days. Company insiders own 0.34% of the company's stock.

Analysts Set New Price Targets

PGR has been the topic of a number of research analyst reports. Zacks Research downgraded Progressive from a "strong-buy" rating to a "hold" rating in a report on Friday, October 10th. Wall Street Zen lowered Progressive from a "buy" rating to a "hold" rating in a research report on Sunday, September 21st. Citigroup reduced their price objective on Progressive from $312.00 to $301.38 and set a "buy" rating for the company in a research report on Thursday, October 16th. Weiss Ratings reiterated a "buy (b)" rating on shares of Progressive in a research report on Wednesday, October 8th. Finally, Wells Fargo & Company reduced their price target on Progressive from $266.00 to $246.00 and set an "equal weight" rating for the company in a research report on Thursday, October 16th. Seven research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $270.40.

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.

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.