The Progressive Corporation $PGR Stake Raised by NewEdge Advisors LLC

Key Points

• NewEdge Advisors LLC increased its holdings in The Progressive Corporation by 15.5% during the first quarter, owning 61,872 shares valued at approximately $17.5 million.
• Progressive's stock has received mixed analyst ratings, with an average rating of "Moderate Buy" and a consensus target price of $284.18.
• The company declared a quarterly dividend of $0.10 payable on October 10th, representing a 0.2% dividend yield based on an annual payout of $0.40.

NewEdge Advisors LLC boosted its position in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 15.5% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 61,872 shares of the insurance provider's stock after acquiring an additional 8,281 shares during the period. NewEdge Advisors LLC's holdings in Progressive were worth $17,510,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in 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 worth $26,000 after purchasing an additional 49 shares during the period. TruNorth Capital Management LLC increased its holdings in shares of Progressive by 210.0% in 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. Minot DeBlois Advisors LLC purchased a new position in shares of Progressive in the 4th quarter valued at about $28,000. HWG Holdings LP purchased a new position in Progressive during the 1st quarter valued at about $28,000. Finally, Garde Capital Inc. purchased a new position in Progressive during the 1st quarter valued at about $33,000. Institutional investors and hedge funds own 85.34% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on PGR. Citigroup restated a "buy" rating on shares of Progressive in a report on Friday, August 29th. Barclays decreased their price target on shares of Progressive from $287.00 to $281.00 and set an "equal weight" rating on the stock in a research note on Tuesday, August 19th. Wells Fargo & Company decreased their price target on shares of Progressive from $330.00 to $327.00 and set an "overweight" rating on the stock in a research note on Thursday, August 21st. UBS Group decreased their target price on shares of Progressive from $280.00 to $268.00 and set a "neutral" rating on the stock in a research report on Monday, July 21st. Finally, Cantor Fitzgerald upgraded shares of Progressive to a "hold" rating in a report on Wednesday, August 13th. Nine equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $284.18.

Insider Transactions at Progressive

In other news, insider Karen Bailo sold 8,922 shares of the business's stock in a transaction on Monday, July 28th. The shares were sold at an average price of $249.24, for a total transaction of $2,223,719.28. Following the completion of the transaction, the insider owned 32,346 shares of the company's stock, valued at approximately $8,061,917.04. The trade was a 21.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Lori A. Niederst sold 8,063 shares of the company's stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $250.18, for a total transaction of $2,017,201.34. Following the completion of the sale, the insider directly owned 39,040 shares of the company's stock, valued at $9,767,027.20. The trade was a 17.12% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 139,010 shares of company stock valued at $34,547,699 over the last quarter. Insiders own 0.33% of the company's stock.

Progressive Stock Down 1.1%

Shares of NYSE:PGR traded down $2.67 during midday trading on Tuesday, reaching $243.27. The company had a trading volume of 2,627,728 shares, compared to its average volume of 2,620,588. 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 stock's fifty day moving average price is $247.56 and its 200-day moving average price is $265.40. The stock has a market capitalization of $142.61 billion, a P/E ratio of 13.71, a PEG ratio of 1.43 and a beta of 0.32. The Progressive Corporation has a one year low of $228.54 and a one year high of $292.99.

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

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Thursday, October 2nd will be paid 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 payout ratio is 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.