The Progressive Corporation $PGR Stake Boosted by NorthRock Partners LLC

Key Points

• NorthRock Partners LLC increased its stake in The Progressive Corporation by 739.3%, owning 160,566 shares valued at approximately $42.8 million, making Progressive the 19th largest holding in their portfolio.
• Several institutional investors have also added positions in Progressive, with 85.34% of the stock currently owned by institutional investors and hedge funds.
• Analysts have mixed sentiments on PGR, with recent ratings showing a consensus of "Hold" and a consensus price target of $279.63.

NorthRock Partners LLC boosted its position in The Progressive Corporation (NYSE:PGR - Free Report) by 739.3% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 160,566 shares of the insurance provider's stock after purchasing an additional 141,435 shares during the period. Progressive makes up about 1.1% of NorthRock Partners LLC's portfolio, making the stock its 19th largest holding. NorthRock Partners LLC's holdings in Progressive were worth $42,848,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in PGR. Highline Wealth Partners LLC lifted its position in Progressive by 114.0% in the first 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 lifted its position in Progressive by 210.0% in the first quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider's stock worth $26,000 after purchasing an additional 63 shares during the period. HWG Holdings LP acquired a new stake in shares of Progressive during the 1st quarter valued at $28,000. Garde Capital Inc. acquired a new stake in shares of Progressive during the 1st quarter valued at $33,000. Finally, Ransom Advisory Ltd acquired a new stake in shares of Progressive during the 1st quarter valued at $35,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PGR has been the subject of a number of recent research reports. UBS Group cut their price objective on Progressive from $268.00 to $261.00 and set a "neutral" rating for the company in a research report on Wednesday. Wolfe Research initiated coverage on Progressive in a research report on Monday, September 15th. They set a "peer perform" rating for the company. Evercore ISI cut their price objective on Progressive from $275.00 to $273.00 and set an "in-line" rating for the company in a research report on Wednesday, October 1st. JPMorgan Chase & Co. increased their price objective on Progressive from $301.00 to $303.00 and gave the company an "overweight" rating in a research report on Thursday. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Progressive in a research report on Wednesday, October 8th. Seven research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. According to data from MarketBeat.com, Progressive currently has a consensus rating of "Hold" and a consensus price target of $279.63.

Insider Activity

In other Progressive news, insider Patrick K. Callahan sold 6,420 shares of the stock in a transaction on Friday, September 19th. The shares were sold at an average price of $242.22, for a total transaction of $1,555,052.40. Following the transaction, the insider directly owned 15,192 shares of the company's stock, valued at $3,679,806.24. This represents a 29.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Lori A. Niederst sold 8,063 shares of the stock in a transaction on 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 transaction, the insider directly owned 39,040 shares in the company, valued at $9,767,027.20. The trade was a 17.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 130,045 shares of company stock valued at $31,997,390. Corporate insiders own 0.34% of the company's stock.

Progressive Trading Down 0.8%

NYSE PGR opened at $240.18 on Monday. 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 company has a market capitalization of $140.80 billion, a PE ratio of 13.53, a price-to-earnings-growth ratio of 1.33 and a beta of 0.32. The firm's fifty day simple moving average is $245.20 and its 200-day simple moving average is $259.54.

Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share for the quarter, topping analysts' consensus estimates of $4.43 by $0.45. The business had revenue of $20.08 billion for the quarter, compared to the consensus estimate of $20.39 billion. Progressive had a net margin of 12.66% and a return on equity of 35.37%. Progressive's revenue for the quarter was up 12.1% compared to the same quarter last year. During the same period in the prior year, the business posted $2.48 earnings per share. As a group, sell-side analysts anticipate that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Dividend Announcement

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

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.

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