The Progressive Corporation $PGR Stake Increased by SageView Advisory Group LLC

Key Points

• SageView Advisory Group LLC increased its stake in The Progressive Corporation by 25.4% in the first quarter, now holding shares valued at approximately $2.1 million.
• Progressive reported earnings of $4.88 per share, exceeding analysts' expectations, and showed a 12.1% year-over-year revenue growth with total revenues of $20.08 billion.
• Insiders have sold 139,010 shares of Progressive stock in the last three months, indicating a 5.7% decrease in the CEO's ownership after a significant transaction.

SageView Advisory Group LLC increased its stake in The Progressive Corporation (NYSE:PGR - Free Report) by 25.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,441 shares of the insurance provider's stock after purchasing an additional 1,509 shares during the quarter. SageView Advisory Group LLC's holdings in Progressive were worth $2,106,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Integrated Advisors Network LLC increased its position in Progressive by 1.0% in the 1st quarter. Integrated Advisors Network LLC now owns 3,808 shares of the insurance provider's stock valued at $1,078,000 after acquiring an additional 36 shares in the last quarter. Rise Advisors LLC boosted its position in shares of Progressive by 7.4% in the first quarter. Rise Advisors LLC now owns 521 shares of the insurance provider's stock valued at $147,000 after acquiring an additional 36 shares during the period. Pines Wealth Management LLC increased its stake in shares of Progressive by 3.0% in the first quarter. Pines Wealth Management LLC now owns 1,287 shares of the insurance provider's stock valued at $335,000 after buying an additional 37 shares during the period. Contravisory Investment Management Inc. boosted its holdings in shares of Progressive by 2.0% during the 1st quarter. Contravisory Investment Management Inc. now owns 1,940 shares of the insurance provider's stock worth $549,000 after buying an additional 38 shares in the last quarter. Finally, Beacon Financial Group raised its position in Progressive by 1.1% in the 1st quarter. Beacon Financial Group now owns 3,659 shares of the insurance provider's stock valued at $1,036,000 after buying an additional 39 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on PGR. Keefe, Bruyette & Woods decreased their price objective on shares of Progressive from $290.00 to $268.00 and set a "market perform" rating on the stock in a research report on Thursday, July 17th. Morgan Stanley boosted their price target on shares of Progressive from $265.00 to $267.00 and gave the company an "equal weight" rating in a research note on Friday, August 22nd. UBS Group lowered their price target on shares of Progressive from $280.00 to $268.00 and set a "neutral" rating on the stock in a research note on Monday, July 21st. Wells Fargo & Company cut their price target on shares of Progressive from $330.00 to $327.00 and set an "overweight" rating on the stock in a report on Thursday, August 21st. Finally, Barclays reduced their price target on shares of Progressive from $287.00 to $281.00 and set an "equal weight" rating for the company in a report on Tuesday, August 19th. Nine research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $284.18.

Progressive Stock Performance

PGR opened at $243.27 on Wednesday. The business's fifty day moving average is $247.14 and its 200-day moving average is $265.25. The Progressive Corporation has a 52-week low of $228.54 and a 52-week high of $292.99. The firm has a market cap of $142.61 billion, a P/E ratio of 13.71, a price-to-earnings-growth ratio of 1.43 and a beta of 0.32. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.31 and a current ratio of 0.31.

Progressive (NYSE:PGR - Get Free Report) last issued its 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. Progressive had a return on equity of 35.37% and a net margin of 12.66%.The business had revenue of $20.08 billion during the quarter, compared to the consensus estimate of $20.39 billion. During the same period in the previous year, the company posted $2.48 earnings per share. The firm's revenue for the quarter was up 12.1% on a year-over-year basis. Sell-side analysts expect that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Announces Dividend

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

Insider Transactions at Progressive

In other news, CEO Susan Patricia Griffith sold 30,660 shares of the business's stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $242.12, for a total value of $7,423,399.20. Following the transaction, the chief executive officer directly owned 506,945 shares in the company, valued at $122,741,523.40. The trade was a 5.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Lori A. Niederst sold 8,063 shares of Progressive stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $250.18, for a total value of $2,017,201.34. Following the sale, the insider directly owned 39,040 shares of the company's stock, valued at approximately $9,767,027.20. This trade represents a 17.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 139,010 shares of company stock worth $34,547,699. 0.33% of the stock is owned by insiders.

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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