The Progressive Corporation $PGR Stock Holdings Increased by J.Safra Asset Management Corp

Key Points

• J.Safra Asset Management Corp increased its stake in The Progressive Corporation by 765.5%, owning 2,657 shares valued at approximately $701,000 as of the latest SEC filing.
• CEO Susan Patricia Griffith sold 30,659 shares of Progressive's stock worth over $7.5 million, reducing her position by 6.05%.
• Progressive recently announced a quarterly dividend of $0.10 per share, with a current annualized yield of 0.2%.

J.Safra Asset Management Corp lifted its stake in The Progressive Corporation (NYSE:PGR - Free Report) by 765.5% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,657 shares of the insurance provider's stock after purchasing an additional 2,350 shares during the quarter. J.Safra Asset Management Corp's holdings in Progressive were worth $701,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also made changes to their positions in the stock. Sagespring Wealth Partners LLC lifted its position in shares of Progressive by 2.6% in the second quarter. Sagespring Wealth Partners LLC now owns 7,027 shares of the insurance provider's stock worth $1,875,000 after purchasing an additional 175 shares in the last quarter. Wilmington Savings Fund Society FSB increased its holdings in Progressive by 9.4% in the second quarter. Wilmington Savings Fund Society FSB now owns 14,869 shares of the insurance provider's stock worth $3,968,000 after buying an additional 1,278 shares during the last quarter. RFG Advisory LLC increased its holdings in Progressive by 21.0% in the second quarter. RFG Advisory LLC now owns 5,805 shares of the insurance provider's stock worth $1,549,000 after buying an additional 1,007 shares during the last quarter. Naviter Wealth LLC increased its holdings in Progressive by 7.8% in the second quarter. Naviter Wealth LLC now owns 5,810 shares of the insurance provider's stock worth $1,550,000 after buying an additional 422 shares during the last quarter. Finally, Axxcess Wealth Management LLC increased its holdings in Progressive by 83.6% in the second quarter. Axxcess Wealth Management LLC now owns 2,591 shares of the insurance provider's stock worth $691,000 after buying an additional 1,180 shares during the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Progressive

In other Progressive news, CEO Susan Patricia Griffith sold 30,659 shares of the business's stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $246.06, for a total value of $7,543,953.54. Following the sale, the chief executive officer owned 476,286 shares in the company, valued at approximately $117,194,933.16. The trade was a 6.05% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Lori A. Niederst sold 8,063 shares of the business's stock in a transaction that occurred 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 completion of the sale, the insider owned 39,040 shares in the company, 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. In the last three months, insiders have sold 130,045 shares of company stock worth $31,997,390. Corporate insiders own 0.33% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. BMO Capital Markets set a $252.00 price objective on Progressive in a report on Thursday, September 18th. Cantor Fitzgerald upgraded Progressive to a "hold" rating in a report on Wednesday, August 13th. Barclays set a $271.00 price objective on shares of Progressive in a research note on Wednesday, October 8th. Wall Street Zen cut Progressive from a "buy" rating to a "hold" rating in a research report on Sunday, September 21st. Finally, Wells Fargo & Company lifted their price objective on Progressive from $265.00 to $266.00 and gave the company an "equal weight" rating in a report on Wednesday, October 8th. Seven analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the stock. Based on data from MarketBeat, Progressive has an average rating of "Hold" and a consensus price target of $279.63.

Progressive Price Performance

Progressive stock opened at $236.27 on Tuesday. The firm has a market capitalization of $138.50 billion, a P/E ratio of 13.31, a PEG ratio of 1.33 and a beta of 0.32. The Progressive Corporation has a 1 year low of $228.54 and a 1 year high of $292.99. The business has a 50-day moving average of $245.09 and a 200-day moving average of $259.24. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.21.

Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings data on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts' expectations of $20.39 billion. During the same quarter in the previous year, the business posted $2.48 EPS. Progressive's revenue for the quarter was up 12.1% on a year-over-year basis. On average, equities analysts anticipate that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Announces Dividend

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

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