Focus Partners Advisor Solutions LLC Grows Position in The Progressive Corporation $PGR

Key Points

• Focus Partners Advisor Solutions LLC increased its stake in The Progressive Corporation by 44.5%, owning 4,744 shares valued at $1,343,000.
• Institutional investors currently hold 85.34% of Progressive stock, with notable increases in holdings by Highline Wealth Partners LLC and TruNorth Capital Management LLC.
• Progressive recently reported $4.88 earnings per share (EPS), exceeding estimates, and announced a quarterly dividend of $0.10 per share, indicating a 0.2% yield.

Focus Partners Advisor Solutions LLC lifted its position in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 44.5% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,744 shares of the insurance provider's stock after purchasing an additional 1,462 shares during the quarter. Focus Partners Advisor Solutions LLC's holdings in Progressive were worth $1,343,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in PGR. Integrated Advisors Network LLC grew its holdings in Progressive by 1.0% during the 1st quarter. Integrated Advisors Network LLC now owns 3,808 shares of the insurance provider's stock valued at $1,078,000 after buying an additional 36 shares in the last quarter. Pines Wealth Management LLC boosted its holdings in shares of Progressive by 3.0% in the 1st quarter. Pines Wealth Management LLC now owns 1,287 shares of the insurance provider's stock worth $335,000 after purchasing an additional 37 shares during the period. Contravisory Investment Management Inc. boosted its holdings in shares of Progressive by 2.0% in the 1st quarter. Contravisory Investment Management Inc. now owns 1,940 shares of the insurance provider's stock worth $549,000 after purchasing an additional 38 shares during the period. Beacon Financial Group boosted its holdings in shares of Progressive by 1.1% in the 1st quarter. Beacon Financial Group now owns 3,659 shares of the insurance provider's stock worth $1,036,000 after purchasing an additional 39 shares during the period. Finally, Pinnacle Wealth Management Advisory Group LLC boosted its holdings in shares of Progressive by 2.1% in the 1st quarter. Pinnacle Wealth Management Advisory Group LLC now owns 1,927 shares of the insurance provider's stock worth $545,000 after purchasing an additional 39 shares during the period. Hedge funds and other institutional investors own 85.34% of the company's stock.

Insider Activity

In related news, CEO Susan Patricia Griffith sold 30,660 shares of Progressive stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $242.12, for a total transaction of $7,423,399.20. Following the transaction, the chief executive officer owned 506,945 shares in the company, valued at approximately $122,741,523.40. This trade represents a 5.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Patrick K. Callahan sold 6,232 shares of Progressive stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $242.16, for a total value of $1,509,141.12. Following the transaction, the insider owned 27,844 shares in the company, valued at approximately $6,742,703.04. The trade was a 18.29% 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 in the last 90 days. 0.34% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

PGR has been the subject of several recent analyst reports. Wells Fargo & Company dropped their price objective on shares of Progressive from $330.00 to $327.00 and set an "overweight" rating for the company in a research note on Thursday, August 21st. Barclays decreased their target price on Progressive from $287.00 to $281.00 and set an "equal weight" rating for the company in a research report on Tuesday, August 19th. Jefferies Financial Group reduced their price target on Progressive from $309.00 to $287.00 and set a "buy" rating for the company in a research report on Monday, August 11th. Cantor Fitzgerald raised Progressive to a "hold" rating in a research report on Wednesday, August 13th. Finally, Keefe, Bruyette & Woods reduced their target price on Progressive from $290.00 to $268.00 and set a "market perform" rating on the stock in a research report on Thursday, July 17th. Nine analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $284.18.

Progressive Price Performance

Shares of NYSE:PGR traded down $5.25 during midday trading on Friday, reaching $243.76. 1,690,776 shares of the company's stock traded hands, compared to its average volume of 2,637,555. The company has a market cap of $142.90 billion, a P/E ratio of 13.73, a PEG ratio of 1.42 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 company has a fifty day simple moving average of $247.98 and a two-hundred day simple moving average of $265.56. 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 EPS for the quarter, beating analysts' consensus estimates of $4.43 by $0.45. The business had revenue of $20.08 billion during the quarter, compared to analysts' expectations of $20.39 billion. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The company's quarterly revenue was up 12.1% compared to the same quarter last year. During the same period in the prior year, the business earned $2.48 earnings per share. Equities analysts predict 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. Stockholders of record on Thursday, October 2nd will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend is Thursday, October 2nd. Progressive's dividend payout ratio (DPR) is currently 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.