TrueMark Investments LLC Acquires Shares of 3,072 The Progressive Corporation $PGR

Key Points

• TrueMark Investments LLC has acquired 3,072 shares of The Progressive Corporation, valued at approximately $820,000, marking a new position for the firm.
• Progressive recently reported earnings of $4.45 per share, missing analyst expectations of $5.04, along with quarterly revenue of $21.38 billion, which also fell short of estimates.
• The company announced a quarterly dividend of $0.10 per share, with a low dividend yield of 0.2% and a payout ratio of 2.19%.

TrueMark Investments LLC purchased a new position in shares of The Progressive Corporation (NYSE:PGR - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,072 shares of the insurance provider's stock, valued at approximately $820,000.

Several other large investors have also modified their holdings of the stock. Rise Advisors LLC raised its stake in shares of Progressive by 7.4% during the first quarter. Rise Advisors LLC now owns 521 shares of the insurance provider's stock worth $147,000 after purchasing an additional 36 shares during the last quarter. Pinnacle Wealth Management Advisory Group LLC raised its stake in shares of Progressive by 2.1% during the first 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 last quarter. LRI Investments LLC raised its stake in shares of Progressive by 13.4% during the second quarter. LRI Investments LLC now owns 338 shares of the insurance provider's stock worth $90,000 after purchasing an additional 40 shares during the last quarter. True North Advisors LLC raised its stake in shares of Progressive by 4.0% during the first quarter. True North Advisors LLC now owns 1,055 shares of the insurance provider's stock worth $299,000 after purchasing an additional 41 shares during the last quarter. Finally, GenTrust LLC raised its stake in shares of Progressive by 3.5% during the first quarter. GenTrust LLC now owns 1,234 shares of the insurance provider's stock worth $349,000 after purchasing an additional 42 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company's stock.

Progressive Stock Up 1.7%

Progressive stock opened at $225.57 on Monday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.31 and a current ratio of 0.32. The firm has a market capitalization of $132.23 billion, a price-to-earnings ratio of 12.37, a price-to-earnings-growth ratio of 1.27 and a beta of 0.32. The Progressive Corporation has a fifty-two week low of $217.20 and a fifty-two week high of $292.99. The stock's fifty day moving average is $243.73 and its two-hundred day moving average is $257.69.

Progressive (NYSE:PGR - Get Free Report) last posted its earnings results on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share for the quarter, missing the consensus estimate of $5.04 by ($0.59). The firm had revenue of $21.38 billion during the quarter, compared to analyst estimates of $21.64 billion. Progressive had a net margin of 12.57% and a return on equity of 33.88%. During the same period last year, the company posted $3.58 EPS. Analysts predict that The Progressive Corporation will post 14.68 EPS for the current fiscal 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 issued a $0.10 dividend. The ex-dividend date of this dividend was Thursday, October 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive's dividend payout ratio is 2.19%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on PGR shares. Barclays set a $271.00 price target on Progressive in a research note on Wednesday, October 8th. Wall Street Zen lowered Progressive from a "buy" rating to a "hold" rating in a report on Sunday, September 21st. Citigroup dropped their price objective on Progressive from $312.00 to $301.38 and set a "buy" rating on the stock in a report on Thursday. Zacks Research lowered Progressive from a "strong-buy" rating to a "hold" rating in a report on Friday, October 10th. Finally, Evercore ISI dropped their price objective on Progressive from $275.00 to $273.00 and set an "in-line" rating on the stock in a report on Wednesday, October 1st. Seven investment analysts have rated the stock with a Buy rating and thirteen have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $274.46.

Insider Buying and Selling

In related news, insider John Jo Murphy sold 2,218 shares of the stock in a transaction on Friday, September 19th. The stock was sold at an average price of $242.10, for a total transaction of $536,977.80. Following the sale, the insider owned 43,506 shares of the company's stock, valued at $10,532,802.60. This trade represents a 4.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 value of $1,555,052.40. Following the sale, the insider directly owned 15,192 shares in the company, valued at approximately $3,679,806.24. The trade was a 29.71% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 128,778 shares of company stock valued at $31,683,756 in the last three months. 0.33% of the stock is owned by insiders.

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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