Vision Capital Management Inc. Buys 1,037 Shares of The Progressive Corporation $PGR

Key Points

• Vision Capital Management Inc. increased its stake in The Progressive Corporation by 4.5%, now holding 24,282 shares valued at approximately $6.48 million.
• Institutional investors own 85.34% of Progressive's stock, with several firms, including Beaumont Financial Advisors LLC and MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH, boosting their positions significantly.
• The firm announced a quarterly dividend of $0.10 per share, reflecting a 0.2% dividend yield, payable on October 10th to shareholders of record on October 2nd.

Vision Capital Management Inc. increased its stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 4.5% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 24,282 shares of the insurance provider's stock after acquiring an additional 1,037 shares during the period. Vision Capital Management Inc.'s holdings in Progressive were worth $6,480,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Beaumont Financial Advisors LLC boosted its position in Progressive by 15.2% during the second quarter. Beaumont Financial Advisors LLC now owns 18,725 shares of the insurance provider's stock worth $4,997,000 after purchasing an additional 2,475 shares during the period. EdgeRock Capital LLC bought a new position in Progressive during the second quarter worth $1,035,000. MBE Wealth Management LLC boosted its position in Progressive by 9.7% during the second quarter. MBE Wealth Management LLC now owns 1,684 shares of the insurance provider's stock worth $449,000 after purchasing an additional 149 shares during the period. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH boosted its position in Progressive by 303.2% during the second quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 20,388 shares of the insurance provider's stock worth $5,441,000 after purchasing an additional 15,331 shares during the period. Finally, Perigon Wealth Management LLC boosted its position in Progressive by 6.0% during the second quarter. Perigon Wealth Management LLC now owns 4,979 shares of the insurance provider's stock worth $1,329,000 after purchasing an additional 283 shares during the period. Institutional investors own 85.34% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. BMO Capital Markets set a $252.00 price objective on shares of Progressive in a research report on Thursday, September 18th. Wells Fargo & Company reiterated an "equal weight" rating and set a $265.00 target price (down previously from $327.00) on shares of Progressive in a research note on Thursday, September 18th. Evercore ISI lowered Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 target price on the stock. in a research note on Thursday, July 17th. Morgan Stanley lowered their target price on Progressive from $267.00 to $265.00 and set an "equal weight" rating on the stock in a research note on Monday. Finally, UBS Group lowered their target price on Progressive from $280.00 to $268.00 and set a "neutral" rating on the stock in a research note on Monday, July 21st. Six equities research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $279.31.

Insider Transactions at Progressive

In other Progressive news, insider Steven Broz sold 1,345 shares of the firm's stock in a transaction on Friday, September 19th. The stock was sold at an average price of $242.10, for a total value of $325,624.50. Following the sale, the insider owned 30,388 shares of the company's stock, valued at approximately $7,356,934.80. This trade represents a 4.24% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider John Jo Murphy sold 2,218 shares of the firm's stock in a transaction on Friday, September 19th. The shares were sold at an average price of $242.10, for a total value of $536,977.80. Following the completion of the sale, the insider directly owned 43,506 shares in the company, valued at approximately $10,532,802.60. This represents a 4.85% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 140,045 shares of company stock worth $34,635,290. 0.34% of the stock is owned by insiders.

Progressive Trading Up 0.9%

Shares of NYSE:PGR opened at $242.18 on Friday. The company has a market capitalization of $141.97 billion, a P/E ratio of 13.64, a P/E/G ratio of 1.34 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 debt-to-equity ratio of 0.21, a current ratio of 0.31 and a quick ratio of 0.31. The business's 50 day simple moving average is $245.40 and its 200 day simple moving average is $262.37.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share (EPS) 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 return on equity of 35.37% and a net margin of 12.66%.The firm's quarterly revenue was up 12.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.48 earnings per share. On average, research analysts anticipate that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Thursday, October 2nd will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis 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 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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