Wakefield Asset Management LLLP Takes $891,000 Position in The Progressive Corporation (NYSE:PGR)

Wakefield Asset Management LLLP acquired a new stake in The Progressive Corporation (NYSE:PGR - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 3,148 shares of the insurance provider's stock, valued at approximately $891,000.

Other institutional investors also recently made changes to their positions in the company. Highline Wealth Partners LLC boosted its position in Progressive by 114.0% during the 1st quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock valued at $26,000 after buying an additional 49 shares during the period. TruNorth Capital Management LLC boosted its position in Progressive by 210.0% during the 1st quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider's stock valued at $26,000 after buying an additional 63 shares during the period. Minot DeBlois Advisors LLC purchased a new stake in Progressive during the 4th quarter valued at $28,000. HWG Holdings LP purchased a new stake in shares of Progressive in the 1st quarter worth about $28,000. Finally, Garde Capital Inc. purchased a new stake in shares of Progressive in the 1st quarter worth about $33,000. Hedge funds and other institutional investors own 85.34% of the company's stock.

Progressive Stock Performance

Shares of NYSE PGR traded up $0.02 during trading on Thursday, reaching $247.55. 3,217,816 shares of the company traded hands, compared to its average volume of 4,073,527. The firm has a 50 day simple moving average of $264.96 and a 200-day simple moving average of $265.91. The company has a quick ratio of 0.29, a current ratio of 0.34 and a debt-to-equity ratio of 0.21. The stock has a market capitalization of $145.12 billion, a PE ratio of 13.95, a P/E/G ratio of 1.50 and a beta of 0.37. The Progressive Corporation has a 52-week low of $208.13 and a 52-week high of $292.99.

Progressive (NYSE:PGR - Get Free Report) last announced its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.43 by $0.45. The firm had revenue of $20.08 billion for the quarter, compared to the consensus estimate of $20.39 billion. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The business's quarterly revenue was up 12.1% compared to the same quarter last year. During the same quarter last year, the firm posted $2.48 EPS. Equities research analysts anticipate that The Progressive Corporation will post 14.68 earnings per share for the current year.

Progressive Announces Dividend

The firm also recently disclosed a dividend, which was paid on Friday, July 11th. Investors of record on Friday, July 4th were issued a $0.10 dividend. This represents a dividend yield of 0.15%. The ex-dividend date of this dividend was Thursday, July 3rd. Progressive's payout ratio is 2.25%.

Insider Buying and Selling

In related news, insider John Jo Murphy sold 4,000 shares of the firm's stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $260.38, for a total value of $1,041,520.00. Following the transaction, the insider owned 41,289 shares of the company's stock, valued at approximately $10,750,829.82. This trade represents a 8.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Stuart B. Burgdoerfer sold 3,681 shares of Progressive stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $260.43, for a total transaction of $958,642.83. Following the transaction, the director directly owned 12,217 shares in the company, valued at $3,181,673.31. This represents a 23.15% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 43,972 shares of company stock valued at $11,764,581 in the last 90 days. 0.34% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on PGR shares. Wall Street Zen cut shares of Progressive from a "buy" rating to a "hold" rating in a research report on Friday, July 18th. Morgan Stanley dropped their target price on shares of Progressive from $290.00 to $280.00 and set an "equal weight" rating for the company in a research report on Monday, July 14th. Bank of America dropped their target price on shares of Progressive from $337.00 to $336.00 and set a "buy" rating for the company in a research report on Thursday, July 17th. Wells Fargo & Company raised their target price on shares of Progressive from $328.00 to $333.00 and gave the stock an "overweight" rating in a research report on Friday, June 20th. Finally, Keefe, Bruyette & Woods decreased their price target on shares of Progressive from $290.00 to $268.00 and set a "market perform" rating for the company in a research note on Thursday, July 17th. Nine research analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $286.88.

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.