Janney Montgomery Scott LLC Purchases 7,436 Shares of The Progressive Corporation $PGR

Janney Montgomery Scott LLC raised its position in shares of The Progressive Corporation (NYSE:PGR) by 8.0% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 100,899 shares of the insurance provider’s stock after purchasing an additional 7,436 shares during the period. Janney Montgomery Scott LLC’s holdings in Progressive were worth $26,926,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently made changes to their positions in PGR. Brighton Jones LLC raised its position in shares of Progressive by 15.6% in the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock worth $813,000 after acquiring an additional 457 shares in the last quarter. Revolve Wealth Partners LLC bought a new position in shares of Progressive in the 4th quarter worth $269,000. Bison Wealth LLC raised its position in shares of Progressive by 3.2% in the 4th quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock worth $615,000 after acquiring an additional 80 shares in the last quarter. Fiduciary Alliance LLC bought a new position in shares of Progressive in the 1st quarter worth $592,000. Finally, NBC Securities Inc. raised its position in shares of Progressive by 168,400.0% in the 1st quarter. NBC Securities Inc. now owns 1,685 shares of the insurance provider’s stock worth $477,000 after acquiring an additional 1,684 shares in the last quarter. 85.34% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, insider Lori A. Niederst sold 8,063 shares of the company’s stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $250.18, for a total value of $2,017,201.34. Following the sale, the insider owned 39,040 shares in the company, valued at $9,767,027.20. This represents a 17.12% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Patrick K. Callahan sold 6,420 shares of the company’s stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $242.22, for a total value of $1,555,052.40. Following the completion of the sale, the insider owned 15,192 shares in the company, valued at $3,679,806.24. The trade was a 29.71% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 130,045 shares of company stock valued at $31,997,390. Insiders own 0.34% of the company’s stock.

Progressive Stock Down 0.1%

Shares of PGR stock opened at $246.73 on Thursday. The stock’s 50-day simple moving average is $245.31 and its 200-day simple moving average is $261.43. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.31 and a current ratio of 0.31. The firm has a market capitalization of $144.64 billion, a PE ratio of 13.90, a P/E/G ratio of 1.38 and a beta of 0.32. The Progressive Corporation has a fifty-two week low of $228.54 and a fifty-two week high of $292.99.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share for the quarter, beating analysts’ consensus estimates of $4.43 by $0.45. The business had revenue of $20.08 billion for the quarter, compared to analyst estimates of $20.39 billion. Progressive had a return on equity of 35.37% and a net margin of 12.66%.The company’s revenue was up 12.1% on a year-over-year basis. During the same period in the prior year, the company earned $2.48 earnings per share. Equities analysts expect that The Progressive Corporation will post 14.68 earnings per share for the current year.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd will be issued a $0.10 dividend. The ex-dividend date of this dividend is Thursday, October 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive’s dividend payout ratio is currently 2.25%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on PGR shares. Cantor Fitzgerald raised Progressive to a “hold” rating in a research report on Wednesday, August 13th. Bank of America boosted their price target on Progressive from $343.00 to $350.00 and gave the stock a “buy” rating in a research note on Monday. Keefe, Bruyette & Woods boosted their price target on Progressive from $268.00 to $270.00 and gave the stock a “market perform” rating in a research note on Thursday, September 18th. Wells Fargo & Company restated an “equal weight” rating and set a $265.00 price target (down previously from $327.00) on shares of Progressive in a research note on Thursday, September 18th. Finally, UBS Group dropped their price target 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 investment analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $279.63.

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.