JSF Financial LLC Grows Position in The Progressive Corporation $PGR

JSF Financial LLC grew its stake in shares of The Progressive Corporation (NYSE:PGR) by 8.4% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 4,589 shares of the insurance provider’s stock after purchasing an additional 357 shares during the quarter. JSF Financial LLC’s holdings in Progressive were worth $1,225,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PGR. Baron Silver Stevens Financial Advisors LLC bought a new stake in shares of Progressive in the second quarter worth about $306,000. State of Alaska Department of Revenue lifted its holdings in Progressive by 2.7% in the 1st quarter. State of Alaska Department of Revenue now owns 68,644 shares of the insurance provider’s stock worth $19,426,000 after buying an additional 1,800 shares during the period. Trust Co. of Oklahoma purchased a new stake in Progressive in the 2nd quarter worth approximately $439,000. Belmont Capital LLC purchased a new stake in Progressive in the 1st quarter worth approximately $580,000. Finally, Zurich Insurance Group Ltd FI raised its holdings in shares of Progressive by 87.9% during the first quarter. Zurich Insurance Group Ltd FI now owns 414,183 shares of the insurance provider’s stock valued at $117,218,000 after acquiring an additional 193,800 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors.

Insider Transactions at Progressive

In other news, insider Karen Bailo sold 8,922 shares of Progressive stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $249.24, for a total value of $2,223,719.28. Following the completion of the transaction, the insider owned 32,346 shares of the company’s stock, valued at $8,061,917.04. The trade was a 21.62% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Patrick K. Callahan sold 6,420 shares of Progressive 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 transaction, the insider directly owned 15,192 shares of the company’s stock, valued at approximately $3,679,806.24. This represents a 29.71% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 130,045 shares of company stock worth $31,997,390 over the last quarter. Corporate insiders own 0.34% of the company’s stock.

Progressive Price Performance

Shares of NYSE PGR opened at $246.10 on Friday. The Progressive Corporation has a fifty-two week low of $228.54 and a fifty-two week high of $292.99. The company has a 50 day simple moving average of $245.14 and a two-hundred day simple moving average of $260.76. The company has a market capitalization of $144.27 billion, a price-to-earnings ratio of 13.86, a P/E/G ratio of 1.37 and a beta of 0.32. 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) last announced its earnings results 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 during 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 revenue for the quarter was up 12.1% on a year-over-year basis. During the same quarter last year, the firm earned $2.48 earnings per share. Analysts expect that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Announces Dividend

The business 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 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend is Thursday, October 2nd. Progressive’s payout ratio is 2.25%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Evercore ISI reduced their price objective on shares of Progressive from $275.00 to $273.00 and set an “in-line” rating on the stock in a research report on Wednesday. Jefferies Financial Group cut their target price on shares of Progressive from $309.00 to $287.00 and set a “buy” rating on the stock in a research note on Monday, August 11th. BMO Capital Markets set a $252.00 price objective on shares of Progressive in a report on Thursday, September 18th. Weiss Ratings restated a “buy (b)” rating on shares of Progressive in a report on Saturday, September 27th. Finally, UBS Group decreased their target price on Progressive from $280.00 to $268.00 and set a “neutral” rating for the company in a research report on Monday, July 21st. Seven analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the stock. According to data from MarketBeat, Progressive presently 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.