Drive Wealth Management LLC Increases Stake in The Progressive Corporation $PGR

Drive Wealth Management LLC boosted its holdings in The Progressive Corporation (NYSE:PGR) by 12.0% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 2,489 shares of the insurance provider’s stock after buying an additional 266 shares during the period. Drive Wealth Management LLC’s holdings in Progressive were worth $664,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Baron Silver Stevens Financial Advisors LLC purchased a new position in Progressive in the second quarter valued at approximately $306,000. Trust Co. of Oklahoma purchased a new position in Progressive in the second quarter valued at approximately $439,000. Belmont Capital LLC purchased a new position in Progressive in the first quarter valued at approximately $580,000. Zurich Insurance Group Ltd FI raised its holdings in Progressive by 87.9% in 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 buying an additional 193,800 shares during the period. Finally, Mitchell Capital Management Co. purchased a new position in Progressive in the second quarter valued at approximately $2,721,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on PGR. Morgan Stanley cut their price target on shares of Progressive from $267.00 to $265.00 and set an “equal weight” rating on the stock in a report on Monday, September 22nd. Jefferies Financial Group dropped their price objective 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. Wells Fargo & Company dropped their price objective on shares of Progressive from $266.00 to $246.00 and set an “equal weight” rating on the stock in a research note on Thursday. Raymond James Financial dropped their price objective on shares of Progressive from $305.00 to $265.00 and set an “outperform” rating on the stock in a research note on Friday. Finally, BMO Capital Markets dropped their price objective on shares of Progressive from $252.00 to $247.00 and set a “market perform” rating on the stock in a research note on Thursday. Seven investment analysts have rated the stock with a Buy rating and thirteen have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $274.46.

Progressive Stock Up 1.7%

PGR stock opened at $225.57 on Monday. The Progressive Corporation has a twelve month low of $217.20 and a twelve month high of $292.99. The company has a current ratio of 0.32, a quick ratio of 0.31 and a debt-to-equity ratio of 0.19. The company has a market capitalization of $132.23 billion, a P/E ratio of 12.37, a PEG ratio of 1.27 and a beta of 0.32. The firm has a 50 day simple moving average of $243.73 and a 200-day simple moving average of $257.69.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share for the quarter, missing analysts’ consensus estimates of $5.04 by ($0.59). Progressive had a return on equity of 33.88% and a net margin of 12.57%.The company had revenue of $21.38 billion for the quarter, compared to analyst estimates of $21.64 billion. During the same period in the previous year, the business posted $3.58 EPS. On average, equities research analysts predict that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Shareholders of record on Thursday, October 2nd were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend was Thursday, October 2nd. Progressive’s payout ratio is currently 2.19%.

Insider Transactions at Progressive

In other Progressive news, insider Lori A. Niederst sold 8,063 shares of Progressive stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $250.18, for a total value of $2,017,201.34. Following the completion of the transaction, the insider owned 39,040 shares of the company’s stock, valued at $9,767,027.20. The trade was a 17.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Karen Bailo sold 8,922 shares of Progressive stock in a transaction on Monday, July 28th. The stock was sold at an average price of $249.24, for a total transaction of $2,223,719.28. Following the completion of the transaction, the insider directly owned 32,346 shares of the company’s stock, valued at approximately $8,061,917.04. This represents a 21.62% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 128,778 shares of company stock valued at $31,683,756 over the last quarter. Insiders own 0.33% of the company’s stock.

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.