Klingman & Associates LLC Purchases 996 Shares of The Progressive Corporation $PGR

Klingman & Associates LLC raised its position in The Progressive Corporation (NYSE:PGR) by 46.1% during the second quarter, according to its most recent filing with the SEC. The firm owned 3,158 shares of the insurance provider’s stock after purchasing an additional 996 shares during the period. Klingman & Associates LLC’s holdings in Progressive were worth $843,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Baron Silver Stevens Financial Advisors LLC bought a new position in shares of Progressive in the 2nd quarter worth about $306,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Progressive during the second quarter worth approximately $13,583,000. Trust Co. of Oklahoma acquired a new position in Progressive in the second quarter valued at approximately $439,000. Belmont Capital LLC bought a new position in shares of Progressive during the 1st quarter worth approximately $580,000. Finally, Zurich Insurance Group Ltd FI grew its position in shares of Progressive by 87.9% during the 1st quarter. Zurich Insurance Group Ltd FI now owns 414,183 shares of the insurance provider’s stock worth $117,218,000 after buying an additional 193,800 shares during the period. 85.34% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

PGR has been the topic of a number of research reports. UBS Group dropped their target price on shares of Progressive from $268.00 to $261.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 8th. Zacks Research lowered shares of Progressive from a “strong-buy” rating to a “hold” rating in a report on Friday, October 10th. Morgan Stanley set a $214.00 target price on Progressive and gave the company an “underweight” rating in a research note on Monday. Keefe, Bruyette & Woods dropped their price target on Progressive from $270.00 to $262.00 and set a “market perform” rating on the stock in a research note on Thursday, October 16th. Finally, Citigroup cut their price target on Progressive from $312.00 to $301.38 and set a “buy” rating on the stock in a report on Thursday, October 16th. Seven research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Progressive currently has an average rating of “Hold” and a consensus price target of $270.40.

Progressive Trading Down 2.7%

NYSE PGR opened at $219.51 on Tuesday. 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 business has a fifty day simple moving average of $243.23 and a 200 day simple moving average of $257.43. The Progressive Corporation has a 12 month low of $217.20 and a 12 month high of $292.99. The firm has a market capitalization of $128.68 billion, a P/E ratio of 12.04, a PEG ratio of 1.27 and a beta of 0.32.

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

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 10th. Shareholders of record on Thursday, October 2nd were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, October 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive’s dividend payout ratio (DPR) is currently 2.19%.

Insider Transactions at Progressive

In other Progressive news, insider Karen Bailo sold 8,922 shares of the business’s stock in a transaction on 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 transaction, the insider owned 32,346 shares of the company’s stock, valued at approximately $8,061,917.04. The trade was a 21.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Susan Patricia Griffith sold 30,660 shares of the firm’s stock in a transaction on Monday, July 28th. The shares were sold at an average price of $242.12, for a total value of $7,423,399.20. Following the sale, the chief executive officer directly owned 506,945 shares of the company’s stock, valued at approximately $122,741,523.40. This represents a 5.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 128,778 shares of company stock worth $31,683,756. 0.33% of the stock is owned by insiders.

About Progressive

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.