Everett Harris & Co. CA acquired a new stake in The Progressive Corporation (NYSE:PGR – Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 202,641 shares of the insurance provider’s stock, valued at approximately $44,267,000. Progressive comprises approximately 0.5% of Everett Harris & Co. CA’s portfolio, making the stock its 28th biggest position.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Bogart Wealth LLC lifted its position in shares of Progressive by 235.1% during the first quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider’s stock worth $25,000 after purchasing an additional 87 shares during the last quarter. Bard Associates Inc. purchased a new stake in shares of Progressive during the fourth quarter valued at $27,000. HHM Wealth Advisors LLC grew its holdings in shares of Progressive by 700.0% in the first quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider’s stock worth $29,000 after purchasing an additional 126 shares during the last quarter. IFC & Insurance Marketing Inc. bought a new position in shares of Progressive in the fourth quarter worth about $29,000. Finally, Axiom Investment Management LLC purchased a new position in Progressive in the 1st quarter worth about $31,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.
Analyst Ratings Changes
Several analysts have recently weighed in on the stock. Morgan Stanley raised shares of Progressive from an “underweight” rating to an “equal weight” rating and lifted their price target for the company from $190.00 to $210.00 in a research note on Friday, July 24th. Mizuho set a $236.00 price objective on Progressive in a research note on Wednesday, August 5th. Evercore set a $240.00 price objective on Progressive in a report on Friday, July 10th. BMO Capital Markets decreased their target price on Progressive from $220.00 to $205.00 and set a “market perform” rating for the company in a research report on Thursday, July 16th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Progressive in a report on Monday, August 3rd. Five equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Progressive currently has a consensus rating of “Hold” and an average target price of $235.00.
Insiders Place Their Bets
In other news, insider Karen Bailo sold 8,452 shares of the business’s stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $212.71, for a total transaction of $1,797,824.92. Following the sale, the insider owned 32,348 shares in the company, valued at approximately $6,880,743.08. The trade was a 20.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider John Jo Murphy sold 8,124 shares of the company’s stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $212.70, for a total transaction of $1,727,974.80. Following the transaction, the insider owned 41,291 shares in the company, valued at approximately $8,782,595.70. This trade represents a 16.44% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 74,885 shares of company stock valued at $15,880,459. 0.32% of the stock is currently owned by corporate insiders.
Progressive Trading Up 0.3%
NYSE PGR opened at $209.48 on Friday. The company has a 50 day moving average price of $214.36 and a 200 day moving average price of $206.47. The firm has a market cap of $121.79 billion, a PE ratio of 10.51, a price-to-earnings-growth ratio of 2.81 and a beta of 0.27. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.24. The Progressive Corporation has a 52 week low of $189.20 and a 52 week high of $254.93.
Progressive (NYSE:PGR – Get Free Report) last issued its quarterly earnings data on Wednesday, July 15th. The insurance provider reported $5.67 EPS for the quarter, beating the consensus estimate of $4.64 by $1.03. Progressive had a return on equity of 32.92% and a net margin of 12.84%.The firm had revenue of $23.61 billion during the quarter, compared to analyst estimates of $19.49 billion. During the same quarter in the prior year, the business posted $5.40 EPS. The business’s revenue for the quarter was up 5.0% compared to the same quarter last year. As a group, sell-side analysts forecast that The Progressive Corporation will post 17.57 EPS for the current fiscal year.
Progressive Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Thursday, October 1st 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 1st. Progressive’s dividend payout ratio (DPR) is currently 2.01%.
About Progressive
Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.
The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.
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