Texas Capital Bank Wealth Management Services Inc purchased a new stake in The Progressive Corporation (NYSE:PGR – Free Report) during the 2nd quarter, Holdings Channel.com reports. The fund purchased 2,928 shares of the insurance provider’s stock, valued at approximately $640,000.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Bogart Wealth LLC lifted its holdings in shares of Progressive by 235.1% during the 1st quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider’s stock valued at $25,000 after acquiring an additional 87 shares in the last quarter. IMG Wealth Management Inc. purchased a new stake in Progressive during the 2nd quarter worth $26,000. Bard Associates Inc. acquired a new stake in Progressive in the 4th quarter valued at $27,000. HHM Wealth Advisors LLC increased its holdings in Progressive by 700.0% in the 1st quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider’s stock valued at $29,000 after purchasing an additional 126 shares in the last quarter. Finally, IFC & Insurance Marketing Inc. purchased a new position in Progressive in the fourth quarter valued at about $29,000. 85.34% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
PGR has been the topic of a number of recent research reports. Keefe, Bruyette & Woods reduced their price objective on Progressive from $231.00 to $226.00 and set a “market perform” rating on the stock in a research note on Thursday, July 16th. Wells Fargo & Company lowered their target price on Progressive from $205.00 to $198.00 and set an “underweight” rating for the company in a research note on Thursday, July 16th. William Blair reiterated a “market perform” rating on shares of Progressive in a report on Wednesday, July 15th. Cantor Fitzgerald reduced their price target on Progressive from $220.00 to $200.00 and set a “neutral” rating on the stock in a research report on Monday. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Progressive from $250.00 to $241.00 and set a “neutral” rating for the company in a research report on Tuesday, August 4th. Five research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $233.16.
Progressive Stock Performance
Shares of PGR stock opened at $203.98 on Tuesday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29. The company’s fifty day moving average price is $214.43 and its two-hundred day moving average price is $206.43. The firm has a market capitalization of $118.59 billion, a P/E ratio of 10.23, a P/E/G ratio of 2.82 and a beta of 0.27. The Progressive Corporation has a 12 month low of $189.20 and a 12 month high of $254.93.
Progressive (NYSE:PGR – Get Free Report) last announced its earnings results on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share 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 company had revenue of $23.61 billion during the quarter, compared to the consensus estimate of $19.49 billion. During the same period last year, the firm earned $5.40 earnings per share. The company’s revenue was up 5.0% on a year-over-year basis. On average, research analysts anticipate that The Progressive Corporation will post 17.57 earnings per share for the current fiscal year.
Progressive Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Thursday, October 1st will be issued a $0.10 dividend. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive’s dividend payout ratio is currently 2.01%.
Insider Activity
In other Progressive news, insider Lori A. Niederst sold 7,339 shares of the company’s stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $209.29, for a total value of $1,535,979.31. Following the transaction, the insider directly owned 42,567 shares of the company’s stock, valued at $8,908,847.43. This represents a 14.71% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CIO Jonathan S. Bauer sold 2,242 shares of the stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $212.71, for a total value of $476,895.82. Following the transaction, the executive owned 26,250 shares of the company’s stock, valued at approximately $5,583,637.50. This trade represents a 7.87% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 82,224 shares of company stock worth $17,416,438 over the last quarter. Corporate insiders own 0.32% of the company’s stock.
Progressive Profile
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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