Peak Asset Management LLC acquired a new position in shares of The Progressive Corporation (NYSE:PGR – Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 2,962 shares of the insurance provider’s stock, valued at approximately $647,000.
Other large investors have also bought and sold shares of the company. Pines Wealth Management LLC raised its stake in Progressive by 3.9% during the 4th quarter. Pines Wealth Management LLC now owns 1,399 shares of the insurance provider’s stock worth $319,000 after buying an additional 52 shares during the period. Northwestern Mutual Investment Management Company LLC raised its position in shares of Progressive by 0.3% during the fourth quarter. Northwestern Mutual Investment Management Company LLC now owns 18,736 shares of the insurance provider’s stock worth $4,267,000 after purchasing an additional 52 shares during the period. Phillips Wealth Planners LLC grew its position in Progressive by 2.8% in the 4th quarter. Phillips Wealth Planners LLC now owns 1,916 shares of the insurance provider’s stock valued at $436,000 after purchasing an additional 52 shares during the period. Sumitomo Life Insurance Co. increased its stake in Progressive by 1.2% during the 4th quarter. Sumitomo Life Insurance Co. now owns 4,307 shares of the insurance provider’s stock valued at $981,000 after purchasing an additional 52 shares in the last quarter. Finally, Brown Miller Wealth Management LLC lifted its stake in shares of Progressive by 2.4% in the second quarter. Brown Miller Wealth Management LLC now owns 2,365 shares of the insurance provider’s stock valued at $517,000 after buying an additional 55 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.
Insider Activity at Progressive
In related news, CIO Jonathan S. Bauer sold 2,242 shares of Progressive 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 sale, the executive owned 26,250 shares of the company’s stock, valued at approximately $5,583,637.50. The trade was a 7.87% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Andrew J. Quigg sold 3,499 shares of the company’s stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $220.00, for a total value of $769,780.00. Following the completion of the transaction, the chief financial officer owned 42,595 shares in the company, valued at approximately $9,370,900. The trade was a 7.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 83,449 shares of company stock worth $17,685,203 over the last 90 days. Corporate insiders own 0.32% of the company’s stock.
Progressive Stock Performance
Progressive (NYSE:PGR – Get Free Report) last announced its quarterly earnings data on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.64 by $1.03. The firm had revenue of $23.61 billion during the quarter, compared to the consensus estimate of $19.49 billion. Progressive had a return on equity of 32.92% and a net margin of 12.84%.The business’s revenue for the quarter was up 5.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $5.40 EPS. As a group, analysts anticipate that The Progressive Corporation will post 17.71 EPS for the current year.
Progressive Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Thursday, October 1st will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend is Thursday, October 1st. Progressive’s dividend payout ratio is currently 2.01%.
Analyst Ratings Changes
Several research firms have recently commented on PGR. Weiss Ratings reissued a “hold (c)” rating on shares of Progressive in a research report on Monday, August 3rd. The Goldman Sachs Group reiterated a “buy” rating and set a $230.00 price target on shares of Progressive in a research note on Wednesday, August 19th. Royal Bank Of Canada set a $208.00 price objective on Progressive in a research note on Friday, May 22nd. Evercore set a $240.00 target price on Progressive in a research report on Friday, July 10th. Finally, Morgan Stanley raised Progressive from an “underweight” rating to an “equal weight” rating and increased their price target for the company from $190.00 to $210.00 in a research report on Friday, July 24th. Seven investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Progressive presently has an average rating of “Hold” and a consensus price target of $236.05.
Read Our Latest Stock Analysis on Progressive
Progressive Company 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.
Further Reading
- Five stocks we like better than Progressive
- Visa Just Put Hims & Hers in the Penalty Box—Here’s Why It Matters
- Treasury Yields Are Surging Again: 3 Stocks That Could Feel the Pain
- Snowflake Could Be Headed for New Highs Despite Insider Selling
- MongoDB Is Surging—And the Next Catalyst Is Almost Here
Receive News & Ratings for Progressive Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Progressive and related companies with MarketBeat.com's FREE daily email newsletter.
