Signature Estate & Investment Advisors LLC Has $2.08 Million Stake in The Progressive Corporation $PGR

Signature Estate & Investment Advisors LLC lifted its stake in The Progressive Corporation (NYSE:PGR) by 1.5% in the second quarter, Holdings Channel.com reports. The firm owned 7,793 shares of the insurance provider’s stock after acquiring an additional 114 shares during the quarter. Signature Estate & Investment Advisors LLC’s holdings in Progressive were worth $2,080,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Baron Silver Stevens Financial Advisors LLC purchased a new position in shares of Progressive during the 2nd quarter valued at $306,000. Trust Co. of Oklahoma purchased a new position in Progressive in the second quarter valued at about $439,000. Belmont Capital LLC acquired a new position in Progressive in the 1st quarter worth about $580,000. Zurich Insurance Group Ltd FI raised its stake 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 purchasing an additional 193,800 shares in the last quarter. Finally, Mitchell Capital Management Co. acquired a new stake in shares of Progressive during the 2nd quarter valued at about $2,721,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Stock Performance

Shares of PGR opened at $225.57 on Friday. The company has a market capitalization of $132.23 billion, a PE ratio of 12.37, a price-to-earnings-growth ratio of 1.26 and a beta of 0.32. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.32 and a quick ratio of 0.31. The Progressive Corporation has a one year low of $217.20 and a one year high of $292.99. The company’s fifty day moving average price is $243.73 and its 200 day moving average price is $257.90.

Progressive (NYSE:PGR) last issued its quarterly 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 business had revenue of $21.38 billion during the quarter, compared to analyst estimates of $21.64 billion. Progressive had a net margin of 12.57% and a return on equity of 33.88%. During the same period in the prior year, the business posted $3.58 earnings per share. As a group, analysts expect that The Progressive Corporation will post 14.68 earnings per share for the current year.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 10th. Shareholders of record on Thursday, October 2nd were given a $0.10 dividend. This represents a $0.40 annualized dividend 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 Activity at Progressive

In related news, CEO Susan Patricia Griffith sold 30,660 shares of the company’s stock in a transaction on Monday, July 28th. The shares were sold at an average price of $242.12, for a total transaction of $7,423,399.20. Following the completion of the transaction, the chief executive officer directly owned 506,945 shares in the company, valued at $122,741,523.40. This represents a 5.70% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Lori A. Niederst sold 8,063 shares of the firm’s stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $250.18, for a total transaction of $2,017,201.34. Following the completion of the sale, the insider owned 39,040 shares in the company, valued at $9,767,027.20. This represents a 17.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 128,778 shares of company stock valued at $31,683,756. 0.34% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on PGR shares. Weiss Ratings restated a “buy (b)” rating on shares of Progressive in a report on Wednesday, October 8th. Evercore ISI dropped their price target on shares of Progressive from $275.00 to $273.00 and set an “in-line” rating on the stock in a research note on Wednesday, October 1st. BMO Capital Markets reduced their price objective on shares of Progressive from $252.00 to $247.00 and set a “market perform” rating for the company in a research note on Thursday. Cantor Fitzgerald upgraded shares of Progressive to a “hold” rating in a report on Wednesday, August 13th. Finally, Citigroup cut their target price on Progressive from $312.00 to $301.38 and set a “buy” rating on the stock in a report on Thursday. Seven equities research analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $274.46.

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.