Front Street Capital Management Inc. acquired a new stake in The Progressive Corporation (NYSE:PGR – Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 8,647 shares of the insurance provider’s stock, valued at approximately $2,043,000.
Several other hedge funds and other institutional investors have also made changes to their positions in the company. Bogart Wealth LLC raised its position in 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 acquiring an additional 87 shares in the last quarter. IMG Wealth Management Inc. acquired a new position in shares of Progressive during the 2nd quarter worth about $26,000. Meeder Asset Management Inc. bought a new stake in shares of Progressive in the 2nd quarter valued at about $26,000. Bard Associates Inc. bought a new stake in shares of Progressive in the 4th quarter valued at about $27,000. Finally, Kilter Group LLC acquired a new stake in shares of Progressive in the second quarter valued at approximately $27,000. 85.34% of the stock is owned by institutional investors.
Insider Activity
In other Progressive news, CIO Jonathan S. Bauer sold 2,242 shares of the firm’s stock in a transaction dated 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 directly owned 26,250 shares of the company’s stock, valued at $5,583,637.50. This trade represents a 7.87% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Karen Bailo sold 8,452 shares of the business’s stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $212.71, for a total transaction of $1,797,824.92. Following the completion of the transaction, the insider owned 32,348 shares of the company’s stock, valued at $6,880,743.08. The trade was a 20.72% 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. In the last quarter, insiders sold 83,449 shares of company stock worth $17,685,203. 0.32% of the stock is owned by insiders.
Wall Street Analyst Weigh In
Progressive Stock Performance
Shares of NYSE:PGR opened at $223.87 on Tuesday. The company’s 50 day moving average price is $215.94 and its two-hundred day moving average price is $206.82. The Progressive Corporation has a 12-month low of $189.20 and a 12-month high of $249.83. The firm has a market cap of $130.15 billion, a PE ratio of 11.23, a PEG ratio of 2.93 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.
Progressive (NYSE:PGR – Get Free Report) last released its quarterly earnings results on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share for the quarter, beating analysts’ consensus estimates of $4.64 by $1.03. The company had revenue of $23.61 billion during the quarter, compared to the consensus estimate of $19.49 billion. Progressive had a net margin of 12.84% and a return on equity of 32.92%. The firm’s quarterly revenue was up 5.0% on a year-over-year basis. During the same period in the previous year, the business earned $5.40 earnings per share. Equities research analysts predict that The Progressive Corporation will post 17.71 earnings per share for the current year.
Progressive Dividend Announcement
The business also recently disclosed 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. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s payout ratio 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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