Transamerica Financial Advisors LLC acquired a new position in The Progressive Corporation (NYSE:PGR – Free Report) in the 2nd quarter, Holdings Channel reports. The institutional investor acquired 3,367 shares of the insurance provider’s stock, valued at approximately $736,000.
A number of other institutional investors also recently bought and sold shares of the company. Bogart Wealth LLC grew its stake 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 purchasing an additional 87 shares during the period. IMG Wealth Management Inc. purchased a new stake in shares of Progressive during the 2nd quarter valued at about $26,000. Meeder Asset Management Inc. bought a new position in shares of Progressive in the 2nd quarter worth approximately $26,000. Bard Associates Inc. purchased a new position in shares of Progressive in the fourth quarter worth approximately $27,000. Finally, Kilter Group LLC purchased a new position in shares of Progressive in the second quarter worth approximately $27,000. Institutional investors own 85.34% of the company’s stock.
Insider Buying and Selling at Progressive
In other news, insider Lori A. Niederst sold 7,339 shares of Progressive stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $209.29, for a total transaction of $1,535,979.31. Following the sale, the insider owned 42,567 shares in the company, valued at $8,908,847.43. This trade represents a 14.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steven Broz sold 1,225 shares of the company’s stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $219.40, for a total transaction of $268,765.00. Following the transaction, the insider owned 31,257 shares of the company’s stock, valued at approximately $6,857,785.80. This represents a 3.77% 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. Over the last 90 days, insiders sold 83,449 shares of company stock worth $17,685,203. Insiders own 0.32% of the company’s stock.
Progressive Price Performance
Progressive (NYSE:PGR – Get Free Report) last released its earnings results on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.64 by $1.03. The firm had revenue of $23.61 billion during the quarter, compared to analysts’ expectations of $19.49 billion. Progressive had a return on equity of 32.92% and a net margin of 12.84%.The firm’s revenue was up 5.0% on a year-over-year basis. During the same quarter last year, the business posted $5.40 earnings per share. As a group, analysts expect that The Progressive Corporation will post 17.74 earnings per share for the current fiscal year.
Progressive Announces Dividend
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 dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend is Thursday, October 1st. Progressive’s dividend payout ratio (DPR) is 2.01%.
Analyst Upgrades and Downgrades
A number of brokerages have commented on PGR. JPMorgan Chase & Co. reduced their target price on shares of Progressive from $250.00 to $241.00 and set a “neutral” rating for the company in a report on Tuesday, August 4th. Royal Bank Of Canada set a $208.00 target price on Progressive in a report on Friday, May 22nd. UBS Group boosted their price target on Progressive from $220.00 to $230.00 and gave the company a “neutral” rating in a report on Tuesday, June 30th. Roth Capital reaffirmed a “buy” rating and issued a $245.00 price objective on shares of Progressive in a research note on Thursday, August 20th. Finally, Cantor Fitzgerald cut their price objective on Progressive from $220.00 to $200.00 and set a “neutral” rating for the company in a research note on Monday, August 17th. Seven equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Progressive presently has an average rating of “Hold” and a consensus target price of $236.05.
Check Out Our Latest Analysis on PGR
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.
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