Performance Wealth Partners LLC Acquires Shares of 2,805 The Progressive Corporation $PGR

Performance Wealth Partners LLC acquired a new position in The Progressive Corporation (NYSE:PGR) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 2,805 shares of the insurance provider’s stock, valued at approximately $613,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Brighton Jones LLC raised its position in shares of Progressive by 15.6% in the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock worth $813,000 after acquiring an additional 457 shares in the last quarter. Revolve Wealth Partners LLC purchased a new position in shares of Progressive in the 4th quarter valued at approximately $269,000. Bison Wealth LLC boosted its position in shares of Progressive by 3.2% during the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock valued at $615,000 after purchasing an additional 80 shares in the last quarter. HUB Investment Partners LLC grew its stake in Progressive by 7.8% in the second quarter. HUB Investment Partners LLC now owns 2,282 shares of the insurance provider’s stock worth $609,000 after purchasing an additional 166 shares during the period. Finally, Diversify Wealth Management LLC grew its stake in Progressive by 12.0% in the second quarter. Diversify Wealth Management LLC now owns 15,146 shares of the insurance provider’s stock worth $3,681,000 after purchasing an additional 1,622 shares during the period. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Price Performance

Shares of NYSE:PGR opened at $203.98 on Tuesday. The business has a fifty day moving average price of $214.43 and a 200-day moving average price of $206.43. 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 has a market capitalization of $118.59 billion, a PE ratio of 10.23, a PEG ratio of 2.82 and a beta of 0.27. The Progressive Corporation has a 1-year low of $189.20 and a 1-year high of $254.93.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Wednesday, July 15th. The insurance provider reported $5.67 EPS for the quarter, beating the consensus estimate of $4.64 by $1.03. The company had revenue of $23.61 billion for 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%. Progressive’s revenue for the quarter was up 5.0% on a year-over-year basis. During the same period in the prior year, the firm posted $5.40 EPS. As a group, equities analysts expect that The Progressive Corporation will post 17.57 EPS for the current fiscal year.

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Thursday, October 1st will be given 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 dividend payout ratio is 2.01%.

Wall Street Analyst Weigh In

Several equities analysts have commented on PGR shares. BMO Capital Markets lowered their price objective on Progressive from $220.00 to $205.00 and set a “market perform” rating for the company in a research report on Thursday, July 16th. Keefe, Bruyette & Woods reduced their target price on shares of Progressive from $231.00 to $226.00 and set a “market perform” rating on the stock in a research report on Thursday, July 16th. Cantor Fitzgerald decreased their price target on shares of Progressive from $220.00 to $200.00 and set a “neutral” rating for the company in a research note on Monday. Wells Fargo & Company lowered their price target on shares of Progressive from $205.00 to $198.00 and set an “underweight” rating for the company in a research report on Thursday, July 16th. Finally, Mizuho set a $236.00 price objective on shares of Progressive in a research note on Wednesday, August 5th. Five equities research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $233.16.

Insider Buying and Selling at Progressive

In other news, CFO Andrew J. Quigg sold 3,499 shares of the company’s stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $220.00, for a total transaction of $769,780.00. Following the transaction, the chief financial officer directly owned 42,595 shares of the company’s stock, valued at $9,370,900. This represents a 7.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available 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 stock in a transaction on Monday, July 27th. The shares were sold at an average price of $212.71, for a total value of $1,797,824.92. Following the sale, the insider directly owned 32,348 shares in the company, valued at $6,880,743.08. This trade represents a 20.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 82,224 shares of company stock worth $17,416,438. Insiders own 0.32% of the company’s stock.

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.