2,394 Shares in The Progressive Corporation $PGR Purchased by TRB Wealth Management LLC

TRB Wealth Management LLC acquired a new position in The Progressive Corporation (NYSE:PGR) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 2,394 shares of the insurance provider’s stock, valued at approximately $523,000.

Other large investors have also recently made changes to their positions in the company. Allstate Corp lifted its stake in shares of Progressive by 106.1% in the fourth quarter. Allstate Corp now owns 44,513 shares of the insurance provider’s stock worth $10,136,000 after buying an additional 22,915 shares in the last quarter. Norges Bank bought a new stake in shares of Progressive during the fourth quarter valued at approximately $1,836,094,000. Investment House LLC bought a new stake in shares of Progressive during the fourth quarter valued at approximately $8,447,000. Van Cleef Asset Management Inc raised its holdings in Progressive by 1.2% in the 4th quarter. Van Cleef Asset Management Inc now owns 761,587 shares of the insurance provider’s stock worth $173,429,000 after acquiring an additional 9,017 shares during the last quarter. Finally, Life Cycle Investment Partners Ltd purchased a new position in Progressive in the 4th quarter worth approximately $353,906,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Progressive news, CFO Andrew J. Quigg sold 3,499 shares of the stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $220.00, for a total value of $769,780.00. Following the transaction, the chief financial officer owned 42,595 shares of the company’s stock, valued at approximately $9,370,900. This represents a 7.59% decrease in their ownership of the stock. The transaction was disclosed in a legal 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, CIO Jonathan S. Bauer sold 2,242 shares of the firm’s stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $212.71, for a total value of $476,895.82. Following the completion of the transaction, the executive directly owned 26,250 shares in the company, valued at $5,583,637.50. The trade was a 7.87% 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. Insiders have sold a total of 82,224 shares of company stock valued at $17,416,438 over the last ninety days. 0.32% of the stock is owned by insiders.

Progressive Stock Down 0.4%

Shares of Progressive stock opened at $219.45 on Friday. The Progressive Corporation has a twelve month low of $189.20 and a twelve month high of $252.82. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.24. The company’s 50 day moving average is $215.53 and its 200 day moving average is $206.64. The company has a market cap of $127.58 billion, a price-to-earnings ratio of 11.01, a price-to-earnings-growth ratio of 2.96 and a beta of 0.27.

Progressive (NYSE:PGR) last posted its earnings results on Wednesday, July 15th. The insurance provider reported $5.67 EPS for the quarter, topping analysts’ consensus estimates of $4.64 by $1.03. The business 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 revenue was up 5.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $5.40 EPS. Research analysts anticipate that The Progressive Corporation will post 17.62 EPS for the current year.

Progressive Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Thursday, October 1st will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date is Thursday, October 1st. Progressive’s dividend payout ratio (DPR) is 2.01%.

Wall Street Analyst Weigh In

Several analysts have commented on PGR shares. William Blair reiterated a “market perform” rating on shares of Progressive in a research note on Wednesday, July 15th. The Goldman Sachs Group restated a “buy” rating and issued a $230.00 price target on shares of Progressive in a research note on Wednesday. UBS Group upped 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. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Progressive in a research report on Monday, August 3rd. Finally, Jefferies Financial Group reiterated a “hold” rating and issued a $228.00 price objective on shares of Progressive in a report on Wednesday. Seven equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $236.05.

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.