Integrity Alliance LLC. Grows Stock Holdings in The Progressive Corporation $PGR

Integrity Alliance LLC. lifted its holdings in The Progressive Corporation (NYSE:PGR) by 24.0% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 16,641 shares of the insurance provider’s stock after purchasing an additional 3,224 shares during the period. Integrity Alliance LLC.’s holdings in Progressive were worth $3,790,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of PGR. Klingman & Associates LLC boosted its holdings in shares of Progressive by 1.7% in the 4th quarter. Klingman & Associates LLC now owns 2,927 shares of the insurance provider’s stock valued at $667,000 after buying an additional 48 shares in the last quarter. Wealthstream Advisors Inc. lifted its position in Progressive by 4.6% during the third quarter. Wealthstream Advisors Inc. now owns 1,111 shares of the insurance provider’s stock valued at $274,000 after acquiring an additional 49 shares during the last quarter. Revisor Wealth Management LLC lifted its position in Progressive by 2.7% during the fourth quarter. Revisor Wealth Management LLC now owns 1,902 shares of the insurance provider’s stock valued at $395,000 after acquiring an additional 50 shares during the last quarter. Cullen Investment Group LTD. lifted its position in Progressive by 0.7% during the fourth quarter. Cullen Investment Group LTD. now owns 7,463 shares of the insurance provider’s stock valued at $1,606,000 after acquiring an additional 52 shares during the last quarter. Finally, Pines Wealth Management LLC lifted its position in Progressive by 3.9% during the fourth quarter. Pines Wealth Management LLC now owns 1,399 shares of the insurance provider’s stock valued at $319,000 after acquiring an additional 52 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Stock Down 0.9%

NYSE:PGR opened at $197.00 on Thursday. The Progressive Corporation has a 1-year low of $191.75 and a 1-year high of $289.96. The firm has a market capitalization of $115.12 billion, a P/E ratio of 10.02, a PEG ratio of 7.28 and a beta of 0.31. The company’s fifty day moving average price is $200.07 and its 200-day moving average price is $210.03. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.27 and a quick ratio of 0.27.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, beating the consensus estimate of $4.67 by $0.13. The company had revenue of $22.19 billion for the quarter, compared to analyst estimates of $23.51 billion. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The firm’s revenue was up 6.5% on a year-over-year basis. During the same quarter last year, the business earned $4.37 earnings per share. As a group, equities research analysts anticipate that The Progressive Corporation will post 16.36 EPS for the current year.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend is Thursday, July 2nd. Progressive’s dividend payout ratio (DPR) is currently 2.03%.

Insider Activity

In other news, insider Karen Bailo sold 3,517 shares of the firm’s stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $212.00, for a total value of $745,604.00. Following the transaction, the insider directly owned 32,348 shares of the company’s stock, valued at approximately $6,857,776. This trade represents a 9.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CAO Carl G. Joyce sold 270 shares of the firm’s stock in a transaction dated Friday, March 20th. The stock was sold at an average price of $206.50, for a total transaction of $55,755.00. Following the sale, the chief accounting officer owned 558 shares of the company’s stock, valued at approximately $115,227. The trade was a 32.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 3,928 shares of company stock worth $831,251. Insiders own 0.32% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on PGR shares. Barclays set a $247.00 target price on shares of Progressive in a research report on Wednesday, March 18th. Keefe, Bruyette & Woods reissued a “market perform” rating on shares of Progressive in a research report on Friday, May 22nd. Morgan Stanley decreased their target price on shares of Progressive from $205.00 to $190.00 and set an “underweight” rating for the company in a research report on Tuesday, March 31st. Royal Bank Of Canada set a $208.00 target price on shares of Progressive in a research report on Friday, May 22nd. Finally, Roth Mkm set a $235.00 target price on shares of Progressive in a research report on Thursday, February 19th. Six equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $238.11.

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.