2,401 Shares in The Progressive Corporation $PGR Acquired by Proficio Capital Partners LLC

Proficio Capital Partners LLC bought a new position in The Progressive Corporation (NYSE:PGR) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 2,401 shares of the insurance provider’s stock, valued at approximately $525,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Meeder Asset Management Inc. acquired a new stake in shares of Progressive in the second quarter valued at $26,000. Bard Associates Inc. bought a new position in Progressive during the fourth quarter valued at about $27,000. IMG Wealth Management Inc. acquired a new position in Progressive during the second quarter worth about $26,000. Bogart Wealth LLC grew its holdings 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 during the period. Finally, Kilter Group LLC bought a new stake in Progressive in the second quarter worth about $27,000. 85.34% of the stock is owned by institutional investors.

Insider Buying and Selling at Progressive

In other Progressive news, CFO Andrew J. Quigg sold 3,499 shares of Progressive stock in a transaction that occurred on Tuesday, July 28th. The shares were 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 in the company, valued at approximately $9,370,900. The trade was a 7.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steven Broz sold 1,225 shares of the business’s stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $219.40, for a total transaction of $268,765.00. Following the sale, the insider directly owned 31,257 shares in the company, valued at approximately $6,857,785.80. This trade represents a 3.77% 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. Insiders have sold 83,449 shares of company stock valued at $17,685,203 over the last three months. 0.32% of the stock is owned by insiders.

Progressive Trading Down 2.2%

NYSE:PGR opened at $217.51 on Friday. The stock has a fifty day simple moving average of $216.90 and a 200 day simple moving average of $207.15. The firm has a market capitalization of $126.45 billion, a price-to-earnings ratio of 10.91, a price-to-earnings-growth ratio of 2.96 and a beta of 0.27. The Progressive Corporation has a 1-year low of $189.20 and a 1-year high of $249.83. 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) last posted its quarterly earnings data 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. Progressive had a return on equity of 32.92% and a net margin of 12.84%.The firm had revenue of $23.61 billion for the quarter, compared to the consensus estimate of $19.49 billion. During the same quarter in the previous year, the company earned $5.40 EPS. The business’s revenue for the quarter was up 5.0% compared to the same quarter last year. Sell-side analysts forecast that The Progressive Corporation will post 17.74 earnings per share 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 issued a dividend of $0.10 per share. The ex-dividend date is Thursday, October 1st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive’s payout ratio is currently 2.01%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Cantor Fitzgerald cut their price target on shares of Progressive from $220.00 to $200.00 and set a “neutral” rating for the company in a report on Monday, August 17th. 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. Jefferies Financial Group reissued a “hold” rating and set a $228.00 target price on shares of Progressive in a research note on Wednesday, August 19th. Evercore set a $240.00 target price on shares of Progressive in a report on Friday, July 10th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Progressive from $250.00 to $241.00 and set a “neutral” rating on the stock in a research report on Tuesday, August 4th. Seven analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $236.26.

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.