Stonehearth Capital Management LLC Purchases Shares of 5,282 Progressive Corp (NYSE:PGR)

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Stonehearth Capital Management LLC purchased a new stake in shares of Progressive Corp (NYSE:PGR) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 5,282 shares of the insurance provider’s stock, valued at approximately $422,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Jackson Grant Investment Advisers Inc. purchased a new position in shares of Progressive in the 1st quarter worth approximately $26,000. Liberty Wealth Management LLC bought a new stake in shares of Progressive during the 4th quarter worth approximately $30,000. Capital Financial Planning LLC bought a new stake in shares of Progressive during the 4th quarter worth approximately $33,000. Dubuque Bank & Trust Co. lifted its stake in shares of Progressive by 90.2% during the 1st quarter. Dubuque Bank & Trust Co. now owns 544 shares of the insurance provider’s stock worth $39,000 after acquiring an additional 258 shares during the last quarter. Finally, Ropes Wealth Advisors LLC bought a new stake in shares of Progressive during the 1st quarter worth approximately $39,000. Institutional investors and hedge funds own 79.12% of the company’s stock.

A number of brokerages recently issued reports on PGR. B. Riley set a $18.00 price target on TiVo and gave the stock a “buy” rating in a research note on Thursday, June 13th. Barclays reissued a “buy” rating and set a $65.00 price target on shares of Owens Corning in a research note on Monday, July 1st. Credit Suisse Group reissued an “underperform” rating on shares of MARKS & SPENCER/S in a research note on Wednesday, April 17th. ValuEngine lowered Zynerba Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Wednesday, July 17th. Finally, Janney Montgomery Scott began coverage on Progressive in a research note on Thursday, June 20th. They set a “neutral” rating and a $59.00 price target for the company. Six analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Buy” and an average price target of $81.23.

Shares of NYSE PGR opened at $81.02 on Thursday. The company has a current ratio of 0.41, a quick ratio of 0.40 and a debt-to-equity ratio of 0.33. The firm’s fifty day moving average price is $81.93. The company has a market cap of $47.05 billion, a price-to-earnings ratio of 18.33, a PEG ratio of 2.05 and a beta of 0.69. Progressive Corp has a twelve month low of $56.71 and a twelve month high of $84.96.

Progressive (NYSE:PGR) last issued its earnings results on Wednesday, July 17th. The insurance provider reported $1.66 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.43 by $0.23. The business had revenue of $9.13 billion during the quarter, compared to analyst estimates of $9.13 billion. Progressive had a return on equity of 27.82% and a net margin of 9.19%. Progressive’s revenue was up 12.7% on a year-over-year basis. During the same period in the previous year, the company posted $1.19 EPS. On average, equities research analysts anticipate that Progressive Corp will post 5.36 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, July 5th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.49%. The ex-dividend date was Wednesday, July 3rd. Progressive’s dividend payout ratio (DPR) is presently 9.05%.

In other news, insider John A. Barbagallo sold 48,000 shares of the business’s stock in a transaction on Friday, April 26th. The stock was sold at an average price of $75.78, for a total value of $3,637,440.00. Following the completion of the transaction, the insider now directly owns 84,370 shares of the company’s stock, valued at approximately $6,393,558.60. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider John A. Barbagallo sold 2,433 shares of the business’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $76.99, for a total value of $187,316.67. Following the completion of the transaction, the insider now directly owns 84,371 shares of the company’s stock, valued at $6,495,723.29. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 116,350 shares of company stock valued at $9,020,907. 0.39% of the stock is currently owned by corporate insiders.

Progressive Profile

The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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