Sugarloaf Wealth Management LLC increased its holdings in shares of The Progressive Co. (NYSE:PGR – Free Report) by 11.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 17,854 shares of the insurance provider’s stock after acquiring an additional 1,885 shares during the quarter. Sugarloaf Wealth Management LLC’s holdings in Progressive were worth $2,363,000 as of its most recent SEC filing.
Other hedge funds have also bought and sold shares of the company. Sunbelt Securities Inc. bought a new stake in shares of Progressive in the first quarter valued at $31,000. Exos TFP Holdings LLC raised its stake in shares of Progressive by 270.0% during the 1st quarter. Exos TFP Holdings LLC now owns 222 shares of the insurance provider’s stock valued at $32,000 after purchasing an additional 162 shares during the period. Horan Securities Inc. raised its stake in shares of Progressive by 588.6% during the 1st quarter. Horan Securities Inc. now owns 241 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 206 shares during the period. Neo Ivy Capital Management bought a new stake in shares of Progressive during the 2nd quarter valued at $35,000. Finally, Arlington Partners LLC raised its stake in shares of Progressive by 47.1% during the 1st quarter. Arlington Partners LLC now owns 256 shares of the insurance provider’s stock valued at $37,000 after purchasing an additional 82 shares during the period. 83.66% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
PGR has been the topic of a number of analyst reports. Jefferies Financial Group decreased their price objective on Progressive from $165.00 to $156.00 in a research note on Tuesday, July 18th. Citigroup boosted their target price on Progressive from $106.00 to $120.00 and gave the stock a “sell” rating in a research report on Monday. Roth Mkm restated a “buy” rating and set a $165.00 target price on shares of Progressive in a research report on Monday. Barclays boosted their target price on Progressive from $107.00 to $109.00 and gave the stock an “underweight” rating in a research report on Thursday, August 17th. Finally, Morgan Stanley upped their price objective on Progressive from $114.00 to $124.00 and gave the stock an “underweight” rating in a report on Monday. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, Progressive presently has a consensus rating of “Hold” and an average target price of $142.93.
Insider Transactions at Progressive
In other news, CFO John P. Sauerland sold 12,000 shares of the stock in a transaction that occurred on Thursday, July 27th. The stock was sold at an average price of $126.51, for a total value of $1,518,120.00. Following the completion of the transaction, the chief financial officer now owns 309,507 shares of the company’s stock, valued at approximately $39,155,730.57. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CFO John P. Sauerland sold 12,000 shares of the company’s stock in a transaction that occurred on Thursday, July 27th. The stock was sold at an average price of $126.51, for a total value of $1,518,120.00. Following the sale, the chief financial officer now owns 309,507 shares in the company, valued at approximately $39,155,730.57. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Andrew J. Quigg sold 5,070 shares of the stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $127.50, for a total value of $646,425.00. Following the sale, the insider now owns 20,816 shares in the company, valued at $2,654,040. The disclosure for this sale can be found here. In the last quarter, insiders sold 74,801 shares of company stock valued at $9,826,244. Corporate insiders own 0.33% of the company’s stock.
Progressive Trading Up 0.7 %
PGR traded up $1.01 during midday trading on Tuesday, reaching $141.57. 624,960 shares of the company’s stock traded hands, compared to its average volume of 2,681,723. The firm has a fifty day moving average of $129.61 and a two-hundred day moving average of $133.57. The stock has a market capitalization of $82.87 billion, a price-to-earnings ratio of 48.14, a P/E/G ratio of 1.19 and a beta of 0.47. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.33 and a quick ratio of 0.33. The Progressive Co. has a 52 week low of $110.04 and a 52 week high of $149.87.
Progressive (NYSE:PGR – Get Free Report) last released its quarterly earnings results on Thursday, July 13th. The insurance provider reported $0.50 EPS for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.38). The business had revenue of $15.23 billion for the quarter, compared to the consensus estimate of $15.24 billion. Progressive had a net margin of 3.12% and a return on equity of 12.02%. On average, equities analysts anticipate that The Progressive Co. will post 4.67 earnings per share for the current fiscal year.
Progressive Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, October 13th. Stockholders of record on Thursday, October 5th will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.28%. The ex-dividend date is Wednesday, October 4th. Progressive’s dividend payout ratio is currently 13.70%.
The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.
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