The Progressive Co. (NYSE:PGR) Shares Bought by Angeles Wealth Management LLC

Angeles Wealth Management LLC raised its position in The Progressive Co. (NYSE:PGR) by 11.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,987 shares of the insurance provider’s stock after acquiring an additional 409 shares during the quarter. Angeles Wealth Management LLC’s holdings in Progressive were worth $828,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of PGR. Gilbert & Cook Inc. grew its position in Progressive by 8.6% in the fourth quarter. Gilbert & Cook Inc. now owns 2,938 shares of the insurance provider’s stock valued at $468,000 after acquiring an additional 233 shares in the last quarter. 9258 Wealth Management LLC grew its position in Progressive by 18.8% in the fourth quarter. 9258 Wealth Management LLC now owns 2,534 shares of the insurance provider’s stock valued at $404,000 after acquiring an additional 401 shares in the last quarter. Private Advisor Group LLC grew its position in Progressive by 6.9% in the fourth quarter. Private Advisor Group LLC now owns 9,883 shares of the insurance provider’s stock valued at $1,574,000 after acquiring an additional 638 shares in the last quarter. Gryphon Financial Partners LLC acquired a new stake in Progressive in the fourth quarter valued at approximately $307,000. Finally, Cary Street Partners Investment Advisory LLC grew its position in Progressive by 99.3% in the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 1,335 shares of the insurance provider’s stock valued at $213,000 after acquiring an additional 665 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Wells Fargo & Company increased their target price on Progressive from $281.00 to $282.00 and gave the company an “overweight” rating in a research note on Tuesday. Morgan Stanley reduced their target price on Progressive from $256.00 to $255.00 and set an “overweight” rating for the company in a research note on Monday, June 10th. Barclays assumed coverage on Progressive in a research note on Wednesday, September 4th. They set an “equal weight” rating and a $367.00 target price for the company. HSBC upgraded Progressive from a “hold” rating to a “buy” rating and set a $253.00 target price for the company in a research note on Monday, August 12th. Finally, Roth Mkm increased their target price on Progressive from $235.00 to $270.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. Six equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $252.29.

Progressive Stock Performance

Shares of PGR opened at $249.12 on Wednesday. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.31 and a quick ratio of 0.31. The stock has a market capitalization of $145.90 billion, a PE ratio of 25.50, a price-to-earnings-growth ratio of 0.82 and a beta of 0.35. The Progressive Co. has a 12-month low of $134.34 and a 12-month high of $254.83. The business’s fifty day moving average price is $227.06 and its 200 day moving average price is $213.82.

Progressive (NYSE:PGR) last posted its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.04 by $0.61. The company had revenue of $17.90 billion for the quarter, compared to analysts’ expectations of $17.54 billion. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The firm’s quarterly revenue was up 21.6% compared to the same quarter last year. During the same period last year, the business posted $0.57 earnings per share. Equities research analysts forecast that The Progressive Co. will post 12.19 EPS for the current year.

Progressive Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Thursday, October 3rd will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.16%. The ex-dividend date of this dividend is Thursday, October 3rd. Progressive’s payout ratio is 4.09%.

Insider Buying and Selling at Progressive

In other Progressive news, CEO Susan Patricia Griffith sold 43,370 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total value of $10,937,914.00. Following the sale, the chief executive officer now directly owns 473,735 shares in the company, valued at $119,475,967. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Susan Patricia Griffith sold 43,370 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the transaction, the chief executive officer now directly owns 473,735 shares of the company’s stock, valued at $119,475,967. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Steven Broz sold 6,122 shares of the firm’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $235.19, for a total value of $1,439,833.18. Following the transaction, the insider now directly owns 32,316 shares in the company, valued at $7,600,400.04. The disclosure for this sale can be found here. Over the last three months, insiders have sold 147,354 shares of company stock worth $33,502,680. 0.34% of the stock is owned by insiders.

About Progressive

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related 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.