Accurate Wealth Management LLC Takes Position in The Progressive Co. (NYSE:PGR)

Accurate Wealth Management LLC acquired a new stake in The Progressive Co. (NYSE:PGR) in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 11,510 shares of the insurance provider’s stock, valued at approximately $2,896,000.

Other hedge funds also recently made changes to their positions in the company. Davis Capital Management acquired a new position in shares of Progressive in the 3rd quarter valued at $25,000. WR Wealth Planners LLC grew its holdings in shares of Progressive by 119.6% in the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after purchasing an additional 67 shares during the last quarter. DiNuzzo Private Wealth Inc. grew its holdings in shares of Progressive by 114.1% in the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after purchasing an additional 73 shares during the last quarter. Indiana Trust & Investment Management CO bought a new stake in shares of Progressive in the 1st quarter worth about $32,000. Finally, Hilltop National Bank grew its holdings in Progressive by 126.0% during the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 92 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Activity at Progressive

In other Progressive news, insider Steven Broz sold 2,982 shares of Progressive stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $260.00, for a total transaction of $775,320.00. Following the completion of the transaction, the insider now directly owns 29,334 shares of the company’s stock, valued at $7,626,840. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Progressive news, Director Dyke Kahina Van sold 2,180 shares of Progressive stock in a transaction on Friday, September 27th. The shares were sold at an average price of $252.28, for a total transaction of $549,970.40. Following the completion of the transaction, the director now directly owns 13,723 shares of the company’s stock, valued at $3,462,038.44. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Steven Broz sold 2,982 shares of Progressive stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $260.00, for a total value of $775,320.00. Following the sale, the insider now directly owns 29,334 shares of the company’s stock, valued at $7,626,840. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 144,383 shares of company stock valued at $33,446,453. 0.34% of the stock is owned by corporate insiders.

Progressive Stock Performance

Shares of PGR stock opened at $251.08 on Friday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.31 and a current ratio of 0.31. The company has a market capitalization of $147.05 billion, a P/E ratio of 21.50, a price-to-earnings-growth ratio of 0.70 and a beta of 0.35. The company’s 50 day moving average price is $248.81 and its two-hundred day moving average price is $224.05. The Progressive Co. has a 52 week low of $149.14 and a 52 week high of $260.46.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share for the quarter, topping the consensus estimate of $2.04 by $0.61. The company had revenue of $17.90 billion during the quarter, compared to analysts’ expectations of $17.54 billion. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The business’s quarterly revenue was up 21.6% on a year-over-year basis. During the same period last year, the business earned $0.57 EPS. On average, analysts expect that The Progressive Co. will post 12.97 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Thursday, October 3rd were paid a $0.10 dividend. The ex-dividend date was Thursday, October 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.16%. Progressive’s dividend payout ratio is presently 3.42%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. Roth Mkm increased their price objective on shares of Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a report on Monday, September 16th. Morgan Stanley upped their target price on shares of Progressive from $300.00 to $310.00 and gave the company an “overweight” rating in a research report on Friday. JPMorgan Chase & Co. upped their target price on shares of Progressive from $242.00 to $251.00 and gave the company an “overweight” rating in a research report on Thursday, October 10th. Jefferies Financial Group upped their target price on shares of Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Finally, Barclays assumed coverage on shares of Progressive in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $367.00 target price on the stock. Seven analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Progressive has an average rating of “Moderate Buy” and a consensus target price of $268.81.

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.