Paragon Advisors LLC lifted its position in Progressive Corp (NYSE:PGR) by 85.1% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 8,291 shares of the insurance provider’s stock after buying an additional 3,812 shares during the period. Paragon Advisors LLC’s holdings in Progressive were worth $664,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds have also recently added to or reduced their stakes in PGR. WASHINGTON TRUST Co purchased a new position in shares of Progressive in the first quarter valued at about $25,000. Security National Trust Co. purchased a new position in shares of Progressive in the first quarter valued at about $31,000. PrairieView Partners LLC purchased a new position in shares of Progressive in the first quarter valued at about $36,000. Capital Square LLC purchased a new position in shares of Progressive in the first quarter valued at about $36,000. Finally, Harvest Group Wealth Management LLC lifted its position in shares of Progressive by 701.6% in the first quarter. Harvest Group Wealth Management LLC now owns 513 shares of the insurance provider’s stock valued at $37,000 after acquiring an additional 449 shares in the last quarter. Hedge funds and other institutional investors own 80.02% of the company’s stock.
Shares of NYSE:PGR traded down $1.63 during trading hours on Tuesday, hitting $77.79. 93,625 shares of the company’s stock traded hands, compared to its average volume of 2,724,800. Progressive Corp has a 1 year low of $62.18 and a 1 year high of $84.96. The business has a fifty day moving average price of $78.36 and a 200-day moving average price of $77.26. The firm has a market capitalization of $46.37 billion, a P/E ratio of 13.11, a price-to-earnings-growth ratio of 2.14 and a beta of 0.51. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.39 and a quick ratio of 0.39.
Progressive (NYSE:PGR) last announced its earnings results on Wednesday, April 15th. The insurance provider reported $2.11 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.45 by $0.66. Progressive had a return on equity of 26.80% and a net margin of 9.18%. The business had revenue of $9.87 billion during the quarter, compared to analyst estimates of $10.28 billion. During the same quarter in the previous year, the business earned $1.83 earnings per share. The company’s revenue for the quarter was up 6.8% compared to the same quarter last year. As a group, equities analysts predict that Progressive Corp will post 6.18 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, July 7th will be given a dividend of $0.10 per share. The ex-dividend date is Monday, July 6th. This represents a $0.40 annualized dividend and a dividend yield of 0.51%. Progressive’s dividend payout ratio (DPR) is presently 5.95%.
Several brokerages have recently commented on PGR. Morgan Stanley boosted their price objective on Progressive from $88.00 to $94.00 and gave the company an “overweight” rating in a research report on Monday, May 18th. Deutsche Bank lifted their target price on Progressive from $88.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, May 8th. Raymond James raised Progressive from an “outperform” rating to a “strong-buy” rating and lifted their target price for the stock from $85.00 to $90.00 in a report on Friday, April 3rd. B. Riley cut Progressive from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $96.00 to $83.00 in a report on Wednesday, March 11th. Finally, Wells Fargo & Co lifted their target price on Progressive from $76.00 to $85.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 1st. One investment analyst has rated the stock with a sell rating, six have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. Progressive presently has an average rating of “Buy” and a consensus price target of $85.71.
In related news, CFO John P. Sauerland sold 15,000 shares of the business’s stock in a transaction that occurred on Thursday, April 16th. The stock was sold at an average price of $79.12, for a total value of $1,186,800.00. Following the completion of the sale, the chief financial officer now owns 362,326 shares in the company, valued at $28,667,233.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Andrew J. Quigg sold 4,000 shares of the business’s stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $74.26, for a total value of $297,040.00. Following the completion of the sale, the insider now owns 8,063 shares of the company’s stock, valued at approximately $598,758.38. The disclosure for this sale can be found here. Insiders have sold 83,468 shares of company stock valued at $6,498,956 in the last 90 days. Company insiders own 0.38% of the company’s stock.
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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