The Progressive Corporation (NYSE:PGR) Shares Bought by Archer Investment Corp

Archer Investment Corp grew its position in shares of The Progressive Corporation (NYSE:PGR) by 4.8% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 2,202 shares of the insurance provider’s stock after purchasing an additional 100 shares during the quarter. Archer Investment Corp’s holdings in Progressive were worth $623,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of the company. C WorldWide Group Holding A S boosted its stake in shares of Progressive by 12,110.3% during the 1st quarter. C WorldWide Group Holding A S now owns 1,248,628 shares of the insurance provider’s stock worth $353,374,000 after acquiring an additional 1,238,402 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of Progressive during the 1st quarter worth $48,000. Forum Financial Management LP boosted its stake in shares of Progressive by 1.1% during the 1st quarter. Forum Financial Management LP now owns 5,375 shares of the insurance provider’s stock worth $1,521,000 after acquiring an additional 57 shares in the last quarter. Kingsview Wealth Management LLC boosted its stake in shares of Progressive by 2.4% during the 1st quarter. Kingsview Wealth Management LLC now owns 2,197 shares of the insurance provider’s stock worth $622,000 after acquiring an additional 52 shares in the last quarter. Finally, Frederick Financial Consultants LLC bought a new stake in shares of Progressive during the 1st quarter worth $232,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on PGR. BMO Capital Markets reduced their price objective on Progressive from $288.00 to $281.00 and set an “outperform” rating for the company in a research note on Friday. Wells Fargo & Company raised their target price on Progressive from $328.00 to $333.00 and gave the stock an “overweight” rating in a research report on Friday, June 20th. Keefe, Bruyette & Woods decreased their target price on Progressive from $290.00 to $268.00 and set a “market perform” rating for the company in a research report on Thursday. Evercore ISI cut Progressive from an “outperform” rating to an “in-line” rating and set a $275.00 target price for the company. in a research report on Thursday. Finally, UBS Group decreased their target price on Progressive from $291.00 to $280.00 and set a “neutral” rating for the company in a research report on Wednesday, July 9th. Eight equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $287.63.

Progressive Stock Up 0.2%

PGR traded up $0.43 during trading on Friday, reaching $247.70. 372,572 shares of the stock traded hands, compared to its average volume of 2,831,534. The Progressive Corporation has a fifty-two week low of $208.13 and a fifty-two week high of $292.99. The stock’s 50-day simple moving average is $268.43 and its two-hundred day simple moving average is $265.68. The stock has a market cap of $145.21 billion, a price-to-earnings ratio of 13.95, a price-to-earnings-growth ratio of 1.53 and a beta of 0.37. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.34 and a quick ratio of 0.29.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share for the quarter, topping analysts’ consensus estimates of $4.43 by $0.45. Progressive had a return on equity of 35.37% and a net margin of 12.66%. The company had revenue of $20.08 billion during the quarter, compared to analysts’ expectations of $20.39 billion. During the same quarter in the previous year, the firm earned $2.48 earnings per share. The business’s quarterly revenue was up 12.1% compared to the same quarter last year. As a group, equities research analysts expect that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Announces Dividend

The business also recently declared a dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, July 4th were given a $0.10 dividend. The ex-dividend date of this dividend was Thursday, July 3rd. This represents a dividend yield of 0.15%. Progressive’s dividend payout ratio is currently 2.70%.

Insider Buying and Selling

In other Progressive news, insider John Jo Murphy sold 4,000 shares of Progressive stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $260.38, for a total transaction of $1,041,520.00. Following the sale, the insider directly owned 41,289 shares of the company’s stock, valued at approximately $10,750,829.82. The trade was a 8.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO John P. Sauerland sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, June 30th. The stock was sold at an average price of $263.79, for a total value of $2,637,900.00. Following the completion of the transaction, the chief financial officer directly owned 228,024 shares in the company, valued at $60,150,450.96. The trade was a 4.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 42,705 shares of company stock valued at $11,450,948. 0.34% of the stock is owned by corporate 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.