Signal Advisors Wealth LLC Buys 5,465 Shares of The Progressive Corporation $PGR

Signal Advisors Wealth LLC boosted its stake in The Progressive Corporation (NYSE:PGR) by 36.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 20,261 shares of the insurance provider’s stock after acquiring an additional 5,465 shares during the period. Signal Advisors Wealth LLC’s holdings in Progressive were worth $5,407,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Integrated Advisors Network LLC increased its position in shares of Progressive by 1.0% during the 1st quarter. Integrated Advisors Network LLC now owns 3,808 shares of the insurance provider’s stock valued at $1,078,000 after purchasing an additional 36 shares during the last quarter. Rise Advisors LLC boosted its holdings in shares of Progressive by 7.4% in the 1st quarter. Rise Advisors LLC now owns 521 shares of the insurance provider’s stock worth $147,000 after buying an additional 36 shares during the last quarter. Pines Wealth Management LLC increased its holdings in Progressive by 3.0% during the first quarter. Pines Wealth Management LLC now owns 1,287 shares of the insurance provider’s stock worth $335,000 after buying an additional 37 shares during the last quarter. Contravisory Investment Management Inc. increased its holdings in Progressive by 2.0% during the first quarter. Contravisory Investment Management Inc. now owns 1,940 shares of the insurance provider’s stock worth $549,000 after buying an additional 38 shares during the last quarter. Finally, Beacon Financial Group raised its position in Progressive by 1.1% in the first quarter. Beacon Financial Group now owns 3,659 shares of the insurance provider’s stock worth $1,036,000 after acquiring an additional 39 shares during the period. Institutional investors own 85.34% of the company’s stock.

Progressive Price Performance

Shares of Progressive stock opened at $243.49 on Thursday. The business’s 50-day moving average price is $246.02 and its 200-day moving average price is $264.05. The firm has a market capitalization of $142.74 billion, a PE ratio of 13.72, a price-to-earnings-growth ratio of 1.42 and a beta of 0.32. The Progressive Corporation has a 12 month low of $228.54 and a 12 month high of $292.99. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.21.

Progressive (NYSE:PGR) last issued its earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.43 by $0.45. The business had revenue of $20.08 billion during the quarter, compared to analyst estimates of $20.39 billion. Progressive had a return on equity of 35.37% and a net margin of 12.66%.Progressive’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.48 earnings per share. Sell-side analysts forecast that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Thursday, October 2nd will be paid a $0.10 dividend. The ex-dividend date of this dividend is Thursday, October 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s payout ratio is currently 2.25%.

Insider Buying and Selling at Progressive

In related news, insider Lori A. Niederst sold 8,063 shares of the firm’s stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $250.18, for a total transaction of $2,017,201.34. Following the transaction, the insider directly owned 39,040 shares in the company, valued at $9,767,027.20. This trade represents a 17.12% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Patrick K. Callahan sold 6,232 shares of Progressive stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $249.96, for a total value of $1,557,750.72. Following the completion of the transaction, the insider directly owned 21,612 shares in the company, valued at $5,402,135.52. This trade represents a 22.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 139,010 shares of company stock valued at $34,547,699. 0.34% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

PGR has been the subject of several research analyst reports. Jefferies Financial Group decreased their price target on shares of Progressive from $309.00 to $287.00 and set a “buy” rating for the company in a research note on Monday, August 11th. Cantor Fitzgerald raised Progressive to a “hold” rating in a research report on Wednesday, August 13th. UBS Group dropped their price target on Progressive from $280.00 to $268.00 and set a “neutral” rating on the stock in a research report on Monday, July 21st. Morgan Stanley increased their target price on shares of Progressive from $265.00 to $267.00 and gave the stock an “equal weight” rating in a research report on Friday, August 22nd. Finally, Wells Fargo & Company dropped their price target on shares of Progressive from $330.00 to $327.00 and set an “overweight” rating on the stock in a research note on Thursday, August 21st. Seven equities research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. Based on data from MarketBeat, Progressive has a consensus rating of “Hold” and an average target price of $283.31.

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.