Ameliora Wealth Management Ltd. Purchases Shares of 1,113 The Progressive Corporation $PGR

Ameliora Wealth Management Ltd. purchased a new stake in The Progressive Corporation (NYSE:PGR) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 1,113 shares of the insurance provider’s stock, valued at approximately $297,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of PGR. Highline Wealth Partners LLC increased its holdings in Progressive by 114.0% in the 1st quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider’s stock valued at $26,000 after buying an additional 49 shares during the period. TruNorth Capital Management LLC boosted its stake in shares of Progressive by 210.0% in the 1st quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider’s stock valued at $26,000 after purchasing an additional 63 shares in the last quarter. HWG Holdings LP acquired a new stake in shares of Progressive in the 1st quarter valued at $28,000. Garde Capital Inc. acquired a new stake in shares of Progressive in the 1st quarter valued at $33,000. Finally, Ransom Advisory Ltd acquired a new stake in shares of Progressive in the 1st quarter valued at $35,000. Institutional investors own 85.34% of the company’s stock.

Insider Activity at Progressive

In related news, insider Lori A. Niederst sold 8,063 shares of the company’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 value of $2,017,201.34. Following the sale, the insider directly owned 39,040 shares in the company, valued at $9,767,027.20. This represents a 17.12% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Susan Patricia Griffith sold 30,659 shares of the company’s stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $246.06, for a total value of $7,543,953.54. Following the completion of the sale, the chief executive officer owned 476,286 shares in the company, valued at $117,194,933.16. The trade was a 6.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 130,045 shares of company stock valued at $31,997,390. Corporate insiders own 0.34% of the company’s stock.

Progressive Stock Down 2.1%

PGR stock opened at $240.50 on Tuesday. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.31 and a quick ratio of 0.31. The Progressive Corporation has a fifty-two week low of $228.54 and a fifty-two week high of $292.99. The stock has a market capitalization of $140.98 billion, a price-to-earnings ratio of 13.55, a PEG ratio of 1.37 and a beta of 0.32. The business’s fifty day moving average price is $245.14 and its two-hundred day moving average price is $260.43.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, beating analysts’ consensus estimates of $4.43 by $0.45. The business had revenue of $20.08 billion during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.48 earnings per share. On average, equities analysts anticipate that The Progressive Corporation will post 14.68 earnings per share for the current year.

Progressive Dividend Announcement

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

Wall Street Analyst Weigh In

Several brokerages have recently commented on PGR. Bank of America boosted their target price on shares of Progressive from $343.00 to $350.00 and gave the company a “buy” rating in a research note on Monday, September 29th. Wolfe Research began coverage on shares of Progressive in a research note on Monday, September 15th. They issued a “peer perform” rating on the stock. Keefe, Bruyette & Woods boosted their target price on shares of Progressive from $268.00 to $270.00 and gave the company a “market perform” rating in a research note on Thursday, September 18th. Evercore ISI reduced their target price on shares of Progressive from $275.00 to $273.00 and set an “in-line” rating on the stock in a research note on Wednesday, October 1st. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Progressive in a research note on Saturday, September 27th. Seven investment analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company. Based on data from MarketBeat.com, Progressive presently has a consensus rating of “Hold” and a consensus target price of $279.63.

Progressive Company Profile

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.