Centerpoint Advisory Group Acquires New Shares in The Progressive Corporation $PGR

Centerpoint Advisory Group acquired a new stake in shares of The Progressive Corporation (NYSE:PGR) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 950 shares of the insurance provider’s stock, valued at approximately $254,000.

Several other hedge funds and other institutional investors have also bought and sold shares of PGR. TruNorth Capital Management LLC raised its holdings in shares of Progressive by 210.0% during the first 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 during the last quarter. Atlantic Union Bankshares Corp bought a new stake in Progressive in the 2nd quarter worth approximately $33,000. Westside Investment Management Inc. grew its position in Progressive by 900.0% in the 2nd quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 117 shares during the period. Ransom Advisory Ltd bought a new stake in Progressive in the 1st quarter worth approximately $35,000. Finally, Activest Wealth Management boosted its stake in shares of Progressive by 6,350.0% in the 1st quarter. Activest Wealth Management now owns 129 shares of the insurance provider’s stock worth $37,000 after buying an additional 127 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

Progressive Trading Down 0.2%

Shares of NYSE:PGR opened at $209.14 on Thursday. The company has a current ratio of 0.32, a quick ratio of 0.31 and a debt-to-equity ratio of 0.19. The Progressive Corporation has a 12-month low of $199.90 and a 12-month high of $292.99. The company has a market cap of $122.60 billion, a PE ratio of 11.47, a price-to-earnings-growth ratio of 1.19 and a beta of 0.29. The stock has a 50 day moving average of $234.86 and a 200 day moving average of $252.72.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share for the quarter, missing the consensus estimate of $5.04 by ($0.59). Progressive had a net margin of 12.57% and a return on equity of 33.88%. The firm had revenue of $21.38 billion for the quarter, compared to analysts’ expectations of $21.64 billion. During the same period in the prior year, the firm earned $3.58 EPS. As a group, equities research analysts expect that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 10th. Shareholders of record on Thursday, October 2nd were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date was Thursday, October 2nd. Progressive’s dividend payout ratio is presently 2.19%.

Insider Buying and Selling at Progressive

In other news, insider Patrick K. Callahan sold 6,420 shares of the business’s stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $242.22, for a total value of $1,555,052.40. Following the transaction, the insider directly owned 15,192 shares in the company, valued at $3,679,806.24. The trade was a 29.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider John Jo Murphy sold 2,218 shares of the company’s stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $242.10, for a total value of $536,977.80. Following the completion of the transaction, the insider directly owned 43,506 shares of the company’s stock, valued at approximately $10,532,802.60. This trade represents a 4.85% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 58,500 shares of company stock valued at $14,430,089. 0.34% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Barclays dropped their price target on Progressive from $271.00 to $257.00 and set an “equal weight” rating on the stock in a research note on Monday, October 20th. UBS Group reduced their price target on shares of Progressive from $268.00 to $261.00 and set a “neutral” rating for the company in a research report on Wednesday, October 8th. Jefferies Financial Group reduced their price target on shares of Progressive from $309.00 to $287.00 and set a “buy” rating for the company in a research report on Monday, August 11th. Wolfe Research began coverage on shares of Progressive in a research report on Monday, September 15th. They set a “peer perform” rating for the company. Finally, Zacks Research lowered shares of Progressive from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 10th. Eight equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $267.96.

Progressive 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.