The Progressive Corporation $PGR Shares Acquired by Hilton Head Capital Partners LLC

Hilton Head Capital Partners LLC increased its position in shares of The Progressive Corporation (NYSE:PGR) by 1,792.8% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,142 shares of the insurance provider’s stock after purchasing an additional 2,976 shares during the period. Hilton Head Capital Partners LLC’s holdings in Progressive were worth $623,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Bard Associates Inc. purchased a new stake in Progressive in the 4th quarter valued at approximately $27,000. Dagco Inc. purchased a new position in shares of Progressive during the 4th quarter worth approximately $28,000. HHM Wealth Advisors LLC lifted its holdings in shares of Progressive by 700.0% in the 1st quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider’s stock valued at $29,000 after buying an additional 126 shares during the period. IFC & Insurance Marketing Inc. acquired a new stake in shares of Progressive in the 4th quarter valued at approximately $29,000. Finally, Ameriflex Group Inc. boosted its stake in shares of Progressive by 106.6% in the third quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock valued at $31,000 after buying an additional 65 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Price Performance

Progressive stock opened at $220.66 on Thursday. The firm has a market capitalization of $128.94 billion, a PE ratio of 11.22, a P/E/G ratio of 6.61 and a beta of 0.28. The Progressive Corporation has a 52 week low of $189.20 and a 52 week high of $267.92. The firm’s 50-day simple moving average is $201.02 and its 200 day simple moving average is $206.81. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.26.

Progressive (NYSE:PGR) last posted its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share for the quarter, beating the consensus estimate of $4.67 by $0.13. The firm had revenue of $22.19 billion during the quarter, compared to the consensus estimate of $23.51 billion. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The firm’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same period last year, the firm posted $4.37 EPS. On average, equities research analysts predict that The Progressive Corporation will post 16.91 EPS for the current fiscal year.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd will be given a $0.10 dividend. The ex-dividend date is Thursday, July 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive’s dividend payout ratio is currently 2.03%.

Analysts Set New Price Targets

PGR has been the subject of several research analyst reports. Keefe, Bruyette & Woods increased their price objective on Progressive from $208.00 to $210.00 and gave the stock a “market perform” rating in a research report on Thursday, June 18th. Morgan Stanley decreased their target price on shares of Progressive from $205.00 to $190.00 and set an “underweight” rating on the stock in a research report on Tuesday, March 31st. Royal Bank Of Canada set a $208.00 price target on shares of Progressive in a research note on Friday, May 22nd. Argus upgraded shares of Progressive to a “hold” rating in a research note on Thursday, March 5th. Finally, UBS Group boosted their price objective on shares of Progressive from $218.00 to $220.00 and gave the stock a “neutral” rating in a report on Monday, March 23rd. Six research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Progressive presently has an average rating of “Hold” and an average price target of $237.58.

Insider Buying and Selling

In other news, insider Steven Broz sold 1,157 shares of the firm’s stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $204.76, for a total transaction of $236,907.32. Following the completion of the transaction, the insider directly owned 27,511 shares of the company’s stock, valued at $5,633,152.36. This trade represents a 4.04% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider John Jo Murphy sold 5,916 shares of Progressive stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $200.00, for a total value of $1,183,200.00. Following the transaction, the insider owned 41,290 shares of the company’s stock, valued at $8,258,000. This represents a 12.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 8,230 shares of company stock valued at $1,651,507. Corporate insiders own 0.32% of the company’s stock.

About Progressive

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.