Vaughan David Investments LLC IL Buys 111,355 Shares of The Progressive Corporation $PGR

Vaughan David Investments LLC IL lifted its stake in The Progressive Corporation (NYSE:PGR) by 4,331.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 113,926 shares of the insurance provider’s stock after acquiring an additional 111,355 shares during the period. Vaughan David Investments LLC IL’s holdings in Progressive were worth $25,943,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Dagco Inc. bought a new position in shares of Progressive in the fourth quarter worth $28,000. Ameriflex Group Inc. boosted its holdings in shares of Progressive by 106.6% in the third quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock worth $31,000 after acquiring an additional 65 shares during the period. Entrust Financial LLC bought a new position in shares of Progressive in the fourth quarter worth $33,000. Kingdom Financial Group LLC. bought a new position in shares of Progressive in the fourth quarter worth $34,000. Finally, Bangor Savings Bank boosted its holdings in shares of Progressive by 60.4% in the fourth quarter. Bangor Savings Bank now owns 154 shares of the insurance provider’s stock worth $35,000 after acquiring an additional 58 shares during the period. 85.34% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Progressive news, insider John Jo Murphy sold 5,916 shares of Progressive stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $200.00, for a total transaction of $1,183,200.00. Following the completion of the sale, the insider owned 41,290 shares of the company’s stock, valued at $8,258,000. The trade was a 12.53% decrease in their ownership of the stock. 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, CAO Carl G. Joyce sold 270 shares of Progressive stock in a transaction dated Friday, March 20th. The stock was sold at an average price of $206.50, for a total value of $55,755.00. Following the sale, the chief accounting officer directly owned 558 shares of the company’s stock, valued at approximately $115,227. This trade represents a 32.61% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 7,343 shares of company stock valued at $1,470,355 over the last 90 days. Insiders own 0.32% of the company’s stock.

Progressive Trading Down 0.9%

Shares of PGR stock opened at $202.41 on Friday. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.26. The business has a 50-day moving average price of $199.01 and a two-hundred day moving average price of $208.09. The Progressive Corporation has a 12-month low of $189.20 and a 12-month high of $269.84. The firm has a market cap of $118.27 billion, a P/E ratio of 10.29, a price-to-earnings-growth ratio of 5.92 and a beta of 0.28.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.67 by $0.13. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The firm had revenue of $22.19 billion during the quarter, compared to analyst estimates of $23.51 billion. During the same quarter in the previous year, the company posted $4.37 earnings per share. The company’s revenue was up 6.5% compared to the same quarter last year. Equities analysts anticipate that The Progressive Corporation will post 16.35 EPS for the current fiscal year.

Progressive Dividend Announcement

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

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Roth Mkm set a $235.00 price objective on Progressive in a research note on Thursday, February 19th. BMO Capital Markets reissued a “market perform” rating and set a $220.00 price objective on shares of Progressive in a research note on Wednesday, May 20th. Weiss Ratings lowered Progressive from a “hold (c+)” rating to a “hold (c)” rating in a research note on Wednesday, May 6th. Wells Fargo & Company lifted their price objective on Progressive from $218.00 to $222.00 and gave the company an “equal weight” rating in a research note on Thursday, May 21st. Finally, Piper Sandler reissued an “overweight” rating and set a $259.00 price objective on shares of Progressive in a research note on Monday, March 2nd. Six research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Progressive currently has an average rating of “Hold” and an average price target of $238.11.

Progressive Company Profile

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.