One Wealth Advisors LLC Acquires New Shares in The Progressive Corporation $PGR

One Wealth Advisors LLC acquired a new position in shares of The Progressive Corporation (NYSE:PGR) during the second quarter, Holdings Channel.com reports. The institutional investor acquired 6,149 shares of the insurance provider’s stock, valued at approximately $1,343,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Clearstead Trust LLC bought a new position in Progressive in the second quarter valued at about $228,000. Bridgewater Advisors Inc. bought a new stake in shares of Progressive during the second quarter worth about $641,000. Phillips Financial Management LLC acquired a new position in shares of Progressive in the second quarter valued at approximately $281,000. Everett Harris & Co. CA acquired a new position in shares of Progressive in the second quarter valued at approximately $44,267,000. Finally, Summit Global Investments bought a new position in Progressive in the 2nd quarter valued at approximately $6,820,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Trading Up 0.3%

NYSE:PGR opened at $209.48 on Friday. The Progressive Corporation has a 12 month low of $189.20 and a 12 month high of $254.93. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.24. The stock has a market capitalization of $121.79 billion, a price-to-earnings ratio of 10.51, a PEG ratio of 2.82 and a beta of 0.27. The firm has a fifty day simple moving average of $214.36 and a two-hundred day simple moving average of $206.47.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share for the quarter, beating the consensus estimate of $4.64 by $1.03. The firm had revenue of $23.61 billion for the quarter, compared to analyst estimates of $19.49 billion. Progressive had a net margin of 12.84% and a return on equity of 32.92%. The business’s quarterly revenue was up 5.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $5.40 earnings per share. Analysts expect that The Progressive Corporation will post 17.57 EPS for the current fiscal year.

Progressive Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Thursday, October 1st will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend is Thursday, October 1st. Progressive’s dividend payout ratio is 2.01%.

Insider Buying and Selling at Progressive

In other Progressive news, insider John Jo Murphy sold 8,124 shares of the stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $212.70, for a total value of $1,727,974.80. Following the transaction, the insider owned 41,291 shares in the company, valued at approximately $8,782,595.70. This represents a 16.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Susan Patricia Griffith sold 37,338 shares of the firm’s stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $212.71, for a total value of $7,942,165.98. Following the completion of the sale, the chief executive officer directly owned 522,776 shares of the company’s stock, valued at $111,199,682.96. This trade represents a 6.67% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 74,885 shares of company stock worth $15,880,459 in the last quarter. Company insiders own 0.32% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on PGR. Mizuho set a $236.00 price target on Progressive in a research report on Wednesday, August 5th. BMO Capital Markets cut their price objective on Progressive from $220.00 to $205.00 and set a “market perform” rating on the stock in a research note on Thursday, July 16th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Progressive in a research report on Monday, August 3rd. Evercore set a $240.00 target price on Progressive in a research report on Friday, July 10th. Finally, UBS Group raised their target price on Progressive from $220.00 to $230.00 and gave the stock a “neutral” rating in a research note on Tuesday, June 30th. Five equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $235.00.

Progressive 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.