3,732 Shares in The Progressive Corporation $PGR Acquired by Beverly Hills Private Wealth LLC

Beverly Hills Private Wealth LLC acquired a new position in shares of The Progressive Corporation (NYSE:PGR) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 3,732 shares of the insurance provider’s stock, valued at approximately $815,000.

Several other large investors also recently added to or reduced their stakes in the company. Bogart Wealth LLC lifted its holdings in shares of Progressive by 235.1% in the first quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider’s stock valued at $25,000 after purchasing an additional 87 shares in the last quarter. Bard Associates Inc. purchased a new stake in Progressive in the 4th quarter worth about $27,000. HHM Wealth Advisors LLC boosted its position in Progressive by 700.0% during the 1st quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider’s stock worth $29,000 after acquiring an additional 126 shares during the period. IFC & Insurance Marketing Inc. purchased a new position in Progressive during the 4th quarter valued at about $29,000. Finally, Axiom Investment Management LLC acquired a new position in shares of Progressive in the 1st quarter valued at about $31,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently commented on PGR shares. BMO Capital Markets decreased their price target on shares of Progressive from $220.00 to $205.00 and set a “market perform” rating for the company in a report on Thursday, July 16th. UBS Group increased their target price on shares of Progressive from $220.00 to $230.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 30th. Weiss Ratings reissued a “hold (c)” rating on shares of Progressive in a research note on Monday, August 3rd. Keefe, Bruyette & Woods lowered their price target on shares of Progressive from $231.00 to $226.00 and set a “market perform” rating on the stock in a report on Thursday, July 16th. Finally, HSBC upped their price target on shares of Progressive from $214.00 to $221.00 and gave the stock a “hold” rating in a research note on Monday, July 6th. Five 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’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $235.00.

Progressive Price Performance

NYSE PGR opened at $209.48 on Monday. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.24. The stock has a market capitalization of $121.79 billion, a PE ratio of 10.51, a price-to-earnings-growth ratio of 2.82 and a beta of 0.27. The company has a 50 day moving average price of $214.36 and a two-hundred day moving average price of $206.46. The Progressive Corporation has a 12-month low of $189.20 and a 12-month high of $254.93.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Wednesday, July 15th. The insurance provider reported $5.67 EPS for the quarter, topping the consensus estimate of $4.64 by $1.03. The company 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%. Progressive’s quarterly revenue was up 5.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $5.40 EPS. As a group, equities analysts predict that The Progressive Corporation will post 17.57 earnings per share for the current fiscal year.

Progressive Dividend Announcement

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

Insider Activity at Progressive

In other news, insider John Jo Murphy sold 8,124 shares of the stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $212.70, for a total transaction of $1,727,974.80. Following the transaction, the insider owned 41,291 shares of the company’s stock, valued at approximately $8,782,595.70. This represents a 16.44% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 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 transaction, the chief executive officer directly owned 522,776 shares in the company, valued at $111,199,682.96. The trade was a 6.67% 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 quarter, insiders sold 74,885 shares of company stock valued at $15,880,459. Insiders own 0.32% of the company’s stock.

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.