The Progressive Corporation $PGR Shares Purchased by Frank Rimerman Advisors LLC

Frank Rimerman Advisors LLC boosted its position in The Progressive Corporation (NYSE:PGR) by 128.9% during the first quarter, Holdings Channel.com reports. The institutional investor owned 20,249 shares of the insurance provider’s stock after purchasing an additional 11,401 shares during the period. Frank Rimerman Advisors LLC’s holdings in Progressive were worth $4,014,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of PGR. Brighton Jones LLC boosted its holdings in shares of Progressive by 15.6% in the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock valued at $813,000 after acquiring an additional 457 shares during the last quarter. Revolve Wealth Partners LLC acquired a new stake in shares of Progressive in the fourth quarter worth $269,000. Bison Wealth LLC raised its holdings in shares of Progressive by 3.2% during the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock worth $615,000 after purchasing an additional 80 shares during the last quarter. HUB Investment Partners LLC lifted its position in Progressive by 7.8% during the second quarter. HUB Investment Partners LLC now owns 2,282 shares of the insurance provider’s stock valued at $609,000 after purchasing an additional 166 shares during the period. Finally, Diversify Wealth Management LLC lifted its position in Progressive by 12.0% during the second quarter. Diversify Wealth Management LLC now owns 15,146 shares of the insurance provider’s stock valued at $3,681,000 after purchasing an additional 1,622 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on PGR shares. Keefe, Bruyette & Woods raised their target price on Progressive from $210.00 to $231.00 and gave the stock a “market perform” rating in a report on Wednesday. Evercore reissued a “negative” rating on shares of Progressive in a report on Wednesday, March 18th. Wells Fargo & Company lowered Progressive from an “equal weight” rating to an “underweight” rating and set a $205.00 price objective on the stock. in a research report on Monday, June 29th. Bank of America dropped their price objective on shares of Progressive from $331.00 to $313.00 and set a “buy” rating on the stock in a research note on Thursday, June 18th. Finally, Barclays set a $247.00 target price on shares of Progressive in a report on Wednesday, March 18th. Six analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, Progressive presently has a consensus rating of “Hold” and a consensus target price of $236.47.

Progressive Stock Performance

NYSE:PGR opened at $232.62 on Thursday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.27 and a current ratio of 0.27. The company has a fifty day moving average of $205.78 and a two-hundred day moving average of $206.70. The stock has a market capitalization of $135.93 billion, a PE ratio of 11.83, a P/E/G ratio of 4.44 and a beta of 0.26. The Progressive Corporation has a fifty-two week low of $189.20 and a fifty-two week high of $254.93.

Progressive (NYSE:PGR) last announced its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.67 by $0.13. The business had revenue of $22.19 billion for the quarter, compared to analyst estimates of $23.51 billion. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The company’s revenue for the quarter was up 6.5% compared to the same quarter last year. During the same quarter last year, the business earned $4.37 earnings per share. As a group, research analysts forecast that The Progressive Corporation will post 17.26 earnings per share for the current fiscal year.

Progressive Dividend Announcement

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

Insider Buying and Selling at Progressive

In related news, Director Jeffrey D. Kelly sold 7,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $216.33, for a total transaction of $1,514,310.00. Following the completion of the sale, the director directly owned 22,546 shares in the company, valued at approximately $4,877,376.18. The trade was a 23.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Steven Broz sold 1,157 shares of the stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $204.76, for a total value of $236,907.32. Following the completion of the transaction, the insider directly owned 27,511 shares of the company’s stock, valued at approximately $5,633,152.36. This represents a 4.04% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 15,230 shares of company stock valued at $3,165,817 over the last quarter. 0.32% of the stock is currently owned by insiders.

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.