Dockside LLC Takes $5.88 Million Position in The Progressive Corporation $PGR

Dockside LLC purchased a new position in The Progressive Corporation (NYSE:PGR) in the second quarter, HoldingsChannel reports. The firm purchased 26,926 shares of the insurance provider’s stock, valued at approximately $5,882,000. Progressive comprises 1.4% of Dockside LLC’s investment portfolio, making the stock its 9th biggest position.

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

Progressive Stock Performance

PGR stock opened at $209.48 on Friday. The firm has a 50 day simple moving average of $214.36 and a 200 day simple moving average of $206.47. The Progressive Corporation has a 52 week low of $189.20 and a 52 week high of $254.93. The stock has a market cap of $121.79 billion, a P/E ratio of 10.51, a P/E/G ratio of 2.81 and a beta of 0.27. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29.

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

Progressive Announces Dividend

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

Analysts Set New Price Targets

A number of research firms recently commented on PGR. Wells Fargo & Company dropped their target price on shares of Progressive from $205.00 to $198.00 and set an “underweight” rating on the stock in a report on Thursday, July 16th. Evercore set a $240.00 price target on shares of Progressive in a research report on Friday, July 10th. Bank of America cut their price objective on Progressive from $313.00 to $308.00 and set a “buy” rating for the company in a research report on Thursday, July 16th. UBS Group raised their price objective on Progressive from $220.00 to $230.00 and gave the stock a “neutral” rating in a research note on Tuesday, June 30th. Finally, William Blair restated a “market perform” rating on shares of Progressive in a report on Wednesday, July 15th. Five investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $235.00.

Insiders Place Their Bets

In other news, CEO Susan Patricia Griffith sold 37,338 shares of the firm’s stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $212.71, for a total value of $7,942,165.98. Following the sale, the chief executive officer directly owned 522,776 shares of the company’s stock, valued at approximately $111,199,682.96. This trade represents a 6.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeffrey D. Kelly sold 7,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $216.33, for a total value of $1,514,310.00. Following the completion of the sale, the director directly owned 22,546 shares in the company, valued at $4,877,376.18. This trade represents a 23.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 74,885 shares of company stock worth $15,880,459 in the last ninety days. 0.32% of the stock is owned by insiders.

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.