3,326 Shares in The Progressive Corporation $PGR Purchased by Stoneridge Investment Partners LLC

Stoneridge Investment Partners LLC bought a new position in shares of The Progressive Corporation (NYSE:PGR) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 3,326 shares of the insurance provider’s stock, valued at approximately $703,000.

A number of other hedge funds also recently added to or reduced their stakes in PGR. Avalon Trust Co acquired a new stake in shares of Progressive during the 2nd quarter valued at approximately $25,872,000. Pacific Sage Partners LLC purchased a new stake in shares of Progressive during the 2nd quarter worth approximately $1,589,000. One Wealth Advisors LLC acquired a new stake in shares of Progressive in the 2nd quarter worth approximately $1,343,000. Clearstead Trust LLC acquired a new stake in shares of Progressive in the 2nd quarter worth approximately $228,000. Finally, Bridgewater Advisors Inc. purchased a new position in Progressive in the 2nd quarter valued at approximately $641,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Trading Up 0.3%

Shares of Progressive stock opened at $209.48 on Friday. The Progressive Corporation has a 1 year low of $189.20 and a 1 year high of $254.93. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29. The business has a 50 day moving average price of $214.36 and a 200 day moving average price of $206.47. The company has a market capitalization of $121.79 billion, a P/E ratio of 10.51, a P/E/G ratio of 2.82 and a beta of 0.27.

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

Progressive Dividend Announcement

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

Analyst Ratings Changes

PGR has been the subject of several research reports. William Blair reaffirmed a “market perform” rating on shares of Progressive in a report on Wednesday, July 15th. Morgan Stanley upgraded Progressive from an “underweight” rating to an “equal weight” rating and raised their price target for the company from $190.00 to $210.00 in a research report on Friday, July 24th. HSBC lifted their price target on Progressive from $214.00 to $221.00 and gave the stock a “hold” rating in a research note on Monday, July 6th. Weiss Ratings reiterated a “hold (c)” rating on shares of Progressive in a research report on Monday, August 3rd. Finally, Royal Bank Of Canada set a $208.00 price objective on shares of Progressive in a research note on Friday, May 22nd. Five research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $235.00.

Insiders Place Their Bets

In related news, insider Karen Bailo sold 8,452 shares of the business’s stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $212.71, for a total value of $1,797,824.92. Following the completion of the transaction, the insider owned 32,348 shares of the company’s stock, valued at approximately $6,880,743.08. The trade was a 20.72% decrease in their position. 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, insider John Jo Murphy sold 8,124 shares of the company’s stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $212.70, for a total transaction of $1,727,974.80. Following the completion of the transaction, the insider owned 41,291 shares in the company, valued at approximately $8,782,595.70. This trade represents a 16.44% 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 three months, 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.