HBK Sorce Advisory LLC Buys New Shares in The Progressive Corporation $PGR

HBK Sorce Advisory LLC bought a new position in shares of The Progressive Corporation (NYSE:PGR) during the 2nd quarter, HoldingsChannel.com reports. The fund bought 3,810 shares of the insurance provider’s stock, valued at approximately $811,000.

Other large investors have also bought and sold shares of the company. Flputnam Investment Management Co. bought a new stake in Progressive in the second quarter valued at $720,000. Horizon Investment Services LLC acquired a new position in shares of Progressive during the second quarter valued at about $670,000. Global Retirement Partners LLC bought a new position in shares of Progressive during the 2nd quarter worth about $1,463,000. 1ST Source Bank bought a new position in shares of Progressive during the 2nd quarter worth about $306,000. Finally, Fielder Capital Group LLC acquired a new stake in shares of Progressive in the 2nd quarter valued at about $254,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Progressive

In other Progressive news, CFO Andrew J. Quigg sold 3,499 shares of Progressive stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $220.00, for a total transaction of $769,780.00. Following the transaction, the chief financial officer directly owned 42,595 shares of the company’s stock, valued at $9,370,900. The trade was a 7.59% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CIO Jonathan S. Bauer sold 2,242 shares of the company’s stock in a transaction on Monday, July 27th. The stock was sold at an average price of $212.71, for a total transaction of $476,895.82. Following the completion of the sale, the executive owned 26,250 shares of the company’s stock, valued at approximately $5,583,637.50. The trade was a 7.87% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 74,885 shares of company stock valued at $15,880,459 in the last three months. Insiders own 0.32% of the company’s stock.

Analyst Upgrades and Downgrades

PGR has been the subject of a number of research analyst reports. JPMorgan Chase & Co. decreased their target price on Progressive from $250.00 to $241.00 and set a “neutral” rating for the company in a research report on Tuesday, August 4th. Bank of America cut their price target on Progressive from $313.00 to $308.00 and set a “buy” rating on the stock in a report on Thursday, July 16th. Keefe, Bruyette & Woods reduced their price objective on Progressive from $231.00 to $226.00 and set a “market perform” rating for the company in a research note on Thursday, July 16th. BMO Capital Markets decreased their price objective on Progressive from $220.00 to $205.00 and set a “market perform” rating for the company in a report on Thursday, July 16th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Progressive in a research report on Monday, August 3rd. 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. According to MarketBeat.com, Progressive has an average rating of “Hold” and a consensus target price of $235.00.

Progressive Price Performance

PGR stock opened at $209.48 on Monday. The company has a market capitalization of $121.79 billion, a P/E ratio of 10.51, a price-to-earnings-growth ratio of 2.82 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. The Progressive Corporation has a 52-week low of $189.20 and a 52-week high of $254.93. The business has a 50-day simple moving average of $214.36 and a two-hundred day simple moving average of $206.46.

Progressive (NYSE:PGR) last issued its quarterly earnings data 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 firm had revenue of $23.61 billion during the quarter, compared to the consensus estimate of $19.49 billion. Progressive had a return on equity of 32.92% and a net margin of 12.84%.The company’s quarterly revenue was up 5.0% compared to the same quarter last year. During the same period in the prior year, the business posted $5.40 earnings per share. Research analysts expect that The Progressive Corporation will post 17.57 EPS for the current fiscal year.

Progressive Announces Dividend

The business also recently declared 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. The ex-dividend date is Thursday, October 1st. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s dividend payout ratio is 2.01%.

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.