Coastal Bridge Advisors LLC Invests $556,000 in The Progressive Corporation $PGR

Coastal Bridge Advisors LLC acquired a new position in The Progressive Corporation (NYSE:PGR) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 2,546 shares of the insurance provider’s stock, valued at approximately $556,000.

Other institutional investors also recently bought and sold shares of the company. BlackRock Inc. bought a new position in shares of Progressive during the 2nd quarter valued at approximately $10,496,271,000. State Street Corp raised its stake in Progressive by 0.3% during the 3rd quarter. State Street Corp now owns 25,808,762 shares of the insurance provider’s stock worth $6,373,474,000 after acquiring an additional 78,374 shares during the period. Capital International Investors lifted its holdings in Progressive by 8.9% during the fourth quarter. Capital International Investors now owns 14,921,724 shares of the insurance provider’s stock valued at $3,398,123,000 after purchasing an additional 1,217,527 shares in the last quarter. Bank of America Corp DE purchased a new position in Progressive during the second quarter valued at approximately $2,682,342,000. Finally, GQG Partners LLC boosted its position in shares of Progressive by 11.7% in the fourth quarter. GQG Partners LLC now owns 10,432,549 shares of the insurance provider’s stock worth $2,375,706,000 after purchasing an additional 1,092,151 shares during the period. 85.34% of the stock is owned by institutional investors.

Insider Activity at Progressive

In other Progressive news, insider John Jo Murphy sold 8,124 shares of the firm’s stock in a transaction that occurred on 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 completion of the transaction, the insider owned 41,291 shares in the company, valued at $8,782,595.70. This trade represents a 16.44% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeffrey D. Kelly sold 7,000 shares of Progressive stock in a transaction that occurred on Wednesday, June 24th. The stock was 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 approximately $4,877,376.18. The trade was a 23.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 83,449 shares of company stock valued at $17,685,203 in the last 90 days. 0.32% of the stock is currently owned by insiders.

Progressive Stock Performance

Shares of NYSE PGR opened at $218.90 on Friday. 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 company has a market cap of $127.26 billion, a P/E ratio of 10.98, a P/E/G ratio of 2.90 and a beta of 0.27. The firm’s fifty day moving average is $217.19 and its two-hundred day moving average is $207.23. The Progressive Corporation has a 52-week low of $189.20 and a 52-week high of $249.83.

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. Progressive had a net margin of 12.84% and a return on equity of 32.92%. The business had revenue of $23.61 billion for the quarter, compared to analysts’ expectations of $19.49 billion. During the same quarter in the previous year, the company earned $5.40 EPS. The business’s quarterly revenue was up 5.0% compared to the same quarter last year. As a group, analysts anticipate that The Progressive Corporation will post 17.74 EPS for the current fiscal year.

Progressive Dividend Announcement

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

Analyst Ratings Changes

PGR has been the subject of a number of analyst reports. Wells Fargo & Company increased their price objective on shares of Progressive from $198.00 to $201.00 and gave the stock an “underweight” rating in a research note on Thursday, August 20th. BMO Capital Markets reaffirmed a “market perform” rating on shares of Progressive in a report on Wednesday, August 19th. HSBC upped their target price on shares of Progressive from $214.00 to $221.00 and gave the stock a “hold” rating in a report on Monday, July 6th. William Blair reissued a “market perform” rating on shares of Progressive in a report on Wednesday, July 15th. Finally, Morgan Stanley upgraded Progressive from an “underweight” rating to an “equal weight” rating and boosted their price objective for the company from $190.00 to $210.00 in a research report on Friday, July 24th. Seven equities research 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. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $236.26.

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.