Performance Wealth Partners LLC Makes New $613,000 Investment in The Progressive Corporation $PGR

Performance Wealth Partners LLC bought a new stake in shares of The Progressive Corporation (NYSE:PGR) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 2,805 shares of the insurance provider’s stock, valued at approximately $613,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Klingman & Associates LLC grew its holdings in shares of Progressive by 1.7% in the fourth quarter. Klingman & Associates LLC now owns 2,927 shares of the insurance provider’s stock worth $667,000 after acquiring an additional 48 shares during the period. Revisor Wealth Management LLC lifted its holdings in Progressive by 2.7% in the fourth quarter. Revisor Wealth Management LLC now owns 1,902 shares of the insurance provider’s stock valued at $395,000 after acquiring an additional 50 shares during the period. Pines Wealth Management LLC boosted its position in Progressive by 3.9% in the fourth quarter. Pines Wealth Management LLC now owns 1,399 shares of the insurance provider’s stock worth $319,000 after purchasing an additional 52 shares during the last quarter. Northwestern Mutual Investment Management Company LLC grew its stake in shares of Progressive by 0.3% during the 4th quarter. Northwestern Mutual Investment Management Company LLC now owns 18,736 shares of the insurance provider’s stock valued at $4,267,000 after purchasing an additional 52 shares during the period. Finally, Phillips Wealth Planners LLC grew its stake in shares of Progressive by 2.8% during the 4th quarter. Phillips Wealth Planners LLC now owns 1,916 shares of the insurance provider’s stock valued at $436,000 after purchasing an additional 52 shares during the period. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on PGR shares. BMO Capital Markets dropped their price objective on shares of Progressive from $220.00 to $205.00 and set a “market perform” rating on the stock in a report on Thursday, July 16th. Cantor Fitzgerald reduced their target price on shares of Progressive from $220.00 to $200.00 and set a “neutral” rating for the company in a report on Monday. HSBC increased their price target on shares of Progressive from $214.00 to $221.00 and gave the stock a “hold” rating in a research report on Monday, July 6th. Morgan Stanley raised shares of 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. Finally, Evercore set a $240.00 price objective on Progressive in a research note on Friday, July 10th. Five research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $233.16.

Progressive Stock Down 2.7%

Shares of PGR stock opened at $203.98 on Tuesday. 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 Progressive Corporation has a one year low of $189.20 and a one year high of $254.93. The company’s fifty day moving average price is $214.43 and its 200-day moving average price is $206.43. The company has a market capitalization of $118.59 billion, a price-to-earnings ratio of 10.23, a PEG ratio of 2.82 and a beta of 0.27.

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

Progressive Dividend Announcement

The firm 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 dividend of $0.10 per share. The ex-dividend date is Thursday, October 1st. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive’s dividend payout ratio (DPR) is currently 2.01%.

Insider Activity

In other Progressive news, CFO Andrew J. Quigg sold 3,499 shares of the stock in a transaction that occurred 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 completion of the sale, the chief financial officer directly owned 42,595 shares of the company’s stock, valued at $9,370,900. This trade represents a 7.59% decrease in their position. The sale was disclosed in a filing with the SEC, 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 Progressive stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $212.71, for a total transaction of $476,895.82. Following the sale, the executive owned 26,250 shares in the company, valued at approximately $5,583,637.50. The trade was a 7.87% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 82,224 shares of company stock valued at $17,416,438 in the last three months. 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.