Proficio Capital Partners LLC Takes Position in The Progressive Corporation $PGR

Proficio Capital Partners LLC purchased a new position in The Progressive Corporation (NYSE:PGR) in the second quarter, Holdings Channel reports. The fund purchased 2,401 shares of the insurance provider’s stock, valued at approximately $525,000.

Other institutional investors have also made changes to their positions in the company. Meeder Asset Management Inc. acquired a new position in Progressive in the 2nd quarter valued at approximately $26,000. Bard Associates Inc. acquired a new stake in shares of Progressive during the 4th quarter valued at about $27,000. IMG Wealth Management Inc. acquired a new position in Progressive in the second quarter worth approximately $26,000. Bogart Wealth LLC raised its position in Progressive by 235.1% during the first quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider’s stock valued at $25,000 after acquiring an additional 87 shares in the last quarter. Finally, Kilter Group LLC acquired a new stake in Progressive in the second quarter valued at approximately $27,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Karen Bailo sold 8,452 shares of the business’s stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $212.71, for a total transaction 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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. Over the last 90 days, insiders have sold 83,449 shares of company stock worth $17,685,203. Insiders own 0.32% of the company’s stock.

Progressive Trading Down 2.2%

Shares of PGR stock opened at $217.51 on Friday. The Progressive Corporation has a 12 month low of $189.20 and a 12 month high of $249.83. The company has a market cap of $126.45 billion, a PE ratio of 10.91, a price-to-earnings-growth ratio of 2.96 and a beta of 0.27. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.24. The business’s 50 day moving average is $216.90 and its two-hundred day moving average is $207.15.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share 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 analysts’ expectations of $19.49 billion. Progressive had a net margin of 12.84% and a return on equity of 32.92%. Progressive’s revenue for the quarter was up 5.0% on a year-over-year basis. During the same period in the previous year, the company earned $5.40 earnings per share. Equities analysts predict that The Progressive Corporation will post 17.74 EPS for the current year.

Progressive Dividend Announcement

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

Analysts Set New Price Targets

Several research firms have commented on PGR. Bank of America decreased their target price on shares of Progressive from $313.00 to $308.00 and set a “buy” rating for the company in a research report on Thursday, July 16th. Cantor Fitzgerald cut their price target on shares of Progressive from $220.00 to $200.00 and set a “neutral” rating on the stock in a report on Monday, August 17th. Keefe, Bruyette & Woods raised shares of Progressive from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $226.00 to $250.00 in a research note on Thursday, August 20th. Evercore set a $240.00 price objective on shares of Progressive in a report on Friday, July 10th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Progressive in a research report on Monday, August 3rd. Seven 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. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $236.26.

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.