Rehmann Capital Advisory Group Increases Holdings in The Progressive Corporation $PGR

Rehmann Capital Advisory Group boosted its stake in shares of The Progressive Corporation (NYSE:PGR) by 48.5% in the 2nd quarter, Holdings Channel reports. The fund owned 2,576 shares of the insurance provider’s stock after buying an additional 841 shares during the period. Rehmann Capital Advisory Group’s holdings in Progressive were worth $687,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. TruNorth Capital Management LLC raised its position in Progressive by 210.0% during the first quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider’s stock valued at $26,000 after acquiring an additional 63 shares in the last quarter. Ransom Advisory Ltd acquired a new stake in Progressive in the first quarter valued at approximately $35,000. Activest Wealth Management grew its holdings in Progressive by 6,350.0% in the first quarter. Activest Wealth Management now owns 129 shares of the insurance provider’s stock valued at $37,000 after purchasing an additional 127 shares during the period. Richardson Financial Services Inc. grew its holdings in Progressive by 1,885.7% in the second quarter. Richardson Financial Services Inc. now owns 139 shares of the insurance provider’s stock valued at $37,000 after purchasing an additional 132 shares during the period. Finally, Accent Capital Management LLC acquired a new stake in Progressive in the first quarter valued at approximately $39,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Progressive

In related news, CEO Susan Patricia Griffith sold 30,659 shares of the business’s stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $246.06, for a total value of $7,543,953.54. Following the sale, the chief executive officer owned 476,286 shares in the company, valued at approximately $117,194,933.16. The trade was a 6.05% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Patrick K. Callahan sold 6,420 shares of the business’s stock in a transaction on Friday, September 19th. The stock was sold at an average price of $242.22, for a total value of $1,555,052.40. Following the transaction, the insider directly owned 15,192 shares of the company’s stock, valued at $3,679,806.24. The trade was a 29.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 128,778 shares of company stock worth $31,683,756. 0.34% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. Evercore ISI dropped their price objective on Progressive from $275.00 to $273.00 and set an “in-line” rating on the stock in a report on Wednesday, October 1st. Wall Street Zen lowered Progressive from a “buy” rating to a “hold” rating in a report on Sunday, September 21st. UBS Group dropped their price objective on Progressive from $268.00 to $261.00 and set a “neutral” rating on the stock in a report on Wednesday, October 8th. Raymond James Financial lowered their price target on Progressive from $305.00 to $265.00 and set an “outperform” rating on the stock in a research note on Friday, October 17th. Finally, Jefferies Financial Group lowered their price target on Progressive from $309.00 to $287.00 and set a “buy” rating on the stock in a research note on Monday, August 11th. Seven analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Progressive currently has an average rating of “Hold” and an average price target of $270.40.

Progressive Price Performance

NYSE:PGR opened at $220.52 on Friday. The Progressive Corporation has a 52 week low of $217.20 and a 52 week high of $292.99. The company has a quick ratio of 0.31, a current ratio of 0.32 and a debt-to-equity ratio of 0.19. The company has a market capitalization of $129.27 billion, a P/E ratio of 12.10, a P/E/G ratio of 1.27 and a beta of 0.32. The stock’s fifty day moving average is $241.66 and its two-hundred day moving average is $256.70.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.04 by ($0.59). The firm had revenue of $21.38 billion during the quarter, compared to analysts’ expectations of $21.64 billion. Progressive had a net margin of 12.57% and a return on equity of 33.88%. During the same quarter in the prior year, the firm posted $3.58 EPS. Equities analysts expect that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Investors of record on Thursday, October 2nd were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date was Thursday, October 2nd. Progressive’s payout ratio is currently 2.19%.

Progressive Company Profile

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.