Roundview Capital LLC Grows Stock Position in The Progressive Corporation $PGR

Roundview Capital LLC lifted its stake in shares of The Progressive Corporation (NYSE:PGR) by 1.2% in the 2nd quarter, Holdings Channel.com reports. The firm owned 62,117 shares of the insurance provider’s stock after buying an additional 763 shares during the quarter. Progressive comprises about 1.1% of Roundview Capital LLC’s portfolio, making the stock its 20th largest holding. Roundview Capital LLC’s holdings in Progressive were worth $16,577,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Highline Wealth Partners LLC raised its stake in shares of Progressive by 114.0% during the first quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider’s stock worth $26,000 after purchasing an additional 49 shares during the last quarter. TruNorth Capital Management LLC raised its position in Progressive by 210.0% in the first quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider’s stock worth $26,000 after acquiring an additional 63 shares in the last quarter. HWG Holdings LP purchased a new position in Progressive in the first quarter worth $28,000. Garde Capital Inc. purchased a new position in Progressive in the first quarter worth $33,000. Finally, Ransom Advisory Ltd purchased a new position in Progressive in the first quarter worth $35,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on PGR. Evercore ISI cut their price objective on Progressive from $275.00 to $273.00 and set an “in-line” rating for the company in a research report on Wednesday, October 1st. Morgan Stanley cut their price objective on Progressive from $267.00 to $265.00 and set an “equal weight” rating for the company in a research report on Monday, September 22nd. Wolfe Research began coverage on Progressive in a research report on Monday, September 15th. They issued a “peer perform” rating for the company. Weiss Ratings reiterated a “buy (b)” rating on shares of Progressive in a research report on Saturday, September 27th. Finally, Bank of America upped their target price on Progressive from $343.00 to $350.00 and gave the company a “buy” rating in a report on Monday, September 29th. Seven analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $279.63.

Progressive Stock Down 2.1%

Progressive stock opened at $240.50 on Tuesday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.31 and a current ratio of 0.31. The firm has a market capitalization of $140.98 billion, a price-to-earnings ratio of 13.55, a price-to-earnings-growth ratio of 1.37 and a beta of 0.32. The Progressive Corporation has a fifty-two week low of $228.54 and a fifty-two week high of $292.99. The stock’s fifty day moving average is $245.14 and its two-hundred day moving average is $260.43.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, beating analysts’ consensus estimates of $4.43 by $0.45. The business had revenue of $20.08 billion for the quarter, compared to analyst estimates of $20.39 billion. Progressive had a return on equity of 35.37% and a net margin of 12.66%.The business’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same quarter last year, the company earned $2.48 earnings per share. Analysts predict that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd will be issued 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 2nd. Progressive’s dividend payout ratio (DPR) is 2.25%.

Insider Buying and Selling

In other news, insider Patrick K. Callahan sold 6,420 shares of the firm’s stock in a transaction dated 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 in the company, valued at $3,679,806.24. This trade represents a 29.71% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Lori A. Niederst sold 8,063 shares of the firm’s stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $250.18, for a total value of $2,017,201.34. Following the sale, the insider owned 39,040 shares in the company, valued at approximately $9,767,027.20. The trade was a 17.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 130,045 shares of company stock worth $31,997,390. Corporate insiders own 0.34% of the company’s stock.

Progressive 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.