The Progressive Corporation $PGR Shares Acquired by J2 Capital Management Inc

J2 Capital Management Inc grew its position in The Progressive Corporation (NYSE:PGR) by 39.0% in the second quarter, HoldingsChannel reports. The fund owned 1,769 shares of the insurance provider’s stock after acquiring an additional 496 shares during the quarter. J2 Capital Management Inc’s holdings in Progressive were worth $472,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the company. Warren Street Wealth Advisors LLC raised its position in shares of Progressive by 11.2% in the second quarter. Warren Street Wealth Advisors LLC now owns 1,356 shares of the insurance provider’s stock worth $362,000 after acquiring an additional 137 shares during the period. Vicus Capital grew its position in shares of Progressive by 44.1% in the second quarter. Vicus Capital now owns 2,044 shares of the insurance provider’s stock valued at $545,000 after purchasing an additional 626 shares during the period. Consolidated Planning Corp grew its position in shares of Progressive by 3.0% in the second quarter. Consolidated Planning Corp now owns 14,766 shares of the insurance provider’s stock valued at $3,940,000 after purchasing an additional 429 shares during the period. Robeco Institutional Asset Management B.V. grew its position in shares of Progressive by 23.9% in the second quarter. Robeco Institutional Asset Management B.V. now owns 412,523 shares of the insurance provider’s stock valued at $110,086,000 after purchasing an additional 79,628 shares during the period. Finally, Precision Wealth Strategies LLC grew its position in shares of Progressive by 14.4% in the second quarter. Precision Wealth Strategies LLC now owns 2,208 shares of the insurance provider’s stock valued at $589,000 after purchasing an additional 278 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Stock Performance

NYSE:PGR opened at $246.73 on Thursday. The company’s 50-day moving average price is $245.31 and its 200-day moving average price is $261.43. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.21. The company has a market cap of $144.64 billion, a P/E ratio of 13.90, a P/E/G ratio of 1.38 and a beta of 0.32. The Progressive Corporation has a twelve month low of $228.54 and a twelve month high of $292.99.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share for the quarter, topping the consensus estimate of $4.43 by $0.45. The firm had revenue of $20.08 billion for the quarter, compared to the consensus estimate of $20.39 billion. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The company’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same period last year, the firm posted $2.48 earnings per share. On average, sell-side analysts forecast that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend is Thursday, October 2nd. Progressive’s dividend payout ratio (DPR) is currently 2.25%.

Insider Transactions at Progressive

In other Progressive news, insider Karen Bailo sold 8,922 shares of Progressive stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $249.24, for a total transaction of $2,223,719.28. Following the transaction, the insider directly owned 32,346 shares of the company’s stock, valued at $8,061,917.04. The trade was a 21.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO John P. Sauerland sold 16,664 shares of Progressive stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $249.24, for a total transaction of $4,153,335.36. Following the transaction, the chief financial officer directly owned 228,024 shares in the company, valued at $56,832,701.76. This trade represents a 6.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 130,045 shares of company stock valued at $31,997,390. Company insiders own 0.34% of the company’s stock.

Wall Street Analyst Weigh In

PGR has been the topic of several research analyst reports. Morgan Stanley dropped their target price on shares of Progressive from $267.00 to $265.00 and set an “equal weight” rating on the stock in a research report on Monday, September 22nd. Wells Fargo & Company reiterated an “equal weight” rating and issued a $265.00 target price (down previously from $327.00) on shares of Progressive in a research report on Thursday, September 18th. Evercore ISI dropped their target price on shares of Progressive from $275.00 to $273.00 and set an “in-line” rating on the stock in a research report on Wednesday. Jefferies Financial Group dropped their target price on shares of Progressive from $309.00 to $287.00 and set a “buy” rating on the stock in a research report on Monday, August 11th. Finally, Keefe, Bruyette & Woods lifted their target price on shares of Progressive from $268.00 to $270.00 and gave the company a “market perform” rating in a research report on Thursday, September 18th. Six research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. According to MarketBeat, Progressive has a consensus rating of “Hold” and an average price target of $279.63.

About Progressive

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.