The Progressive Corporation $PGR Shares Acquired by Lord & Richards Wealth Management LLC

Lord & Richards Wealth Management LLC lifted its stake in shares of The Progressive Corporation (NYSE:PGR) by 7.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 4,759 shares of the insurance provider’s stock after purchasing an additional 330 shares during the quarter. Progressive comprises 1.3% of Lord & Richards Wealth Management LLC’s portfolio, making the stock its 25th largest position. Lord & Richards Wealth Management LLC’s holdings in Progressive were worth $1,270,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. NewSquare Capital LLC raised its position in shares of Progressive by 28.9% during the 2nd quarter. NewSquare Capital LLC now owns 245 shares of the insurance provider’s stock worth $65,000 after purchasing an additional 55 shares during the period. Elyxium Wealth LLC raised its position in shares of Progressive by 62.8% during the 2nd quarter. Elyxium Wealth LLC now owns 1,986 shares of the insurance provider’s stock worth $530,000 after purchasing an additional 766 shares during the period. Obermeyer Wealth Partners raised its position in shares of Progressive by 18.3% during the 2nd quarter. Obermeyer Wealth Partners now owns 1,013 shares of the insurance provider’s stock worth $270,000 after purchasing an additional 157 shares during the period. Access Investment Management LLC acquired a new stake in shares of Progressive during the 2nd quarter worth approximately $51,000. Finally, Freestone Capital Holdings LLC increased its position in Progressive by 15.8% in the 2nd quarter. Freestone Capital Holdings LLC now owns 1,082 shares of the insurance provider’s stock valued at $289,000 after acquiring an additional 148 shares during the period. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Progressive

In other news, insider John Jo Murphy sold 2,218 shares of the firm’s stock in a transaction on Friday, September 19th. The stock was sold at an average price of $242.10, for a total transaction of $536,977.80. Following the completion of the sale, the insider directly owned 43,506 shares of the company’s stock, valued at $10,532,802.60. This trade represents a 4.85% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Patrick K. Callahan sold 6,420 shares of the firm’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 sale, the insider directly owned 15,192 shares of the company’s stock, valued at approximately $3,679,806.24. This represents a 29.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 58,500 shares of company stock worth $14,430,089. 0.34% of the stock is owned by insiders.

Progressive Stock Down 1.1%

Shares of PGR stock opened at $203.74 on Tuesday. The Progressive Corporation has a 1 year low of $199.90 and a 1 year high of $292.99. The stock has a market cap of $119.43 billion, a PE ratio of 11.18, a price-to-earnings-growth ratio of 1.19 and a beta of 0.32. The business’s fifty day moving average is $236.30 and its 200-day moving average is $253.42. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.31 and a current ratio of 0.32.

Progressive (NYSE:PGR) last issued its quarterly earnings results 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 for the quarter, compared to analyst estimates of $21.64 billion. Progressive had a net margin of 12.57% and a return on equity of 33.88%. During the same quarter last year, the business posted $3.58 earnings per share. Equities analysts expect that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Announces Dividend

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

Wall Street Analyst Weigh In

PGR has been the topic of several analyst reports. Morgan Stanley set a $214.00 target price on Progressive and gave the company an “underweight” rating in a research report on Monday, October 20th. Evercore ISI lowered their target price on Progressive from $275.00 to $273.00 and set an “in-line” rating on the stock in a research report on Wednesday, October 1st. UBS Group lowered their target price on Progressive from $268.00 to $261.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 8th. Weiss Ratings restated a “buy (b-)” rating on shares of Progressive in a research report on Friday. Finally, Zacks Research cut Progressive from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 10th. Eight analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Progressive currently has an average rating of “Hold” and an average target price of $268.90.

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.