Three Bridge Wealth Advisors LLC Makes New $267,000 Investment in The Progressive Corporation $PGR

Three Bridge Wealth Advisors LLC bought a new stake in The Progressive Corporation (NYSE:PGR) during the second quarter, HoldingsChannel.com reports. The institutional investor bought 1,001 shares of the insurance provider’s stock, valued at approximately $267,000.

A number of other institutional investors have also modified their holdings of PGR. Brighton Jones LLC increased its holdings in shares of Progressive by 15.6% in the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock valued at $813,000 after purchasing an additional 457 shares during the period. Revolve Wealth Partners LLC purchased a new stake in Progressive during the fourth quarter worth $269,000. Bison Wealth LLC boosted its position in Progressive by 3.2% during the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock worth $615,000 after purchasing an additional 80 shares in the last quarter. Foster Group Inc. purchased a new stake in Progressive during the first quarter worth $213,000. Finally, Procyon Advisors LLC raised its holdings in shares of Progressive by 13.5% in the first quarter. Procyon Advisors LLC now owns 5,734 shares of the insurance provider’s stock worth $1,623,000 after acquiring an additional 681 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insiders Place Their Bets

In other Progressive news, insider John Jo Murphy sold 2,218 shares of the business’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 transaction, the insider owned 43,506 shares in the company, valued at approximately $10,532,802.60. The trade was a 4.85% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, 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 transaction, the chief executive officer owned 476,286 shares of the company’s stock, valued at $117,194,933.16. This trade represents a 6.05% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 130,045 shares of company stock worth $31,997,390. 0.34% of the stock is currently owned by insiders.

Progressive Price Performance

Shares of PGR opened at $246.10 on Friday. The firm has a market cap of $144.27 billion, a price-to-earnings ratio of 13.86, a PEG ratio of 1.37 and a beta of 0.32. The stock has a 50 day moving average of $245.14 and a 200-day moving average of $260.76. 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 Progressive Corporation has a 52 week low of $228.54 and a 52 week high of $292.99.

Progressive (NYSE:PGR) last issued its earnings results on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, topping the consensus estimate of $4.43 by $0.45. The company had revenue of $20.08 billion during 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 was up 12.1% on a year-over-year basis. During the same quarter last year, the firm earned $2.48 EPS. As a group, analysts forecast that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Dividend Announcement

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

Analysts Set New Price Targets

A number of research firms have recently weighed in on PGR. Weiss Ratings reissued a “buy (b)” rating on shares of Progressive in a report on Saturday, September 27th. Bank of America upped their price target on shares of Progressive from $343.00 to $350.00 and gave the stock a “buy” rating in a research report on Monday, September 29th. Citigroup restated a “buy” rating on shares of Progressive in a research note on Friday, August 29th. Wells Fargo & Company restated an “equal weight” rating and set a $265.00 price target (down from $327.00) on shares of Progressive in a research note on Thursday, September 18th. Finally, BMO Capital Markets set a $252.00 price target on Progressive in a research note on Thursday, September 18th. Seven investment analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price 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.