MW Advisory LLC Buys Shares of 2,298 The Progressive Corporation $PGR

MW Advisory LLC bought a new stake in The Progressive Corporation (NYSE:PGR) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 2,298 shares of the insurance provider’s stock, valued at approximately $502,000.

Several other large investors have also modified their holdings of the stock. Bogart Wealth LLC raised its position in Progressive by 235.1% during the 1st quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider’s stock worth $25,000 after buying an additional 87 shares during the last quarter. IMG Wealth Management Inc. purchased a new stake in shares of Progressive in the second quarter valued at about $26,000. Meeder Asset Management Inc. acquired a new position in shares of Progressive during the second quarter worth about $26,000. Bard Associates Inc. acquired a new position in shares of Progressive during the fourth quarter worth about $27,000. Finally, Kilter Group LLC purchased a new position in Progressive during the second quarter worth about $27,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Price Performance

Shares of NYSE:PGR opened at $218.41 on Friday. The firm has a market capitalization of $126.98 billion, a price-to-earnings ratio of 10.95, a price-to-earnings-growth ratio of 2.98 and a beta of 0.27. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29. The business’s 50 day simple moving average is $217.56 and its 200-day simple moving average is $207.79. The Progressive Corporation has a 12 month low of $189.20 and a 12 month high of $249.71.

Progressive (NYSE:PGR) last released its quarterly earnings data on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share for the quarter, beating the consensus estimate of $4.64 by $1.03. The firm had revenue of $23.61 billion during the quarter, compared to the consensus estimate of $19.49 billion. Progressive had a return on equity of 32.92% and a net margin of 12.84%.Progressive’s quarterly revenue was up 5.0% on a year-over-year basis. During the same period last year, the business posted $5.40 EPS. As a group, equities analysts forecast that The Progressive Corporation will post 17.74 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Thursday, October 1st will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend is Thursday, October 1st. Progressive’s payout ratio is 2.01%.

Insider Buying and Selling at Progressive

In related news, Director Jeffrey Kelly sold 7,000 shares of the business’s stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $216.33, for a total value of $1,514,310.00. Following the sale, the director directly owned 22,546 shares in the company, valued at $4,877,376.18. The trade was a 23.69% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Karen Bailo sold 8,452 shares of the stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $212.71, for a total transaction of $1,797,824.92. Following the completion of the sale, the insider directly owned 32,348 shares in the company, valued at approximately $6,880,743.08. The trade was a 20.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 113,714 shares of company stock worth $24,466,294. Insiders own 0.32% of the company’s stock.

Wall Street Analysts Forecast Growth

PGR has been the subject of a number of analyst reports. Evercore set a $240.00 target price on Progressive in a research note on Friday, July 10th. Mizuho set a $236.00 price target on Progressive in a research note on Wednesday, August 5th. Keefe, Bruyette & Woods raised Progressive from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $226.00 to $250.00 in a report on Thursday, August 20th. William Blair reiterated a “market perform” rating on shares of Progressive in a research report on Wednesday, July 15th. Finally, HSBC raised their target price on Progressive from $214.00 to $221.00 and gave the company a “hold” rating in a report on Monday, July 6th. Seven analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Progressive currently has a consensus rating of “Hold” and a consensus price target of $236.26.

Progressive Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.