Wilkinson Global Asset Management LLC Takes $25.47 Million Position in The Progressive Corporation $PGR

Wilkinson Global Asset Management LLC bought a new stake in The Progressive Corporation (NYSE:PGR) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 116,606 shares of the insurance provider’s stock, valued at approximately $25,473,000. Progressive accounts for 2.0% of Wilkinson Global Asset Management LLC’s investment portfolio, making the stock its 19th largest holding.

Several other institutional investors and hedge funds have also recently bought and sold shares of PGR. Bogart Wealth LLC boosted its stake in shares of Progressive by 235.1% in the 1st quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider’s stock valued at $25,000 after buying an additional 87 shares during the period. Bard Associates Inc. purchased a new stake in shares of Progressive during the fourth quarter worth approximately $27,000. HHM Wealth Advisors LLC raised its holdings in Progressive by 700.0% in the first quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider’s stock valued at $29,000 after acquiring an additional 126 shares in the last quarter. IFC & Insurance Marketing Inc. acquired a new stake in Progressive in the fourth quarter valued at approximately $29,000. Finally, Axiom Investment Management LLC purchased a new position in Progressive in the first quarter worth approximately $31,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Progressive Stock Down 0.1%

Shares of NYSE:PGR opened at $209.48 on Monday. The firm has a 50 day simple moving average of $214.36 and a 200-day simple moving average of $206.46. The Progressive Corporation has a twelve month low of $189.20 and a twelve month high of $254.93. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $121.79 billion, a PE ratio of 10.51, a P/E/G ratio of 2.82 and a beta of 0.27.

Progressive (NYSE:PGR) last posted its earnings results on Wednesday, July 15th. The insurance provider reported $5.67 EPS for the quarter, beating analysts’ consensus estimates of $4.64 by $1.03. Progressive had a net margin of 12.84% and a return on equity of 32.92%. The firm had revenue of $23.61 billion for the quarter, compared to the consensus estimate of $19.49 billion. During the same period last year, the firm posted $5.40 EPS. The company’s revenue was up 5.0% on a year-over-year basis. On average, equities analysts predict that The Progressive Corporation will post 17.57 EPS for the current fiscal year.

Progressive Announces Dividend

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

Insider Activity at Progressive

In other news, CEO Susan Patricia Griffith sold 37,338 shares of the business’s stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $212.71, for a total value of $7,942,165.98. Following the completion of the sale, the chief executive officer directly owned 522,776 shares of the company’s stock, valued at approximately $111,199,682.96. The trade was a 6.67% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider John Jo Murphy sold 8,124 shares of the company’s stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $212.70, for a total value of $1,727,974.80. Following the completion of the sale, the insider directly owned 41,291 shares of the company’s stock, valued at approximately $8,782,595.70. This trade represents a 16.44% 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. In the last 90 days, insiders have sold 74,885 shares of company stock valued at $15,880,459. Corporate insiders own 0.32% of the company’s stock.

Wall Street Analyst Weigh In

PGR has been the subject of several analyst reports. Royal Bank Of Canada set a $208.00 price target on shares of Progressive in a report on Friday, May 22nd. William Blair reissued a “market perform” rating on shares of Progressive in a report on Wednesday, July 15th. JPMorgan Chase & Co. cut their price target on Progressive from $250.00 to $241.00 and set a “neutral” rating on the stock in a research note on Tuesday, August 4th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Progressive in a report on Monday, August 3rd. Finally, Keefe, Bruyette & Woods lowered their price objective on Progressive from $231.00 to $226.00 and set a “market perform” rating for the company in a research report on Thursday, July 16th. Five equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Progressive has a consensus rating of “Hold” and an average target price of $235.00.

About Progressive

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.