6,695 Shares in The Progressive Corporation $PGR Bought by Global Retirement Partners LLC

Global Retirement Partners LLC acquired a new stake in shares of The Progressive Corporation (NYSE:PGR) during the second quarter, Holdings Channel.com reports. The firm acquired 6,695 shares of the insurance provider’s stock, valued at approximately $1,463,000.

Several other institutional investors have also added to or reduced their stakes in the company. Bogart Wealth LLC boosted its holdings in Progressive by 235.1% during the 1st quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider’s stock valued at $25,000 after acquiring an additional 87 shares during the period. Bard Associates Inc. purchased a new stake in Progressive in the fourth quarter worth $27,000. HHM Wealth Advisors LLC lifted its position in shares of Progressive by 700.0% during the first quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider’s stock worth $29,000 after purchasing an additional 126 shares during the last quarter. IFC & Insurance Marketing Inc. bought a new stake in shares of Progressive during the fourth quarter worth $29,000. Finally, Axiom Investment Management LLC purchased a new stake in shares of Progressive during the first quarter valued at $31,000. Institutional investors own 85.34% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Bank of America cut their price target on shares of Progressive from $313.00 to $308.00 and set a “buy” rating on the stock in a report on Thursday, July 16th. Morgan Stanley upgraded shares of Progressive from an “underweight” rating to an “equal weight” rating and lifted their price objective for the company from $190.00 to $210.00 in a report on Friday, July 24th. Mizuho set a $236.00 price objective on shares of Progressive in a research report on Wednesday, August 5th. BMO Capital Markets dropped their target price on shares of Progressive from $220.00 to $205.00 and set a “market perform” rating on the stock in a research note on Thursday, July 16th. Finally, Wells Fargo & Company reduced their target price on shares of Progressive from $205.00 to $198.00 and set an “underweight” rating on the stock in a research report on Thursday, July 16th. Five investment analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $233.16.

Progressive Stock Down 2.7%

Shares of PGR opened at $203.98 on Tuesday. The stock’s 50-day moving average price is $214.43 and its 200-day moving average price is $206.43. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $118.59 billion, a price-to-earnings ratio of 10.23, a PEG ratio of 2.82 and a beta of 0.27. The Progressive Corporation has a 52 week low of $189.20 and a 52 week high of $254.93.

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

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Thursday, October 1st 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 is Thursday, October 1st. Progressive’s payout ratio is currently 2.01%.

Insider Activity

In other news, CIO Jonathan S. Bauer sold 2,242 shares of the firm’s stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $212.71, for a total transaction of $476,895.82. Following the sale, the executive directly owned 26,250 shares in the company, valued at $5,583,637.50. This trade represents a 7.87% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Karen Bailo sold 8,452 shares of the stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $212.71, for a total value of $1,797,824.92. Following the transaction, the insider owned 32,348 shares in the company, valued at $6,880,743.08. This represents a 20.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 82,224 shares of company stock valued at $17,416,438 in the last three months. Corporate insiders own 0.32% of the company’s stock.

Progressive Company 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.