2,394 Shares in The Progressive Corporation $PGR Acquired by TRB Wealth Management LLC

TRB Wealth Management LLC purchased a new position in The Progressive Corporation (NYSE:PGR) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 2,394 shares of the insurance provider’s stock, valued at approximately $523,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PGR. Vanguard Group Inc. raised its holdings in Progressive by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 55,261,140 shares of the insurance provider’s stock valued at $12,584,067,000 after buying an additional 593,612 shares during the last quarter. BlackRock Inc. purchased a new stake in Progressive during the 2nd quarter valued at $10,496,271,000. State Street Corp grew its holdings in Progressive by 0.3% in the 3rd quarter. State Street Corp now owns 25,808,762 shares of the insurance provider’s stock worth $6,373,474,000 after acquiring an additional 78,374 shares during the last quarter. Capital International Investors grew its holdings in Progressive by 8.9% in the 4th quarter. Capital International Investors now owns 14,921,724 shares of the insurance provider’s stock worth $3,398,123,000 after acquiring an additional 1,217,527 shares during the last quarter. Finally, GQG Partners LLC increased its position in shares of Progressive by 11.7% in the fourth quarter. GQG Partners LLC now owns 10,432,549 shares of the insurance provider’s stock valued at $2,375,706,000 after acquiring an additional 1,092,151 shares during the period. Institutional investors own 85.34% of the company’s stock.

Insider Buying and Selling at Progressive

In other news, CFO Andrew J. Quigg sold 3,499 shares of the firm’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $220.00, for a total value of $769,780.00. Following the completion of the transaction, the chief financial officer owned 42,595 shares in the company, valued at $9,370,900. This trade represents a 7.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Karen Bailo sold 8,452 shares of Progressive stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $212.71, for a total value of $1,797,824.92. Following the sale, the insider owned 32,348 shares in the company, valued at $6,880,743.08. This represents a 20.72% decrease in their ownership of the stock. 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. In the last 90 days, insiders sold 82,224 shares of company stock worth $17,416,438. Insiders own 0.32% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. JPMorgan Chase & Co. lowered their price objective on shares of Progressive from $250.00 to $241.00 and set a “neutral” rating for the company in a research note on Tuesday, August 4th. Roth Capital reissued a “buy” rating and issued a $245.00 target price on shares of Progressive in a research note on Thursday. Royal Bank Of Canada set a $208.00 price target on Progressive in a report on Friday, May 22nd. Evercore set a $240.00 price target on Progressive in a research report on Friday, July 10th. Finally, Jefferies Financial Group reiterated a “hold” rating and issued a $228.00 price objective on shares of Progressive in a report on Wednesday. Seven equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $236.05.

Progressive Trading Down 0.4%

NYSE:PGR opened at $219.45 on Friday. The company has a 50-day moving average price of $215.53 and a 200-day moving average price of $206.64. The Progressive Corporation has a 12 month low of $189.20 and a 12 month high of $252.82. 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 stock has a market cap of $127.58 billion, a price-to-earnings ratio of 11.01, a P/E/G ratio of 2.96 and a beta of 0.27.

Progressive (NYSE:PGR) last announced its earnings results on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share 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 analyst estimates of $19.49 billion. During the same quarter in the previous year, the firm posted $5.40 EPS. The company’s revenue for the quarter was up 5.0% compared to the same quarter last year. Equities analysts predict that The Progressive Corporation will post 17.62 EPS for the current year.

Progressive Dividend Announcement

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

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.