Sanctuary Advisors LLC Buys Shares of 76,937 The Progressive Corporation $PGR

Sanctuary Advisors LLC purchased a new stake in shares of The Progressive Corporation (NYSE:PGR) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 76,937 shares of the insurance provider’s stock, valued at approximately $16,807,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of PGR. Bogart Wealth LLC increased its holdings 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 acquiring an additional 87 shares during the period. IMG Wealth Management Inc. bought a new position in Progressive in the 2nd quarter valued at $26,000. Meeder Asset Management Inc. bought a new position in Progressive in the 2nd quarter valued at $26,000. Bard Associates Inc. purchased a new position in shares of Progressive during the 4th quarter valued at $27,000. Finally, Kilter Group LLC bought a new position in shares of Progressive in the second quarter worth $27,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on PGR. JPMorgan Chase & Co. dropped their price objective on Progressive from $250.00 to $241.00 and set a “neutral” rating for the company in a research note on Tuesday, August 4th. Bank of America decreased their target price on Progressive from $313.00 to $308.00 and set a “buy” rating on the stock in a research note on Thursday, July 16th. Cantor Fitzgerald dropped their price target on Progressive from $220.00 to $200.00 and set a “neutral” rating for the company in a research report on Monday, August 17th. Royal Bank Of Canada set a $208.00 price objective on Progressive in a report on Friday, May 22nd. Finally, The Goldman Sachs Group restated a “buy” rating and issued a $230.00 price objective on shares of Progressive in a research report on Wednesday. Seven research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $236.05.

Insider Buying and Selling

In related news, insider Lori A. Niederst sold 7,339 shares of the stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $209.29, for a total transaction of $1,535,979.31. Following the transaction, the insider owned 42,567 shares of the company’s stock, valued at approximately $8,908,847.43. This trade represents a 14.71% 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 Karen Bailo sold 8,452 shares of Progressive stock in a transaction on Monday, July 27th. The stock was sold at an average price of $212.71, for a total transaction of $1,797,824.92. Following the completion of the transaction, the insider owned 32,348 shares in the company, valued at approximately $6,880,743.08. The trade was a 20.72% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 82,224 shares of company stock worth $17,416,438 in the last ninety days. 0.32% of the stock is currently owned by insiders.

Progressive Price Performance

Shares of Progressive stock opened at $219.45 on Monday. The firm has a market capitalization of $127.58 billion, a PE ratio of 11.01, a price-to-earnings-growth ratio of 2.93 and a beta of 0.27. 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 Progressive Corporation has a 12 month low of $189.20 and a 12 month high of $252.82. The business’s 50-day moving average price is $215.53 and its 200-day moving average price is $206.66.

Progressive (NYSE:PGR) last released its earnings results on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share for the quarter, topping analysts’ consensus estimates of $4.64 by $1.03. The company 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% compared to the same quarter last year. During the same quarter in the previous year, the company posted $5.40 EPS. Sell-side analysts forecast that The Progressive Corporation will post 17.71 EPS for the current fiscal year.

Progressive Announces Dividend

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

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.