The Progressive Co. (NYSE:PGR) Stock Holdings Increased by EP Wealth Advisors LLC

EP Wealth Advisors LLC raised its holdings in shares of The Progressive Co. (NYSE:PGR) by 4.1% during the 1st quarter, Holdings Channel reports. The fund owned 1,579 shares of the insurance provider’s stock after purchasing an additional 62 shares during the period. EP Wealth Advisors LLC’s holdings in Progressive were worth $327,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently added to or reduced their stakes in PGR. Norges Bank acquired a new position in shares of Progressive during the 4th quarter valued at $1,078,831,000. 1832 Asset Management L.P. increased its position in shares of Progressive by 237.8% during the 4th quarter. 1832 Asset Management L.P. now owns 1,485,750 shares of the insurance provider’s stock valued at $236,650,000 after purchasing an additional 1,045,883 shares during the period. Confluence Investment Management LLC acquired a new position in shares of Progressive during the 1st quarter valued at $188,642,000. SG Americas Securities LLC increased its position in shares of Progressive by 4,545.0% during the 1st quarter. SG Americas Securities LLC now owns 705,243 shares of the insurance provider’s stock valued at $145,858,000 after purchasing an additional 690,060 shares during the period. Finally, Los Angeles Capital Management LLC grew its holdings in shares of Progressive by 279.2% in the 4th quarter. Los Angeles Capital Management LLC now owns 811,381 shares of the insurance provider’s stock worth $129,237,000 after acquiring an additional 597,401 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

Insider Activity at Progressive

In other Progressive news, CEO Susan Patricia Griffith sold 43,371 shares of the business’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $214.01, for a total value of $9,281,827.71. Following the completion of the sale, the chief executive officer now owns 517,105 shares of the company’s stock, valued at $110,665,641.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CFO John P. Sauerland sold 22,708 shares of the business’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $214.01, for a total transaction of $4,859,739.08. Following the completion of the transaction, the chief financial officer now owns 302,958 shares of the company’s stock, valued at approximately $64,836,041.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Susan Patricia Griffith sold 43,371 shares of the business’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $214.01, for a total value of $9,281,827.71. Following the transaction, the chief executive officer now directly owns 517,105 shares of the company’s stock, valued at approximately $110,665,641.05. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 108,168 shares of company stock valued at $22,937,984. Insiders own 0.34% of the company’s stock.

Progressive Stock Up 1.4 %

PGR traded up $2.91 during trading on Friday, reaching $215.68. 1,972,284 shares of the stock traded hands, compared to its average volume of 2,573,005. The stock has a market cap of $126.32 billion, a price-to-earnings ratio of 22.08, a price-to-earnings-growth ratio of 0.74 and a beta of 0.35. The Progressive Co. has a fifty-two week low of $124.06 and a fifty-two week high of $229.00. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.33 and a quick ratio of 0.32. The stock’s 50-day simple moving average is $210.37 and its two-hundred day simple moving average is $200.99.

Progressive (NYSE:PGR) last released its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.04 by $0.61. The firm had revenue of $17.90 billion during the quarter, compared to analysts’ expectations of $17.54 billion. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The business’s revenue for the quarter was up 21.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.57 earnings per share. As a group, equities research analysts expect that The Progressive Co. will post 12.02 EPS for the current year.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Wednesday, July 3rd were given a dividend of $0.10 per share. The ex-dividend date was Wednesday, July 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.19%. Progressive’s payout ratio is 4.09%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on PGR. Wells Fargo & Company lifted their target price on Progressive from $243.00 to $254.00 and gave the stock an “overweight” rating in a report on Monday, June 17th. Citigroup decreased their target price on Progressive from $232.00 to $225.00 and set a “neutral” rating on the stock in a report on Wednesday, July 17th. BMO Capital Markets lifted their target price on Progressive from $235.00 to $239.00 and gave the stock an “outperform” rating in a report on Thursday, July 18th. Jefferies Financial Group lifted their target price on Progressive from $256.00 to $257.00 and gave the stock a “buy” rating in a report on Wednesday, July 17th. Finally, JPMorgan Chase & Co. lifted their target price on Progressive from $210.00 to $239.00 and gave the stock an “overweight” rating in a report on Thursday, July 11th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $222.94.

Progressive Company Profile

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.