Quent Capital LLC Purchases 98 Shares of The Progressive Co. (NYSE:PGR)

Quent Capital LLC grew its position in shares of The Progressive Co. (NYSE:PGR) by 22.7% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 530 shares of the insurance provider’s stock after buying an additional 98 shares during the quarter. Quent Capital LLC’s holdings in Progressive were worth $110,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of PGR. Trust Point Inc. bought a new position in shares of Progressive during the 4th quarter valued at $316,000. International Assets Investment Management LLC increased its stake in shares of Progressive by 12,144.1% in the 4th quarter. International Assets Investment Management LLC now owns 367,934 shares of the insurance provider’s stock worth $58,605,000 after purchasing an additional 364,929 shares in the last quarter. Prime Capital Investment Advisors LLC increased its stake in shares of Progressive by 157.2% in the 4th quarter. Prime Capital Investment Advisors LLC now owns 5,779 shares of the insurance provider’s stock worth $921,000 after purchasing an additional 3,532 shares in the last quarter. Stratos Investment Management LLC purchased a new stake in shares of Progressive in the 4th quarter worth $272,000. Finally, Stratos Wealth Partners LTD. increased its stake in shares of Progressive by 0.9% in the 4th quarter. Stratos Wealth Partners LTD. now owns 61,927 shares of the insurance provider’s stock worth $9,864,000 after purchasing an additional 568 shares in the last quarter. 85.34% of the stock is owned by institutional investors.

Progressive Trading Up 1.5 %

Shares of NYSE:PGR traded up $3.10 during trading on Tuesday, reaching $214.01. 2,704,942 shares of the company were exchanged, compared to its average volume of 2,576,505. The firm has a market capitalization of $125.35 billion, a PE ratio of 21.90, a P/E/G ratio of 0.75 and a beta of 0.35. The business’s fifty day simple moving average is $211.43 and its 200-day simple moving average is $203.40. The Progressive Co. has a 12-month low of $124.06 and a 12-month 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.

Progressive (NYSE:PGR) last issued its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 EPS for the quarter, topping analysts’ consensus estimates of $2.04 by $0.61. The business had revenue of $17.90 billion for the quarter, compared to analyst estimates of $17.54 billion. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The company’s quarterly revenue was up 21.6% compared to the same quarter last year. During the same period last year, the company posted $0.57 earnings per share. On average, research analysts anticipate that The Progressive Co. will post 12.02 EPS for the current year.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Thursday, October 3rd will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.19%. The ex-dividend date is Thursday, October 3rd. Progressive’s dividend payout ratio (DPR) is presently 4.09%.

Insider Transactions at Progressive

In related news, CFO John P. Sauerland sold 12,457 shares of Progressive stock in a transaction that occurred on Wednesday, May 29th. The shares were sold at an average price of $204.43, for a total transaction of $2,546,584.51. Following the transaction, the chief financial officer now directly owns 312,958 shares of the company’s stock, valued at $63,978,003.94. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, CIO Jonathan S. Bauer sold 2,467 shares of Progressive stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $214.01, for a total transaction of $527,962.67. Following the transaction, the executive now directly owns 24,720 shares of the company’s stock, valued at $5,290,327.20. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO John P. Sauerland sold 12,457 shares of Progressive stock in a transaction on Wednesday, May 29th. The stock was sold at an average price of $204.43, for a total transaction of $2,546,584.51. Following the completion of the transaction, the chief financial officer now directly owns 312,958 shares in the company, valued at $63,978,003.94. The disclosure for this sale can be found here. Over the last three months, insiders have sold 108,168 shares of company stock valued at $22,937,984. 0.34% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on PGR shares. Wells Fargo & Company upped their price objective on Progressive from $243.00 to $254.00 and gave the stock an “overweight” rating in a research note on Monday, June 17th. JPMorgan Chase & Co. upped their price objective on Progressive from $210.00 to $239.00 and gave the stock an “overweight” rating in a research note on Thursday, July 11th. Jefferies Financial Group raised their price objective on Progressive from $256.00 to $257.00 and gave the company a “buy” rating in a research report on Wednesday, July 17th. Citigroup cut their price objective on Progressive from $232.00 to $225.00 and set a “neutral” rating for the company in a research report on Wednesday, July 17th. Finally, UBS Group raised their price objective on Progressive from $216.00 to $218.00 and gave the company a “neutral” rating in a research report on Wednesday, April 17th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $222.94.

Progressive 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.