FFT Wealth Management LLC Buys New Holdings in The Progressive Co. (NYSE:PGR)

FFT Wealth Management LLC bought a new stake in The Progressive Co. (NYSE:PGR) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 1,158 shares of the insurance provider’s stock, valued at approximately $241,000.

Other hedge funds have also added to or reduced their stakes in the company. Aviance Capital Partners LLC acquired a new position in Progressive during the 1st quarter valued at about $3,628,000. TCW Group Inc. purchased a new position in shares of Progressive in the 4th quarter worth approximately $1,988,000. Brevan Howard Capital Management LP purchased a new position in shares of Progressive in the 4th quarter worth approximately $3,090,000. Concurrent Investment Advisors LLC boosted its stake in shares of Progressive by 66.4% in the 1st quarter. Concurrent Investment Advisors LLC now owns 6,814 shares of the insurance provider’s stock worth $1,409,000 after buying an additional 2,719 shares during the last quarter. Finally, Banque Cantonale Vaudoise boosted its stake in shares of Progressive by 90.4% in the 1st quarter. Banque Cantonale Vaudoise now owns 21,056 shares of the insurance provider’s stock worth $4,354,000 after buying an additional 10,000 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Stock Up 0.9 %

PGR opened at $252.20 on Monday. The stock has a market cap of $147.71 billion, a PE ratio of 25.81, a P/E/G ratio of 0.83 and a beta of 0.35. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.30. The Progressive Co. has a 52 week low of $131.87 and a 52 week high of $254.35. The business’s fifty day simple moving average is $221.26 and its 200 day simple moving average is $210.81.

Progressive (NYSE:PGR) last released its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 EPS for the quarter, beating analysts’ consensus estimates of $2.04 by $0.61. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The business had revenue of $17.90 billion for the quarter, compared to analysts’ expectations of $17.54 billion. During the same quarter in the prior year, the firm earned $0.57 earnings per share. The firm’s revenue was up 21.6% on a year-over-year basis. As a group, research analysts expect that The Progressive Co. will post 12.2 earnings per share for the current fiscal year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Thursday, October 3rd will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, October 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.16%. Progressive’s dividend payout ratio (DPR) is currently 4.09%.

Analyst Ratings Changes

Several equities analysts recently commented on PGR shares. BMO Capital Markets dropped their price objective on Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Roth Mkm upped their price objective on Progressive from $235.00 to $270.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. HSBC upgraded Progressive from a “hold” rating to a “buy” rating and set a $253.00 price objective on the stock in a research note on Monday, August 12th. Jefferies Financial Group upped their price objective on Progressive from $256.00 to $257.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. Finally, Citigroup dropped their price objective on Progressive from $232.00 to $225.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 17th. One analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $234.41.

Insider Activity

In other news, CAO Mariann Wojtkun Marshall sold 650 shares of the firm’s stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $208.11, for a total transaction of $135,271.50. Following the transaction, the chief accounting officer now directly owns 3,981 shares of the company’s stock, valued at $828,485.91. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Susan Patricia Griffith sold 43,371 shares of the firm’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 sale, the chief executive officer now directly owns 517,105 shares of the company’s stock, valued at $110,665,641.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Mariann Wojtkun Marshall sold 650 shares of the firm’s stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $208.11, for a total value of $135,271.50. Following the completion of the sale, the chief accounting officer now directly owns 3,981 shares in the company, valued at $828,485.91. The disclosure for this sale can be found here. Over the last three months, insiders have sold 103,984 shares of company stock valued at $22,564,766. 0.34% of the stock is currently owned by insiders.

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.