The Progressive Corporation $PGR Position Boosted by Belpointe Asset Management LLC

Belpointe Asset Management LLC lifted its stake in shares of The Progressive Corporation (NYSE:PGR) by 8.1% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 4,651 shares of the insurance provider’s stock after purchasing an additional 349 shares during the period. Belpointe Asset Management LLC’s holdings in Progressive were worth $1,316,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of PGR. Highline Wealth Partners LLC lifted its position in shares of Progressive by 114.0% during the first quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider’s stock worth $26,000 after purchasing an additional 49 shares during the last quarter. TruNorth Capital Management LLC lifted its position in shares of Progressive by 210.0% during the first quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider’s stock worth $26,000 after purchasing an additional 63 shares during the last quarter. HWG Holdings LP bought a new position in Progressive in the first quarter worth about $28,000. Garde Capital Inc. bought a new position in Progressive in the first quarter worth about $33,000. Finally, Ransom Advisory Ltd bought a new position in Progressive in the first quarter worth about $35,000. Institutional investors own 85.34% of the company’s stock.

Insider Buying and Selling at Progressive

In related news, CFO John P. Sauerland sold 16,664 shares of the firm’s stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $249.24, for a total transaction of $4,153,335.36. Following the transaction, the chief financial officer owned 228,024 shares in the company, valued at $56,832,701.76. This trade represents a 6.81% decrease in their ownership of the stock. 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 30,660 shares of the firm’s stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $242.12, for a total transaction of $7,423,399.20. Following the transaction, the chief executive officer owned 506,945 shares in the company, valued at $122,741,523.40. This represents a 5.70% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 139,010 shares of company stock valued at $34,547,699. 0.34% of the stock is currently owned by company insiders.

Progressive Price Performance

Shares of NYSE:PGR opened at $248.69 on Friday. The firm’s 50 day moving average is $246.68 and its two-hundred day moving average is $264.95. The Progressive Corporation has a 52 week low of $228.54 and a 52 week high of $292.99. The firm has a market capitalization of $145.78 billion, a P/E ratio of 14.01, a PEG ratio of 1.43 and a beta of 0.32. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.21.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, beating analysts’ consensus estimates of $4.43 by $0.45. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The business had revenue of $20.08 billion for the quarter, compared to analyst estimates of $20.39 billion. During the same quarter last year, the business earned $2.48 earnings per share. The business’s revenue for the quarter was up 12.1% on a year-over-year basis. Analysts anticipate that The Progressive Corporation will post 14.68 earnings per share for the current year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Thursday, October 2nd will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date is Thursday, October 2nd. Progressive’s dividend payout ratio (DPR) is currently 2.25%.

Analyst Ratings Changes

PGR has been the topic of a number of recent research reports. Wells Fargo & Company cut their target price on shares of Progressive from $330.00 to $327.00 and set an “overweight” rating on the stock in a report on Thursday, August 21st. Citigroup reissued a “buy” rating on shares of Progressive in a report on Friday, August 29th. Evercore ISI cut shares of Progressive from an “outperform” rating to an “in-line” rating and set a $275.00 target price on the stock. in a report on Thursday, July 17th. UBS Group cut their target price on shares of Progressive from $280.00 to $268.00 and set a “neutral” rating on the stock in a report on Monday, July 21st. Finally, Barclays cut their target price on shares of Progressive from $287.00 to $281.00 and set an “equal weight” rating on the stock in a report on Tuesday, August 19th. Nine equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company’s stock. Based on data from MarketBeat, Progressive presently has a consensus rating of “Moderate Buy” and a consensus target price of $284.82.

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.