Perigon Wealth Management LLC Acquires 283 Shares of The Progressive Corporation $PGR

Perigon Wealth Management LLC grew its holdings in The Progressive Corporation (NYSE:PGR) by 6.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,979 shares of the insurance provider’s stock after acquiring an additional 283 shares during the period. Perigon Wealth Management LLC’s holdings in Progressive were worth $1,329,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. State of Alaska Department of Revenue raised its stake in shares of Progressive by 2.7% in the first quarter. State of Alaska Department of Revenue now owns 68,644 shares of the insurance provider’s stock worth $19,426,000 after buying an additional 1,800 shares during the period. Trust Co. of Oklahoma bought a new stake in Progressive during the 2nd quarter worth approximately $439,000. Zurich Insurance Group Ltd FI raised its stake in Progressive by 87.9% during the 1st quarter. Zurich Insurance Group Ltd FI now owns 414,183 shares of the insurance provider’s stock worth $117,218,000 after acquiring an additional 193,800 shares during the period. Belmont Capital LLC purchased a new position in Progressive during the first quarter valued at approximately $580,000. Finally, QRG Capital Management Inc. raised its position in shares of Progressive by 36.4% during the 1st quarter. QRG Capital Management Inc. now owns 126,826 shares of the insurance provider’s stock valued at $35,893,000 after purchasing an additional 33,864 shares during the period. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Progressive Price Performance

Shares of NYSE PGR opened at $243.46 on Friday. The Progressive Corporation has a 52 week low of $228.54 and a 52 week high of $292.99. The business’s 50 day moving average price is $245.34 and its 200 day moving average price is $262.03. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.21. The firm has a market cap of $142.72 billion, a P/E ratio of 13.72, a P/E/G ratio of 1.36 and a beta of 0.32.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, beating the consensus estimate of $4.43 by $0.45. The business had revenue of $20.08 billion during the quarter, compared to analysts’ expectations of $20.39 billion. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The business’s quarterly revenue was up 12.1% compared to the same quarter last year. During the same period in the previous year, the business posted $2.48 EPS. On average, sell-side analysts expect that The Progressive Corporation will post 14.68 earnings per share for the current year.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend is Thursday, October 2nd. Progressive’s payout ratio is 2.25%.

Insider Transactions at Progressive

In related news, insider Patrick K. Callahan sold 6,420 shares of the business’s stock in a transaction on Friday, September 19th. The shares were sold at an average price of $242.22, for a total value of $1,555,052.40. Following the completion of the transaction, the insider directly owned 15,192 shares in the company, valued at $3,679,806.24. The trade was a 29.71% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider John Jo Murphy sold 2,218 shares of the firm’s stock in a transaction on Friday, September 19th. The shares were sold at an average price of $242.10, for a total transaction of $536,977.80. Following the sale, the insider owned 43,506 shares in the company, valued at approximately $10,532,802.60. This represents a 4.85% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 140,045 shares of company stock valued at $34,635,290. 0.34% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have commented on PGR shares. Cantor Fitzgerald raised shares of Progressive to a “hold” rating in a report on Wednesday, August 13th. Jefferies Financial Group lowered their target price on shares of Progressive from $309.00 to $287.00 and set a “buy” rating for the company in a research note on Monday, August 11th. Morgan Stanley lowered their price objective on shares of Progressive from $267.00 to $265.00 and set an “equal weight” rating for the company in a research note on Monday, September 22nd. BMO Capital Markets set a $252.00 price target on Progressive in a report on Thursday, September 18th. Finally, Wells Fargo & Company restated an “equal weight” rating and set a $265.00 price objective (down from $327.00) on shares of Progressive in a research note on Thursday, September 18th. Six research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Progressive presently has an average rating of “Hold” and an average target price of $279.31.

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.