Bingham Private Wealth LLC Lowers Position in The Progressive Corporation $PGR

Bingham Private Wealth LLC cut its holdings in shares of The Progressive Corporation (NYSE:PGR) by 16.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,268 shares of the insurance provider’s stock after selling 241 shares during the quarter. Bingham Private Wealth LLC’s holdings in Progressive were worth $338,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of PGR. Highline Wealth Partners LLC grew its holdings in shares of Progressive by 114.0% during the 1st 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 period. TruNorth Capital Management LLC grew its holdings in shares of Progressive by 210.0% during the 1st 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 period. HWG Holdings LP purchased a new position in shares of Progressive during the 1st quarter worth $28,000. Garde Capital Inc. purchased a new position in shares of Progressive during the 1st quarter worth $33,000. Finally, Ransom Advisory Ltd purchased a new position in shares of Progressive during the 1st quarter worth $35,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on PGR. Weiss Ratings restated a “buy (b)” rating on shares of Progressive in a report on Saturday, September 27th. Wolfe Research began coverage on Progressive in a report on Monday, September 15th. They set a “peer perform” rating for the company. Morgan Stanley lowered their target price on Progressive from $267.00 to $265.00 and set an “equal weight” rating for the company in a report on Monday, September 22nd. Wall Street Zen cut Progressive from a “buy” rating to a “hold” rating in a report on Sunday, September 21st. Finally, Citigroup restated a “buy” rating on shares of Progressive in a report on Friday, August 29th. Seven investment analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $279.63.

Insider Buying and Selling

In related news, insider Lori A. Niederst sold 8,063 shares of the business’s stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $250.18, for a total transaction of $2,017,201.34. Following the completion of the sale, the insider owned 39,040 shares in the company, valued at $9,767,027.20. The trade was a 17.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Patrick K. Callahan sold 6,420 shares of the business’s stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $242.22, for a total value of $1,555,052.40. Following the sale, the insider owned 15,192 shares of the company’s stock, valued at approximately $3,679,806.24. The trade was a 29.71% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 130,045 shares of company stock worth $31,997,390 over the last ninety days. Company insiders own 0.34% of the company’s stock.

Progressive Price Performance

PGR stock opened at $240.50 on Tuesday. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.31 and a quick ratio of 0.31. The firm has a market capitalization of $140.98 billion, a P/E ratio of 13.55, a P/E/G ratio of 1.37 and a beta of 0.32. The business’s 50-day moving average is $245.14 and its two-hundred day moving average is $260.43. The Progressive Corporation has a 1 year low of $228.54 and a 1 year high of $292.99.

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

Progressive Announces Dividend

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

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.