Joel Isaacson & Co. LLC Invests $308,000 in The Progressive Corporation $PGR

Joel Isaacson & Co. LLC acquired a new position in The Progressive Corporation (NYSE:PGR) in the second quarter, Holdings Channel.com reports. The institutional investor acquired 1,156 shares of the insurance provider’s stock, valued at approximately $308,000.

Several other hedge funds have also recently bought and sold shares of the business. Roundview Capital LLC increased its position in Progressive by 1.2% during the second quarter. Roundview Capital LLC now owns 62,117 shares of the insurance provider’s stock worth $16,577,000 after buying an additional 763 shares during the last quarter. Ameliora Wealth Management Ltd. acquired a new position in Progressive during the second quarter worth $297,000. SteelPeak Wealth LLC increased its position in Progressive by 18.0% during the second quarter. SteelPeak Wealth LLC now owns 8,950 shares of the insurance provider’s stock worth $2,388,000 after buying an additional 1,365 shares during the last quarter. Prime Capital Investment Advisors LLC increased its position in Progressive by 12.2% during the second quarter. Prime Capital Investment Advisors LLC now owns 7,642 shares of the insurance provider’s stock worth $2,039,000 after buying an additional 832 shares during the last quarter. Finally, Relyea Zuckerberg Hanson LLC increased its position in Progressive by 2.7% during the second quarter. Relyea Zuckerberg Hanson LLC now owns 2,829 shares of the insurance provider’s stock worth $755,000 after buying an additional 75 shares during the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO Susan Patricia Griffith sold 30,659 shares of the stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $246.06, for a total value of $7,543,953.54. Following the completion of the sale, the chief executive officer owned 476,286 shares in the company, valued at approximately $117,194,933.16. This trade represents a 6.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Lori A. Niederst sold 8,063 shares of the stock in a transaction dated Thursday, August 14th. The shares were 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 of the company’s stock, valued at approximately $9,767,027.20. The trade was a 17.12% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 130,045 shares of company stock valued at $31,997,390 in the last quarter. 0.33% of the stock is currently owned by insiders.

Progressive Stock Up 1.4%

PGR stock opened at $243.77 on Wednesday. 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 company has a 50-day moving average of $245.18 and a two-hundred day moving average of $260.32. The Progressive Corporation has a 52-week low of $228.54 and a 52-week high of $292.99. The stock has a market capitalization of $142.90 billion, a price-to-earnings ratio of 13.73, a price-to-earnings-growth ratio of 1.34 and a beta of 0.32.

Progressive (NYSE:PGR) last released its earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts’ expectations of $20.39 billion. During the same quarter last year, the company earned $2.48 earnings per share. The firm’s revenue was up 12.1% on a year-over-year basis. As a group, equities research analysts anticipate that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Dividend Announcement

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

Analyst Upgrades and Downgrades

Several equities analysts have commented on PGR shares. Cantor Fitzgerald raised shares of Progressive to a “hold” rating in a research report on Wednesday, August 13th. Wells Fargo & Company reissued an “equal weight” rating and set a $265.00 target price (down from $327.00) on shares of Progressive in a research report on Thursday, September 18th. UBS Group decreased their price target on shares of Progressive from $280.00 to $268.00 and set a “neutral” rating for the company in a report on Monday, July 21st. Bank of America upped their price target on shares of Progressive from $343.00 to $350.00 and gave the company a “buy” rating in a report on Monday, September 29th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Progressive in a report on Saturday, September 27th. Seven analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $279.63.

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.