The Progressive Corporation $PGR Shares Bought by Mezzasalma Advisors LLC

Mezzasalma Advisors LLC lifted its position in shares of The Progressive Corporation (NYSE:PGR) by 5.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 9,024 shares of the insurance provider’s stock after buying an additional 475 shares during the quarter. Mezzasalma Advisors LLC’s holdings in Progressive were worth $2,408,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. TruNorth Capital Management LLC raised its holdings in Progressive by 210.0% in the 1st quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider’s stock valued at $26,000 after acquiring an additional 63 shares during the last quarter. HWG Holdings LP purchased a new stake in shares of Progressive in the first quarter valued at $28,000. Garde Capital Inc. acquired a new position in Progressive in the first quarter valued at $33,000. Ransom Advisory Ltd purchased a new position in Progressive during the first quarter worth about $35,000. Finally, Activest Wealth Management boosted its stake in Progressive by 6,350.0% in the 1st quarter. Activest Wealth Management now owns 129 shares of the insurance provider’s stock worth $37,000 after buying an additional 127 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on PGR. Wall Street Zen downgraded shares of Progressive from a “buy” rating to a “hold” rating in a research note on Sunday, September 21st. UBS Group dropped their price target on shares of Progressive from $268.00 to $261.00 and set a “neutral” rating for the company in a research report on Wednesday, October 8th. Barclays set a $271.00 price target on shares of Progressive in a research note on Wednesday, October 8th. Bank of America boosted their price objective on shares of Progressive from $350.00 to $351.00 and gave the company a “buy” rating in a research note on Thursday. Finally, Evercore ISI cut their target price on Progressive from $275.00 to $273.00 and set an “in-line” rating on the stock in a research report on Wednesday, October 1st. Seven investment analysts have rated the stock with a Buy rating and thirteen have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $274.46.

Insiders Place Their Bets

In other Progressive news, insider John Jo Murphy sold 2,218 shares of the company’s stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $242.10, for a total value of $536,977.80. Following the completion of the transaction, the insider owned 43,506 shares in the company, valued at $10,532,802.60. This represents a 4.85% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Patrick K. Callahan sold 6,420 shares of Progressive stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $242.22, for a total transaction of $1,555,052.40. Following the sale, the insider owned 15,192 shares in the company, valued at $3,679,806.24. This represents a 29.71% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 128,778 shares of company stock valued at $31,683,756. Company insiders own 0.34% of the company’s stock.

Progressive Price Performance

Progressive stock opened at $225.57 on Friday. The firm has a fifty day moving average of $243.73 and a 200-day moving average of $257.90. The Progressive Corporation has a 52-week low of $217.20 and a 52-week high of $292.99. The company has a quick ratio of 0.31, a current ratio of 0.32 and a debt-to-equity ratio of 0.19. The firm has a market capitalization of $132.23 billion, a P/E ratio of 12.37, a PEG ratio of 1.26 and a beta of 0.32.

Progressive (NYSE:PGR) last posted its earnings results on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share for the quarter, missing the consensus estimate of $5.04 by ($0.59). Progressive had a net margin of 12.57% and a return on equity of 33.88%. The business had revenue of $21.38 billion for the quarter, compared to analyst estimates of $21.64 billion. During the same quarter in the previous year, the firm posted $3.58 EPS. As a group, analysts predict 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 was paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd were given a $0.10 dividend. The ex-dividend date of this dividend was Thursday, October 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive’s dividend payout ratio is presently 2.19%.

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.