AlphaStar Capital Management LLC Invests $203,000 in The Progressive Corporation $PGR

AlphaStar Capital Management LLC acquired a new stake in The Progressive Corporation (NYSE:PGR) during the second quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 762 shares of the insurance provider’s stock, valued at approximately $203,000.

A number of other institutional investors have also made changes to their positions in the stock. Vanguard Group Inc. raised its stake in shares of Progressive by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 54,022,956 shares of the insurance provider’s stock valued at $15,289,037,000 after acquiring an additional 622,590 shares in the last quarter. GQG Partners LLC raised its stake in shares of Progressive by 61.4% in the 1st quarter. GQG Partners LLC now owns 8,346,133 shares of the insurance provider’s stock valued at $2,362,039,000 after acquiring an additional 3,174,632 shares in the last quarter. Alliancebernstein L.P. raised its stake in shares of Progressive by 15.2% in the 1st quarter. Alliancebernstein L.P. now owns 8,263,157 shares of the insurance provider’s stock valued at $2,338,556,000 after acquiring an additional 1,091,828 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Progressive by 6.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 6,380,134 shares of the insurance provider’s stock valued at $1,805,642,000 after acquiring an additional 396,567 shares in the last quarter. Finally, Nuveen LLC bought a new position in shares of Progressive in the 1st quarter valued at approximately $1,473,180,000. 85.34% of the stock is owned by institutional investors.

Progressive Price Performance

Shares of NYSE:PGR opened at $205.97 on Friday. The Progressive Corporation has a 1-year low of $205.55 and a 1-year high of $292.99. The firm has a market capitalization of $120.74 billion, a PE ratio of 11.30, a PEG ratio of 1.19 and a beta of 0.32. The business’s 50 day moving average is $237.11 and its 200-day moving average is $254.01. The company has a current ratio of 0.32, a quick ratio of 0.31 and a debt-to-equity ratio of 0.19.

Progressive (NYSE:PGR) last announced its quarterly earnings data 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 return on equity of 33.88% and a net margin of 12.57%.The firm had revenue of $21.38 billion for the quarter, compared to analyst estimates of $21.64 billion. During the same period in the previous year, the business posted $3.58 EPS. Sell-side analysts predict that The Progressive Corporation will post 14.68 earnings per share for the current year.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date was Thursday, October 2nd. Progressive’s payout ratio is 2.19%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on PGR. Cantor Fitzgerald raised Progressive to a “hold” rating in a research note on Wednesday, August 13th. Barclays cut their price objective on Progressive from $271.00 to $257.00 and set an “equal weight” rating on the stock in a research note on Monday, October 20th. Evercore ISI lowered their target price on Progressive from $275.00 to $273.00 and set an “in-line” rating on the stock in a report on Wednesday, October 1st. Wolfe Research started coverage on Progressive in a report on Monday, September 15th. They issued a “peer perform” rating on the stock. Finally, Wells Fargo & Company lowered their target price on Progressive from $266.00 to $246.00 and set an “equal weight” rating on the stock in a report on Thursday, October 16th. Eight analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $268.90.

Insider Buying and Selling at Progressive

In other news, insider John Jo Murphy sold 2,218 shares of Progressive stock in a transaction dated 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 directly owned 43,506 shares in the company, valued at approximately $10,532,802.60. The trade was a 4.85% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 sale, the insider directly owned 15,192 shares in the company, valued at approximately $3,679,806.24. This represents a 29.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 58,500 shares of company stock worth $14,430,089 in the last 90 days. 0.34% of the stock is currently owned by insiders.

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.