Trivium Point Advisory LLC Acquires New Shares in The Progressive Corporation $PGR

Trivium Point Advisory LLC bought a new stake in shares of The Progressive Corporation (NYSE:PGR) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 3,174 shares of the insurance provider’s stock, valued at approximately $693,000.

Several other hedge funds have also recently modified their holdings of the business. Allstate Corp boosted its stake in shares of Progressive by 106.1% in the 4th quarter. Allstate Corp now owns 44,513 shares of the insurance provider’s stock worth $10,136,000 after buying an additional 22,915 shares during the last quarter. Norges Bank purchased a new stake in Progressive during the fourth quarter valued at $1,836,094,000. Investment House LLC bought a new position in Progressive in the fourth quarter valued at about $8,447,000. Van Cleef Asset Management Inc lifted its holdings in Progressive by 1.2% in the fourth quarter. Van Cleef Asset Management Inc now owns 761,587 shares of the insurance provider’s stock valued at $173,429,000 after acquiring an additional 9,017 shares during the period. Finally, Life Cycle Investment Partners Ltd purchased a new position in Progressive in the fourth quarter worth about $353,906,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insider Buying and Selling at Progressive

In other news, CEO Susan Patricia Griffith sold 37,338 shares of the firm’s stock in a transaction on Monday, July 27th. The shares were sold at an average price of $212.71, for a total transaction of $7,942,165.98. Following the sale, the chief executive officer directly owned 522,776 shares in the company, valued at $111,199,682.96. This trade represents a 6.67% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Karen Bailo sold 8,452 shares of Progressive stock in a transaction on Monday, July 27th. The shares were sold at an average price of $212.71, for a total transaction of $1,797,824.92. Following the transaction, the insider owned 32,348 shares in the company, valued at approximately $6,880,743.08. This trade represents a 20.72% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 74,885 shares of company stock valued at $15,880,459. 0.32% of the stock is currently owned by company insiders.

Progressive Stock Performance

Shares of PGR opened at $209.48 on Monday. The business has a 50-day simple moving average of $214.36 and a two-hundred day simple moving average of $206.46. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.24. The Progressive Corporation has a 52 week low of $189.20 and a 52 week high of $254.93. The stock has a market cap of $121.79 billion, a price-to-earnings ratio of 10.51, a PEG ratio of 2.82 and a beta of 0.27.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share for the quarter, beating analysts’ consensus estimates of $4.64 by $1.03. The firm had revenue of $23.61 billion for the quarter, compared to analysts’ expectations of $19.49 billion. Progressive had a return on equity of 32.92% and a net margin of 12.84%.The business’s quarterly revenue was up 5.0% on a year-over-year basis. During the same period in the previous year, the firm earned $5.40 EPS. On average, analysts expect that The Progressive Corporation will post 17.57 EPS for the current year.

Progressive Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Thursday, October 1st will be paid a dividend of $0.10 per share. The ex-dividend date is Thursday, October 1st. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive’s dividend payout ratio (DPR) is presently 2.01%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on PGR. William Blair restated a “market perform” rating on shares of Progressive in a research note on Wednesday, July 15th. Wells Fargo & Company lowered their price objective on shares of Progressive from $205.00 to $198.00 and set an “underweight” rating on the stock in a research note on Thursday, July 16th. Keefe, Bruyette & Woods cut their target price on shares of Progressive from $231.00 to $226.00 and set a “market perform” rating for the company in a research report on Thursday, July 16th. Morgan Stanley upgraded shares of Progressive from an “underweight” rating to an “equal weight” rating and boosted their target price for the company from $190.00 to $210.00 in a research report on Friday, July 24th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Progressive from $250.00 to $241.00 and set a “neutral” rating on the stock in a research report on Tuesday, August 4th. Five investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $235.00.

Progressive Company Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.