The Progressive Corporation $PGR is Weik Capital Management’s 4th Largest Position

Weik Capital Management grew its stake in shares of The Progressive Corporation (NYSE:PGR) by 2.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 88,902 shares of the insurance provider’s stock after purchasing an additional 2,517 shares during the quarter. Progressive makes up approximately 7.6% of Weik Capital Management’s investment portfolio, making the stock its 4th largest position. Weik Capital Management’s holdings in Progressive were worth $20,245,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Brighton Jones LLC lifted its stake in Progressive by 15.6% in the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock worth $813,000 after acquiring an additional 457 shares during the period. Revolve Wealth Partners LLC purchased a new position in shares of Progressive in the 4th quarter worth approximately $269,000. Bison Wealth LLC boosted its stake in Progressive by 3.2% in the 4th quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock worth $615,000 after purchasing an additional 80 shares in the last quarter. HUB Investment Partners LLC boosted its stake in Progressive by 7.8% in the 2nd quarter. HUB Investment Partners LLC now owns 2,282 shares of the insurance provider’s stock worth $609,000 after purchasing an additional 166 shares in the last quarter. Finally, Diversify Wealth Management LLC increased its stake in Progressive by 12.0% during the 2nd quarter. Diversify Wealth Management LLC now owns 15,146 shares of the insurance provider’s stock valued at $3,681,000 after purchasing an additional 1,622 shares in the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Stock Up 4.6%

Shares of PGR opened at $204.27 on Friday. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.26. The firm has a market cap of $119.37 billion, a P/E ratio of 10.39, a price-to-earnings-growth ratio of 5.66 and a beta of 0.28. The company’s 50-day moving average price is $198.89 and its 200 day moving average price is $208.87. The Progressive Corporation has a 12-month low of $189.20 and a 12-month high of $283.95.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, topping analysts’ consensus estimates of $4.67 by $0.13. The company had revenue of $22.19 billion for the quarter, compared to analysts’ expectations of $23.51 billion. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The firm’s revenue was up 6.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $4.37 earnings per share. On average, sell-side analysts forecast that The Progressive Corporation will post 16.35 earnings per share for the current year.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Thursday, July 2nd will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date is Thursday, July 2nd. Progressive’s dividend payout ratio is currently 2.03%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Wells Fargo & Company upped their price target on shares of Progressive from $218.00 to $222.00 and gave the company an “equal weight” rating in a research note on Thursday, May 21st. Royal Bank Of Canada set a $208.00 price objective on shares of Progressive in a research note on Friday, May 22nd. Roth Mkm set a $235.00 target price on Progressive in a research report on Thursday, February 19th. UBS Group increased their target price on Progressive from $218.00 to $220.00 and gave the company a “neutral” rating in a research report on Monday, March 23rd. Finally, Barclays set a $247.00 price objective on Progressive in a report on Wednesday, March 18th. Six analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Progressive currently has a consensus rating of “Hold” and an average target price of $238.11.

Insider Buying and Selling

In other Progressive news, CAO Carl G. Joyce sold 270 shares of the stock in a transaction that occurred on Friday, March 20th. The shares were sold at an average price of $206.50, for a total value of $55,755.00. Following the transaction, the chief accounting officer directly owned 558 shares in the company, valued at $115,227. This represents a 32.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.32% of the stock is owned by corporate insiders.

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.