The Progressive Co. (NYSE:PGR) Shares Bought by Angeles Wealth Management LLC

Angeles Wealth Management LLC increased its position in shares of The Progressive Co. (NYSE:PGR) by 11.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,987 shares of the insurance provider’s stock after acquiring an additional 409 shares during the period. Angeles Wealth Management LLC’s holdings in Progressive were worth $828,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of PGR. Sachetta LLC acquired a new position in Progressive during the fourth quarter worth about $25,000. Northwest Bank & Trust Co acquired a new position in Progressive during the fourth quarter worth about $25,000. WR Wealth Planners LLC grew its holdings in Progressive by 119.6% during the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after acquiring an additional 67 shares during the period. Indiana Trust & Investment Management CO acquired a new position in Progressive during the first quarter worth about $32,000. Finally, Hilltop National Bank grew its holdings in Progressive by 126.0% during the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 92 shares during the period. 85.34% of the stock is owned by institutional investors and hedge funds.

Progressive Trading Down 0.9 %

Shares of NYSE PGR opened at $249.12 on Wednesday. The Progressive Co. has a one year low of $134.34 and a one year high of $254.83. The firm has a market capitalization of $145.90 billion, a PE ratio of 25.50, a PEG ratio of 0.82 and a beta of 0.35. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.30. The business has a 50-day moving average price of $227.06 and a two-hundred day moving average price of $213.82.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.04 by $0.61. The business had revenue of $17.90 billion during the quarter, compared to analyst estimates of $17.54 billion. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The firm’s revenue was up 21.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.57 EPS. As a group, analysts predict that The Progressive Co. will post 12.19 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Thursday, October 3rd will be issued a dividend of $0.10 per share. The ex-dividend date is Thursday, October 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.16%. Progressive’s dividend payout ratio is 4.09%.

Insider Activity

In other news, insider Andrew J. Quigg sold 3,975 shares of Progressive stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $214.01, for a total transaction of $850,689.75. Following the completion of the sale, the insider now directly owns 32,780 shares in the company, valued at approximately $7,015,247.80. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, insider John Jo Murphy sold 9,512 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $237.50, for a total value of $2,259,100.00. Following the transaction, the insider now directly owns 45,787 shares of the company’s stock, valued at approximately $10,874,412.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Andrew J. Quigg sold 3,975 shares of the firm’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $214.01, for a total value of $850,689.75. Following the completion of the transaction, the insider now directly owns 32,780 shares in the company, valued at $7,015,247.80. The disclosure for this sale can be found here. Insiders sold a total of 147,354 shares of company stock worth $33,502,680 in the last three months. 0.34% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on PGR. Hsbc Global Res raised Progressive from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. Keefe, Bruyette & Woods lifted their price target on Progressive from $255.00 to $275.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 3rd. HSBC raised Progressive from a “hold” rating to a “buy” rating and set a $253.00 price target on the stock in a research note on Monday, August 12th. Bank of America lifted their price target on Progressive from $294.00 to $312.00 and gave the stock a “buy” rating in a research note on Tuesday, September 3rd. Finally, Morgan Stanley dropped their price target on Progressive from $256.00 to $255.00 and set an “overweight” rating on the stock in a research note on Monday, June 10th. Six analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $252.29.

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.