PharVision Advisers LLC Buys New Shares in The Progressive Corporation $PGR

PharVision Advisers LLC bought a new stake in The Progressive Corporation (NYSE:PGR) in the first quarter, HoldingsChannel reports. The fund bought 956 shares of the insurance provider’s stock, valued at approximately $271,000.

Other institutional investors have also recently bought and sold shares of the company. Brighton Jones LLC lifted its position in Progressive by 15.6% during the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock valued at $813,000 after buying an additional 457 shares in the last quarter. Revolve Wealth Partners LLC acquired a new position in Progressive during the fourth quarter valued at approximately $269,000. Highview Capital Management LLC DE lifted its position in Progressive by 3.2% during the fourth quarter. Highview Capital Management LLC DE now owns 11,040 shares of the insurance provider’s stock valued at $2,645,000 after buying an additional 339 shares in the last quarter. Bison Wealth LLC lifted its position in Progressive by 3.2% during the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock valued at $615,000 after buying an additional 80 shares in the last quarter. Finally, Cary Street Partners Financial LLC acquired a new position in Progressive during the fourth quarter valued at approximately $236,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Keefe, Bruyette & Woods reduced their price target on shares of Progressive from $290.00 to $268.00 and set a “market perform” rating on the stock in a research report on Thursday, July 17th. Wells Fargo & Company reduced their price target on shares of Progressive from $330.00 to $327.00 and set an “overweight” rating on the stock in a research report on Thursday, August 21st. BMO Capital Markets reduced their price target on shares of Progressive from $281.00 to $279.00 and set an “outperform” rating on the stock in a research report on Thursday, August 21st. Morgan Stanley lifted their price target on shares of Progressive from $265.00 to $267.00 and gave the company an “equal weight” rating in a research report on Friday, August 22nd. Finally, Barclays reduced their price target on shares of Progressive from $287.00 to $281.00 and set an “equal weight” rating on the stock in a research report on Tuesday, August 19th. Nine investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $284.18.

Insider Transactions at Progressive

In related news, insider Patrick K. Callahan sold 6,232 shares of the company’s stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $249.96, for a total value of $1,557,750.72. Following the sale, the insider directly owned 21,612 shares of the company’s stock, valued at $5,402,135.52. This represents a 22.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Lori A. Niederst sold 8,063 shares of the company’s stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $250.18, for a total transaction of $2,017,201.34. Following the completion of the sale, the insider directly owned 39,040 shares in the company, valued at $9,767,027.20. This represents a 17.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 139,010 shares of company stock valued at $34,547,699 over the last ninety days. 0.34% of the stock is currently owned by corporate insiders.

Progressive Trading Down 2.1%

PGR opened at $243.76 on Friday. The stock has a market capitalization of $142.90 billion, a PE ratio of 13.73, a P/E/G ratio of 1.42 and a beta of 0.32. The firm’s fifty day moving average price is $247.98 and its 200 day moving average price is $265.56. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.31 and a quick ratio of 0.31. The Progressive Corporation has a 12-month low of $228.54 and a 12-month high of $292.99.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.43 by $0.45. The firm had revenue of $20.08 billion for the quarter, compared to analysts’ expectations of $20.39 billion. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The firm’s quarterly revenue was up 12.1% on a year-over-year basis. During the same period in the prior year, the company posted $2.48 earnings per share. As a group, research analysts expect that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Thursday, October 2nd will be issued a $0.10 dividend. The ex-dividend date of this dividend is Thursday, October 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s dividend payout ratio is currently 2.25%.

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.