Precision Wealth Strategies LLC Has $589,000 Stock Position in The Progressive Corporation $PGR

Precision Wealth Strategies LLC grew its position in shares of The Progressive Corporation (NYSE:PGR) by 14.4% in the 2nd quarter, HoldingsChannel reports. The fund owned 2,208 shares of the insurance provider’s stock after buying an additional 278 shares during the period. Precision Wealth Strategies LLC’s holdings in Progressive were worth $589,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Integrated Advisors Network LLC lifted its position in shares of Progressive by 1.0% during the first quarter. Integrated Advisors Network LLC now owns 3,808 shares of the insurance provider’s stock valued at $1,078,000 after purchasing an additional 36 shares in the last quarter. Rise Advisors LLC lifted its position in shares of Progressive by 7.4% during the 1st quarter. Rise Advisors LLC now owns 521 shares of the insurance provider’s stock worth $147,000 after buying an additional 36 shares in the last quarter. Pines Wealth Management LLC boosted its stake in shares of Progressive by 3.0% in the 1st quarter. Pines Wealth Management LLC now owns 1,287 shares of the insurance provider’s stock worth $335,000 after buying an additional 37 shares during the last quarter. Contravisory Investment Management Inc. grew its holdings in shares of Progressive by 2.0% in the first quarter. Contravisory Investment Management Inc. now owns 1,940 shares of the insurance provider’s stock valued at $549,000 after acquiring an additional 38 shares in the last quarter. Finally, Beacon Financial Group increased its position in shares of Progressive by 1.1% during the first quarter. Beacon Financial Group now owns 3,659 shares of the insurance provider’s stock valued at $1,036,000 after acquiring an additional 39 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Transactions at Progressive

In related news, CFO John P. Sauerland sold 16,664 shares of Progressive stock in a transaction on Monday, July 28th. The stock was sold at an average price of $249.24, for a total transaction of $4,153,335.36. Following the completion of the sale, the chief financial officer owned 228,024 shares of the company’s stock, valued at approximately $56,832,701.76. This trade represents a 6.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Karen Bailo sold 8,922 shares of the company’s stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $249.24, for a total value of $2,223,719.28. Following the completion of the transaction, the insider owned 32,346 shares in the company, valued at $8,061,917.04. This represents a 21.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 130,045 shares of company stock worth $31,997,390. 0.34% of the stock is owned by corporate insiders.

Progressive Trading Down 0.1%

NYSE:PGR opened at $246.73 on Thursday. The Progressive Corporation has a 1 year low of $228.54 and a 1 year high of $292.99. The stock’s fifty day moving average price is $245.31 and its two-hundred day moving average price is $261.43. 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 company has a market cap of $144.64 billion, a P/E ratio of 13.90, a P/E/G ratio of 1.38 and a beta of 0.32.

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

Progressive Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Thursday, October 2nd will be paid a $0.10 dividend. The ex-dividend date 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%.

Analyst Ratings Changes

A number of brokerages have issued reports on PGR. Bank of America upped their price objective on Progressive from $343.00 to $350.00 and gave the company a “buy” rating in a research note on Monday. UBS Group decreased their price objective on shares of Progressive from $280.00 to $268.00 and set a “neutral” rating for the company in a report on Monday, July 21st. BMO Capital Markets set a $252.00 target price on shares of Progressive in a research report on Thursday, September 18th. Wall Street Zen cut shares of Progressive from a “buy” rating to a “hold” rating in a report on Sunday, September 21st. Finally, Morgan Stanley reduced their price objective on Progressive from $267.00 to $265.00 and set an “equal weight” rating for the company in a report on Monday, September 22nd. Six investment analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company’s stock. According to MarketBeat, Progressive presently has a consensus rating of “Hold” and an average target price of $279.63.

About Progressive

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.