Elevation Point Wealth Partners LLC Acquires New Position in The Progressive Corporation $PGR

Elevation Point Wealth Partners LLC acquired a new stake in The Progressive Corporation (NYSE:PGR) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 19,974 shares of the insurance provider’s stock, valued at approximately $4,363,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Brighton Jones LLC raised its stake in shares of Progressive by 15.6% during the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock worth $813,000 after buying an additional 457 shares in the last quarter. Revolve Wealth Partners LLC purchased a new stake in shares of Progressive in the fourth quarter valued at approximately $269,000. Bison Wealth LLC boosted its stake in shares of Progressive by 3.2% in 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. HUB Investment Partners LLC grew its holdings in Progressive by 7.8% during the second quarter. HUB Investment Partners LLC now owns 2,282 shares of the insurance provider’s stock worth $609,000 after acquiring an additional 166 shares during the period. Finally, Diversify Wealth Management LLC grew its holdings in Progressive by 12.0% during the second quarter. Diversify Wealth Management LLC now owns 15,146 shares of the insurance provider’s stock worth $3,681,000 after acquiring an additional 1,622 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Stock Performance

Shares of PGR stock opened at $219.45 on Friday. The stock has a fifty day moving average price of $215.53 and a 200 day moving average price of $206.64. The stock has a market cap of $127.58 billion, a PE ratio of 11.01, a P/E/G ratio of 2.94 and a beta of 0.27. The Progressive Corporation has a 1 year low of $189.20 and a 1 year high of $252.82. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29.

Progressive (NYSE:PGR) last posted its earnings results on Wednesday, July 15th. The insurance provider reported $5.67 EPS for the quarter, topping analysts’ consensus estimates of $4.64 by $1.03. The company had revenue of $23.61 billion for the quarter, compared to the consensus estimate of $19.49 billion. Progressive had a return on equity of 32.92% and a net margin of 12.84%.Progressive’s quarterly revenue was up 5.0% compared to the same quarter last year. During the same period in the previous year, the business earned $5.40 earnings per share. Sell-side analysts forecast that The Progressive Corporation will post 17.71 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 9th. Stockholders of record on Thursday, October 1st will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend is Thursday, October 1st. Progressive’s payout ratio is 2.01%.

Insiders Place Their Bets

In related news, insider Lori A. Niederst sold 7,339 shares of the stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $209.29, for a total value of $1,535,979.31. Following the sale, the insider directly owned 42,567 shares of the company’s stock, valued at approximately $8,908,847.43. This represents a 14.71% decrease in their position. The sale was disclosed in a legal filing 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, CFO Andrew J. Quigg sold 3,499 shares of the firm’s stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $220.00, for a total transaction of $769,780.00. Following the transaction, the chief financial officer owned 42,595 shares of the company’s stock, valued at $9,370,900. This trade represents a 7.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 82,224 shares of company stock worth $17,416,438. 0.32% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have commented on PGR shares. Weiss Ratings reissued a “hold (c)” rating on shares of Progressive in a report on Monday, August 3rd. William Blair reaffirmed a “market perform” rating on shares of Progressive in a research note on Wednesday, July 15th. JPMorgan Chase & Co. cut their price target on shares of Progressive from $250.00 to $241.00 and set a “neutral” rating for the company in a report on Tuesday, August 4th. UBS Group raised their price objective on shares of Progressive from $220.00 to $230.00 and gave the company a “neutral” rating in a research note on Tuesday, June 30th. Finally, Wells Fargo & Company boosted their price objective on shares of Progressive from $198.00 to $201.00 and gave the stock an “underweight” rating in a report on Thursday. Seven investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $236.05.

About Progressive

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.