Jones Financial Companies Lllp Acquires Shares of 2,287 The Progressive Corporation $PGR

Jones Financial Companies Lllp acquired a new stake in shares of The Progressive Corporation (NYSE:PGR) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 2,287 shares of the insurance provider’s stock, valued at approximately $500,000.

A number of other institutional investors also recently modified their holdings of PGR. Brighton Jones LLC grew its position in Progressive by 15.6% in the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock valued at $813,000 after purchasing an additional 457 shares during the period. Revolve Wealth Partners LLC bought a new stake in Progressive during the 4th quarter valued at $269,000. Bison Wealth LLC raised its holdings in Progressive by 3.2% during the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock worth $615,000 after buying an additional 80 shares during the last quarter. HUB Investment Partners LLC raised 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 buying an additional 166 shares during the last quarter. Finally, Diversify Wealth Management LLC lifted its stake in shares of Progressive by 12.0% in the second quarter. Diversify Wealth Management LLC now owns 15,146 shares of the insurance provider’s stock valued at $3,681,000 after buying an additional 1,622 shares in the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods upgraded shares of Progressive from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $226.00 to $250.00 in a report on Thursday, August 20th. Jefferies Financial Group reaffirmed a “hold” rating and issued a $228.00 price target on shares of Progressive in a research report on Wednesday, August 19th. Royal Bank Of Canada set a $208.00 price target on Progressive in a research note on Friday, May 22nd. HSBC boosted their price objective on Progressive from $214.00 to $221.00 and gave the stock a “hold” rating in a report on Monday, July 6th. Finally, Bank of America lowered their price objective on Progressive from $313.00 to $308.00 and set a “buy” rating for the company in a research note on Thursday, July 16th. Seven analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, Progressive has a consensus rating of “Hold” and a consensus target price of $236.05.

Insider Transactions at Progressive

In related news, insider John Jo Murphy sold 8,124 shares of Progressive stock in a transaction on Monday, July 27th. The stock was sold at an average price of $212.70, for a total transaction of $1,727,974.80. Following the sale, the insider directly owned 41,291 shares in the company, valued at approximately $8,782,595.70. This trade represents a 16.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Susan Patricia Griffith sold 37,338 shares of the business’s stock in a transaction on Monday, July 27th. The stock was sold at an average price of $212.71, for a total value of $7,942,165.98. Following the completion of the transaction, the chief executive officer directly owned 522,776 shares in the company, valued at approximately $111,199,682.96. This represents a 6.67% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 83,449 shares of company stock worth $17,685,203. 0.32% of the stock is owned by insiders.

Progressive Stock Performance

Shares of PGR stock opened at $223.87 on Tuesday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29. The firm has a 50-day moving average of $215.94 and a 200-day moving average of $206.82. The Progressive Corporation has a one year low of $189.20 and a one year high of $249.83. The company has a market cap of $130.15 billion, a P/E ratio of 11.23, a P/E/G ratio of 2.93 and a beta of 0.27.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share for the quarter, topping the consensus estimate of $4.64 by $1.03. Progressive had a net margin of 12.84% and a return on equity of 32.92%. The business had revenue of $23.61 billion for the quarter, compared to analysts’ expectations of $19.49 billion. During the same period in the previous year, the company earned $5.40 earnings per share. The firm’s revenue for the quarter was up 5.0% compared to the same quarter last year. Equities research analysts forecast that The Progressive Corporation will post 17.71 EPS for the current fiscal year.

Progressive Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Thursday, October 1st will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive’s dividend payout ratio (DPR) is currently 2.01%.

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.