Perigon Wealth Management LLC Takes Position in The Progressive Corporation $PGR

Perigon Wealth Management LLC bought a new position in shares of The Progressive Corporation (NYSE:PGR) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 6,209 shares of the insurance provider’s stock, valued at approximately $1,356,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Commerzbank Aktiengesellschaft FI acquired a new position in Progressive in the 2nd quarter valued at about $3,670,000. Phillips Wealth Planners LLC acquired a new stake in Progressive during the second quarter worth approximately $451,000. Trust Co. of Vermont acquired a new stake in Progressive during the second quarter worth approximately $546,000. UP Strategic Wealth Investment Advisors LLC bought a new stake in shares of Progressive during the second quarter worth approximately $209,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Progressive during the second quarter worth approximately $322,706,000. Institutional investors own 85.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on PGR. Wells Fargo & Company lowered their target price on Progressive from $205.00 to $198.00 and set an “underweight” rating on the stock in a research note on Thursday, July 16th. BMO Capital Markets reduced their price target on Progressive from $220.00 to $205.00 and set a “market perform” rating for the company in a research note on Thursday, July 16th. JPMorgan Chase & Co. decreased their price objective on Progressive from $250.00 to $241.00 and set a “neutral” rating on the stock in a report on Tuesday, August 4th. HSBC increased their price objective on Progressive from $214.00 to $221.00 and gave the stock a “hold” rating in a research report on Monday, July 6th. Finally, William Blair reissued a “market perform” rating on shares of Progressive in a report on Wednesday, July 15th. Five analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Progressive presently has an average rating of “Hold” and an average target price of $233.16.

Progressive Stock Up 1.5%

Shares of PGR opened at $206.98 on Wednesday. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.24. The Progressive Corporation has a 12 month low of $189.20 and a 12 month high of $254.93. The firm’s 50 day moving average is $214.58 and its 200-day moving average is $206.39. The stock has a market capitalization of $120.33 billion, a PE ratio of 10.38, a P/E/G ratio of 2.82 and a beta of 0.27.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.64 by $1.03. The business had revenue of $23.61 billion during the quarter, compared to analysts’ expectations of $19.49 billion. Progressive had a return on equity of 32.92% and a net margin of 12.84%.The firm’s revenue for the quarter was up 5.0% compared to the same quarter last year. During the same period in the previous year, the company posted $5.40 earnings per share. Equities research analysts forecast that The Progressive Corporation will post 17.57 EPS for the current year.

Progressive Dividend Announcement

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

Insider Activity

In other news, CIO Jonathan S. Bauer sold 2,242 shares of the company’s stock in a transaction on Monday, July 27th. The stock was sold at an average price of $212.71, for a total transaction of $476,895.82. Following the completion of the sale, the executive directly owned 26,250 shares in the company, valued at approximately $5,583,637.50. This represents a 7.87% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Susan Patricia Griffith sold 37,338 shares of the 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 sale, the chief executive officer directly owned 522,776 shares in the company, valued at approximately $111,199,682.96. This trade represents a 6.67% 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. In the last quarter, insiders sold 82,224 shares of company stock worth $17,416,438. 0.32% of the stock is owned by insiders.

Progressive 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.