Shah Wealth Advisors LLC Invests $795,000 in The Progressive Corporation $PGR

Shah Wealth Advisors LLC acquired a new stake in The Progressive Corporation (NYSE:PGR) during the 2nd quarter, HoldingsChannel.com reports. The fund acquired 3,641 shares of the insurance provider’s stock, valued at approximately $795,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Northwestern Mutual Investment Management Company LLC grew its position in Progressive by 0.3% in the 4th quarter. Northwestern Mutual Investment Management Company LLC now owns 18,736 shares of the insurance provider’s stock worth $4,267,000 after purchasing an additional 52 shares during the last quarter. Phillips Wealth Planners LLC raised its holdings in shares of Progressive by 2.8% during the fourth quarter. Phillips Wealth Planners LLC now owns 1,916 shares of the insurance provider’s stock valued at $436,000 after buying an additional 52 shares during the last quarter. Sumitomo Life Insurance Co. boosted its position in shares of Progressive by 1.2% during the fourth quarter. Sumitomo Life Insurance Co. now owns 4,307 shares of the insurance provider’s stock worth $981,000 after buying an additional 52 shares during the period. Brown Miller Wealth Management LLC grew its holdings in Progressive by 2.4% in the 2nd quarter. Brown Miller Wealth Management LLC now owns 2,365 shares of the insurance provider’s stock worth $517,000 after buying an additional 55 shares in the last quarter. Finally, Linden Thomas Advisory Services LLC grew its holdings in Progressive by 1.4% in the 2nd quarter. Linden Thomas Advisory Services LLC now owns 4,072 shares of the insurance provider’s stock worth $890,000 after buying an additional 55 shares in the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Progressive Price Performance

NYSE:PGR opened at $218.41 on Friday. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.24. The business’s 50-day moving average price is $217.56 and its 200 day moving average price is $207.79. The Progressive Corporation has a 52-week low of $189.20 and a 52-week high of $249.71. The firm has a market cap of $126.98 billion, a P/E ratio of 10.95, a PEG ratio of 2.98 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 for the quarter, beating analysts’ consensus estimates of $4.64 by $1.03. The company had revenue of $23.61 billion during the quarter, compared to the consensus estimate of $19.49 billion. Progressive had a net margin of 12.84% and a return on equity of 32.92%. Progressive’s revenue was up 5.0% on a year-over-year basis. During the same period in the prior year, the company earned $5.40 EPS. As a group, sell-side analysts predict that The Progressive Corporation will post 17.74 earnings per share for the current fiscal year.

Progressive Announces Dividend

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

Wall Street Analysts Forecast Growth

Several analysts have weighed in on PGR shares. Weiss Ratings raised Progressive from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, August 28th. Roth Capital reissued a “buy” rating and issued a $245.00 price target on shares of Progressive in a research note on Thursday, August 20th. Mizuho set a $236.00 price target on Progressive in a report on Wednesday, August 5th. UBS Group upped their price objective on shares of Progressive from $225.00 to $234.00 and gave the stock a “neutral” rating in a report on Thursday, August 27th. Finally, Royal Bank Of Canada set a $208.00 target price on shares of Progressive in a research report on Friday, May 22nd. 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 company. According to MarketBeat.com, Progressive currently has an average rating of “Hold” and a consensus price target of $236.26.

Insider Transactions at Progressive

In related news, insider Karen Bailo sold 8,452 shares of Progressive stock in a transaction on Monday, July 27th. The stock was sold at an average price of $212.71, for a total value of $1,797,824.92. Following the transaction, the insider directly owned 32,348 shares in the company, valued at $6,880,743.08. The trade was a 20.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeffrey D. Kelly sold 7,000 shares of the business’s stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $216.33, for a total value of $1,514,310.00. Following the sale, the director directly owned 22,546 shares in the company, valued at $4,877,376.18. This trade represents a 23.69% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 113,714 shares of company stock valued at $24,466,294 in the last 90 days. 0.32% of the stock is owned by corporate 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.