The Progressive Corporation $PGR Shares Acquired by Integrated Wealth Concepts LLC

Integrated Wealth Concepts LLC increased its stake in The Progressive Corporation (NYSE:PGR) by 3.2% in the 1st quarter, HoldingsChannel.com reports. The firm owned 27,962 shares of the insurance provider’s stock after buying an additional 857 shares during the quarter. Integrated Wealth Concepts LLC’s holdings in Progressive were worth $7,914,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Highline Wealth Partners LLC lifted its holdings in Progressive by 114.0% in the first quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider’s stock worth $26,000 after purchasing an additional 49 shares during the period. TruNorth Capital Management LLC lifted its holdings in Progressive by 210.0% in the first quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider’s stock worth $26,000 after purchasing an additional 63 shares during the period. HWG Holdings LP acquired a new stake in Progressive in the first quarter worth about $28,000. Minot DeBlois Advisors LLC acquired a new stake in Progressive in the fourth quarter worth about $28,000. Finally, Garde Capital Inc. acquired a new stake in Progressive in the first quarter worth about $33,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Stock Performance

Progressive stock opened at $243.76 on Friday. The Progressive Corporation has a fifty-two week low of $228.54 and a fifty-two week high of $292.99. The firm’s 50 day simple moving average is $247.98 and its 200-day simple moving average is $265.58. 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 $142.90 billion, a P/E ratio of 13.73, a price-to-earnings-growth ratio of 1.45 and a beta of 0.32.

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

Progressive Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Thursday, October 2nd will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date is Thursday, October 2nd. Progressive’s dividend payout ratio is 2.25%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Evercore ISI downgraded shares of Progressive from an “outperform” rating to an “in-line” rating and set a $275.00 price target for the company. in a report on Thursday, July 17th. Wells Fargo & Company cut their price target on shares of Progressive from $330.00 to $327.00 and set an “overweight” rating for the company in a report on Thursday, August 21st. Bank of America cut their price target on shares of Progressive from $337.00 to $336.00 and set a “buy” rating for the company in a report on Thursday, July 17th. Wall Street Zen downgraded shares of Progressive from a “buy” rating to a “hold” rating in a report on Friday, July 18th. Finally, Barclays cut their price target on shares of Progressive from $287.00 to $281.00 and set an “equal weight” rating for the company in a report on Tuesday, August 19th. Nine analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $284.18.

Insiders Place Their Bets

In related news, insider John Jo Murphy sold 2,218 shares of the company’s stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $250.78, for a total value of $556,230.04. Following the completion of the sale, the insider owned 45,724 shares in the company, valued at approximately $11,466,664.72. This represents a 4.63% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Steven Broz sold 1,345 shares of the company’s stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $250.78, for a total transaction of $337,299.10. Following the completion of the sale, the insider owned 31,733 shares of the company’s stock, valued at approximately $7,958,001.74. This trade represents a 4.07% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 139,010 shares of company stock worth $34,547,699 in the last quarter. Corporate insiders own 0.34% of the company’s stock.

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.