The Progressive Corporation $PGR Shares Bought by HB Wealth Management LLC

HB Wealth Management LLC lifted its stake in shares of The Progressive Corporation (NYSE:PGR) by 9.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 32,255 shares of the insurance provider’s stock after buying an additional 2,864 shares during the quarter. HB Wealth Management LLC’s holdings in Progressive were worth $6,394,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Bard Associates Inc. purchased a new position in shares of Progressive in the 4th quarter valued at $27,000. Dagco Inc. purchased a new stake in Progressive in the fourth quarter valued at $28,000. HHM Wealth Advisors LLC lifted its position in Progressive by 700.0% in the first quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider’s stock valued at $29,000 after acquiring an additional 126 shares during the last quarter. IFC & Insurance Marketing Inc. acquired a new position in Progressive in the fourth quarter valued at $29,000. Finally, Ameriflex Group Inc. grew its holdings in shares of Progressive by 106.6% during the third quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock worth $31,000 after purchasing an additional 65 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Trading Down 0.2%

NYSE PGR opened at $231.75 on Friday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.27 and a current ratio of 0.27. The firm has a market cap of $135.42 billion, a PE ratio of 11.78, a P/E/G ratio of 7.03 and a beta of 0.26. The Progressive Corporation has a one year low of $189.20 and a one year high of $261.66. The firm’s fifty day moving average is $203.97 and its two-hundred day moving average is $206.81.

Progressive (NYSE:PGR) last announced its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share for the quarter, topping the consensus estimate of $4.67 by $0.13. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The business had revenue of $22.19 billion during the quarter, compared to the consensus estimate of $23.51 billion. During the same quarter in the prior year, the firm earned $4.37 earnings per share. The business’s quarterly revenue was up 6.5% compared to the same quarter last year. Analysts expect that The Progressive Corporation will post 17.12 earnings per share for the current year.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Thursday, July 2nd will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, July 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s dividend payout ratio is currently 2.03%.

Analyst Ratings Changes

A number of research firms have recently commented on PGR. BMO Capital Markets reiterated a “market perform” rating and set a $220.00 target price on shares of Progressive in a research report on Wednesday, May 20th. UBS Group upped their target price on Progressive from $220.00 to $230.00 and gave the company a “neutral” rating in a research report on Tuesday. Morgan Stanley dropped their price target on Progressive from $205.00 to $190.00 and set an “underweight” rating on the stock in a research note on Tuesday, March 31st. Mizuho cut their price target on Progressive from $235.00 to $223.00 and set a “neutral” rating on the stock in a research report on Friday, March 20th. Finally, Weiss Ratings cut Progressive from a “hold (c+)” rating to a “hold (c)” rating in a research note on Wednesday, May 6th. Six investment analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, Progressive currently has an average rating of “Hold” and an average price target of $237.37.

Insider Buying and Selling at Progressive

In other Progressive news, insider John Jo Murphy sold 5,916 shares of the stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $200.00, for a total transaction of $1,183,200.00. Following the completion of the sale, the insider directly owned 41,290 shares of the company’s stock, valued at approximately $8,258,000. This trade represents a 12.53% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steven Broz sold 1,157 shares of Progressive stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $204.76, for a total value of $236,907.32. Following the completion of the transaction, the insider owned 27,511 shares in the company, valued at $5,633,152.36. This trade represents a 4.04% 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. Insiders sold a total of 15,230 shares of company stock valued at $3,165,817 in the last ninety days. Insiders own 0.32% of the company’s stock.

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.