The Progressive Corporation (NYSE:PGR) Shares Bought by Bingham Private Wealth LLC

Bingham Private Wealth LLC lifted its stake in The Progressive Corporation (NYSE:PGR) by 8.3% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 1,509 shares of the insurance provider’s stock after acquiring an additional 116 shares during the quarter. Bingham Private Wealth LLC’s holdings in Progressive were worth $427,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Lindbrook Capital LLC lifted its stake in shares of Progressive by 4.7% in the first quarter. Lindbrook Capital LLC now owns 5,199 shares of the insurance provider’s stock worth $1,471,000 after acquiring an additional 234 shares in the last quarter. Teachers Retirement System of The State of Kentucky raised its position in shares of Progressive by 5.7% in the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 332,780 shares of the insurance provider’s stock valued at $94,180,000 after purchasing an additional 17,847 shares in the last quarter. J.W. Cole Advisors Inc. boosted its stake in shares of Progressive by 218.1% during the 1st quarter. J.W. Cole Advisors Inc. now owns 3,350 shares of the insurance provider’s stock valued at $948,000 after buying an additional 2,297 shares during the last quarter. Twin Capital Management Inc. acquired a new stake in shares of Progressive during the first quarter worth approximately $984,000. Finally, OneAscent Financial Services LLC increased its stake in shares of Progressive by 97.4% in the first quarter. OneAscent Financial Services LLC now owns 6,302 shares of the insurance provider’s stock worth $1,786,000 after buying an additional 3,110 shares during the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Progressive Trading Down 0.3%

Progressive stock opened at $246.48 on Friday. The Progressive Corporation has a 52-week low of $208.13 and a 52-week high of $292.99. The company has a quick ratio of 0.29, a current ratio of 0.34 and a debt-to-equity ratio of 0.21. The firm has a market capitalization of $144.49 billion, a price-to-earnings ratio of 13.89, a PEG ratio of 1.51 and a beta of 0.37. The firm has a 50-day moving average price of $267.67 and a two-hundred day moving average price of $265.91.

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

Progressive Dividend Announcement

The business also recently announced a dividend, which was paid on Friday, July 11th. Investors of record on Friday, July 4th were given a $0.10 dividend. The ex-dividend date of this dividend was Thursday, July 3rd. This represents a yield of 0.15%. Progressive’s dividend payout ratio is presently 2.25%.

Insider Activity

In other Progressive news, Director Dyke Kahina Van sold 2,490 shares of the stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $277.67, for a total transaction of $691,398.30. Following the completion of the transaction, the director directly owned 12,429 shares of the company’s stock, valued at approximately $3,451,160.43. This trade represents a 16.69% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider John Jo Murphy sold 4,000 shares of the business’s stock in a transaction on Friday, June 20th. The stock was sold at an average price of $260.38, for a total value of $1,041,520.00. Following the completion of the sale, the insider directly owned 41,289 shares in the company, valued at $10,750,829.82. This represents a 8.83% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 42,705 shares of company stock worth $11,450,948 in the last 90 days. 0.34% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

PGR has been the subject of several research analyst reports. Jefferies Financial Group dropped their target price on shares of Progressive from $327.00 to $319.00 and set a “buy” rating for the company in a research report on Friday, April 11th. BMO Capital Markets decreased their target price on Progressive from $288.00 to $281.00 and set an “outperform” rating for the company in a research report on Friday. Wells Fargo & Company upped their price target on Progressive from $328.00 to $333.00 and gave the company an “overweight” rating in a research report on Friday, June 20th. UBS Group decreased their price objective on shares of Progressive from $291.00 to $280.00 and set a “neutral” rating for the company in a report on Wednesday, July 9th. Finally, Barclays dropped their target price on shares of Progressive from $297.00 to $287.00 and set an “equal weight” rating on the stock in a report on Monday, July 7th. Nine analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, Progressive has an average rating of “Moderate Buy” and a consensus price target of $287.63.

Progressive Profile

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.