The Progressive Corporation (NYSE:PGR) Shares Purchased by Mowery & Schoenfeld Wealth Management LLC

Mowery & Schoenfeld Wealth Management LLC increased its stake in shares of The Progressive Corporation (NYSE:PGR) by 299.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 942 shares of the insurance provider’s stock after acquiring an additional 706 shares during the quarter. Mowery & Schoenfeld Wealth Management LLC’s holdings in Progressive were worth $267,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PGR. Highline Wealth Partners LLC boosted its stake in shares of Progressive by 114.0% during the first quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider’s stock worth $26,000 after buying an additional 49 shares during the period. TruNorth Capital Management LLC boosted its stake in shares of Progressive by 210.0% during the first quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider’s stock worth $26,000 after buying an additional 63 shares during the period. Minot DeBlois Advisors LLC acquired a new stake in shares of Progressive during the fourth quarter worth about $28,000. HWG Holdings LP acquired a new stake in shares of Progressive during the first quarter worth about $28,000. Finally, Garde Capital Inc. purchased a new stake in shares of Progressive in the first quarter valued at about $33,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, insider John Jo Murphy sold 4,000 shares of the company’s stock in a transaction on Friday, June 20th. The shares were sold at an average price of $260.38, for a total value of $1,041,520.00. Following the completion of the transaction, the insider directly owned 41,289 shares in the company, valued at approximately $10,750,829.82. This represents a 8.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO John P. Sauerland sold 10,000 shares of the company’s stock in a transaction on Monday, June 30th. The shares were sold at an average price of $263.79, for a total transaction of $2,637,900.00. Following the completion of the transaction, the chief financial officer owned 228,024 shares of the company’s stock, valued at $60,150,450.96. This trade represents a 4.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 42,705 shares of company stock valued at $11,450,948. 0.34% of the stock is owned by corporate insiders.

Progressive Stock Performance

NYSE:PGR opened at $246.48 on Friday. The firm has a 50 day simple moving average of $267.67 and a 200-day simple moving average of $265.91. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.34 and a quick ratio of 0.29. The firm has a market cap of $144.49 billion, a PE ratio of 13.89, a P/E/G ratio of 1.51 and a beta of 0.37. The Progressive Corporation has a 1-year low of $208.13 and a 1-year high of $292.99.

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

Progressive Announces Dividend

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

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Barclays lowered 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. Wall Street Zen downgraded shares of Progressive from a “buy” rating to a “hold” rating in a report on Friday. Bank of America lowered their target price on shares of Progressive from $337.00 to $336.00 and set a “buy” rating on the stock in a research report on Thursday. 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 report on Friday, April 11th. Finally, Wells Fargo & Company increased their target price on shares of Progressive from $328.00 to $333.00 and gave the company an “overweight” rating in a report on Friday, June 20th. Nine equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $287.63.

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.