Wealthstream Advisors Inc. Invests $243,000 in The Progressive Corporation (NYSE:PGR)

Wealthstream Advisors Inc. purchased a new position in The Progressive Corporation (NYSE:PGR) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 858 shares of the insurance provider’s stock, valued at approximately $243,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Highline Wealth Partners LLC increased its holdings in Progressive by 114.0% during the 1st 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 increased its holdings in Progressive by 210.0% during the 1st 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. Minot DeBlois Advisors LLC purchased a new position in Progressive during the 4th quarter worth $28,000. HWG Holdings LP purchased a new position in Progressive during the 1st quarter worth $28,000. Finally, Garde Capital Inc. purchased a new position in Progressive during the 1st quarter worth $33,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Progressive Stock Performance

Shares of PGR opened at $250.22 on Friday. The stock has a 50-day moving average of $264.25 and a two-hundred day moving average of $266.12. The Progressive Corporation has a one year low of $208.13 and a one year high of $292.99. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.29 and a current ratio of 0.34. The stock has a market cap of $146.69 billion, a P/E ratio of 14.10, a P/E/G ratio of 1.50 and a beta of 0.37.

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

Progressive Announces Dividend

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

Insider Transactions at Progressive

In related news, Director Dyke Kahina Van sold 2,490 shares of Progressive stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $277.67, for a total value of $691,398.30. Following the sale, the director directly owned 12,429 shares in the company, valued at approximately $3,451,160.43. The trade was a 16.69% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider John Jo Murphy sold 4,000 shares of Progressive stock in a transaction dated 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 owned 41,289 shares in the company, valued at approximately $10,750,829.82. The trade was a 8.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 43,972 shares of company stock worth $11,764,581 over the last quarter. Company insiders own 0.34% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Keefe, Bruyette & Woods reduced their price objective on Progressive from $290.00 to $268.00 and set a “market perform” rating on the stock in a report on Thursday, July 17th. UBS Group reduced their price objective on Progressive from $280.00 to $268.00 and set a “neutral” rating on the stock in a report on Monday, July 21st. Evercore ISI downgraded Progressive from an “outperform” rating to an “in-line” rating and set a $275.00 price objective on the stock. in a report on Thursday, July 17th. Jefferies Financial Group dropped their target price on Progressive from $327.00 to $319.00 and set a “buy” rating on the stock in a research report on Friday, April 11th. Finally, Wall Street Zen cut Progressive from a “buy” rating to a “hold” rating in a research report on Friday, July 18th. Nine analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $286.88.

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.