Geneos Wealth Management Inc. Has $13.95 Million Stock Position in The Progressive Corporation (NYSE:PGR)

Geneos Wealth Management Inc. grew its position in The Progressive Corporation (NYSE:PGR) by 88.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 49,291 shares of the insurance provider’s stock after purchasing an additional 23,120 shares during the quarter. Geneos Wealth Management Inc.’s holdings in Progressive were worth $13,950,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Highline Wealth Partners LLC boosted its stake in shares of Progressive by 114.0% in the 1st quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider’s stock valued at $26,000 after purchasing an additional 49 shares during the last quarter. TruNorth Capital Management LLC boosted its stake in 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 acquiring an additional 63 shares in the last quarter. Minot DeBlois Advisors LLC bought a new position in Progressive during the fourth quarter worth $28,000. HWG Holdings LP acquired a new position in Progressive during the first quarter worth $28,000. Finally, Garde Capital Inc. acquired a new position in Progressive during the first quarter worth $33,000. 85.34% of the stock is owned by institutional investors.

Progressive Trading Down 3.8%

Shares of PGR opened at $240.67 on Tuesday. The firm has a market cap of $141.09 billion, a price-to-earnings ratio of 13.56, a PEG ratio of 1.50 and a beta of 0.37. 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 Progressive Corporation has a fifty-two week low of $208.13 and a fifty-two week high of $292.99. The firm has a 50 day moving average price of $263.30 and a 200-day moving average price of $266.31.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share for the quarter, topping analysts’ consensus estimates 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 period in the previous year, the business posted $2.48 EPS. The business’s quarterly revenue was up 12.1% on a year-over-year basis. As a group, equities research analysts forecast that The Progressive Corporation will post 14.68 earnings per share for the current year.

Progressive Announces Dividend

The company also recently announced a dividend, which was paid on Friday, July 11th. Investors of record on Friday, July 4th were paid 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 2.25%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Wells Fargo & Company upped their price objective on shares of Progressive from $328.00 to $333.00 and gave the stock an “overweight” rating in a report on Friday, June 20th. Keefe, Bruyette & Woods cut their target price on shares of Progressive from $290.00 to $268.00 and set a “market perform” rating for the company in a research report on Thursday, July 17th. Evercore ISI lowered shares of Progressive from an “outperform” rating to an “in-line” rating and set a $275.00 target price for the company. in a research report on Thursday, July 17th. Jefferies Financial Group cut their price objective 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. Finally, UBS Group cut their price objective on shares of Progressive from $280.00 to $268.00 and set a “neutral” rating for the company in a research report on Monday, July 21st. Nine equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $286.88.

Insider Buying and Selling

In related news, Director Dyke Kahina Van sold 2,490 shares of Progressive stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $277.67, for a total value of $691,398.30. Following the transaction, the director directly owned 12,429 shares of the company’s stock, valued at $3,451,160.43. The trade was a 16.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider John Jo Murphy sold 4,000 shares of Progressive stock in a transaction on Friday, June 20th. The stock was sold at an average price of $260.38, for a total transaction 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. The trade was a 8.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 33,972 shares of company stock valued at $9,078,681 over the last quarter. Company insiders own 0.33% of the company’s stock.

Progressive Company 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.