Prosperity Consulting Group LLC Purchases 42 Shares of The Progressive Corporation (NYSE:PGR)

Prosperity Consulting Group LLC grew its stake in The Progressive Corporation (NYSE:PGR) by 1.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,824 shares of the insurance provider’s stock after acquiring an additional 42 shares during the period. Prosperity Consulting Group LLC’s holdings in Progressive were worth $1,082,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of PGR. State of Alaska Department of Revenue grew its position in shares of Progressive by 2.7% during the 1st quarter. State of Alaska Department of Revenue now owns 68,644 shares of the insurance provider’s stock worth $19,426,000 after buying an additional 1,800 shares during the period. QRG Capital Management Inc. lifted its stake in Progressive by 36.4% in the first quarter. QRG Capital Management Inc. now owns 126,826 shares of the insurance provider’s stock valued at $35,893,000 after buying an additional 33,864 shares in the last quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH lifted its stake in Progressive by 498.5% in the first quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 5,057 shares of the insurance provider’s stock valued at $1,431,000 after buying an additional 4,212 shares in the last quarter. Hennessy Advisors Inc. bought a new stake in shares of Progressive in the first quarter worth $3,141,000. Finally, TCW Group Inc. lifted its position in shares of Progressive by 4.5% in the first quarter. TCW Group Inc. now owns 12,034 shares of the insurance provider’s stock worth $3,406,000 after purchasing an additional 523 shares in the last quarter. 85.34% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, Director Dyke Kahina Van sold 2,490 shares of the business’s 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 sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Stuart B. Burgdoerfer sold 3,681 shares of the business’s stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $260.43, for a total value of $958,642.83. Following the completion of the sale, the director owned 12,217 shares in the company, valued at $3,181,673.31. This represents a 23.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 33,972 shares of company stock worth $9,078,681 in the last ninety days. Corporate insiders own 0.33% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on PGR shares. Bank of America cut their price objective on shares of Progressive from $337.00 to $336.00 and set a “buy” rating on the stock in a research report on Thursday, July 17th. JPMorgan Chase & Co. upped their price target on shares of Progressive from $267.00 to $287.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 8th. UBS Group dropped their price target on shares of Progressive from $280.00 to $268.00 and set a “neutral” rating on the stock in a research report on Monday, July 21st. Jefferies Financial Group dropped their price target on shares of Progressive from $327.00 to $319.00 and set a “buy” rating on the stock in a research report on Friday, April 11th. Finally, Morgan Stanley dropped their price target on shares of Progressive from $290.00 to $280.00 and set an “equal weight” rating on the stock in a research report on Monday, July 14th. 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.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $286.88.

Progressive Stock Performance

NYSE:PGR opened at $240.67 on Tuesday. The company has a fifty day moving average of $263.30 and a 200-day moving average of $266.31. The Progressive Corporation has a twelve month low of $208.13 and a twelve month 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 $141.09 billion, a P/E ratio of 13.56, a P/E/G ratio of 1.50 and a beta of 0.37.

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

Progressive Dividend Announcement

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

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.