Eagle Global Advisors LLC Has $12.43 Million Stock Position in The Progressive Corporation (NYSE:PGR)

Eagle Global Advisors LLC trimmed its holdings in shares of The Progressive Corporation (NYSE:PGR) by 0.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 43,925 shares of the insurance provider’s stock after selling 235 shares during the period. Eagle Global Advisors LLC’s holdings in Progressive were worth $12,431,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Integrated Advisors Network LLC grew its stake in Progressive by 1.0% in the first quarter. Integrated Advisors Network LLC now owns 3,808 shares of the insurance provider’s stock valued at $1,078,000 after acquiring an additional 36 shares during the period. Pines Wealth Management LLC raised its holdings in Progressive by 3.0% during the first quarter. Pines Wealth Management LLC now owns 1,287 shares of the insurance provider’s stock worth $335,000 after acquiring an additional 37 shares in the last quarter. Contravisory Investment Management Inc. raised its holdings in Progressive by 2.0% during the first quarter. Contravisory Investment Management Inc. now owns 1,940 shares of the insurance provider’s stock worth $549,000 after acquiring an additional 38 shares in the last quarter. Beacon Financial Group raised its stake in Progressive by 1.1% in the first quarter. Beacon Financial Group now owns 3,659 shares of the insurance provider’s stock valued at $1,036,000 after buying an additional 39 shares during the period. Finally, Pinnacle Wealth Management Advisory Group LLC raised its stake in Progressive by 2.1% in the first quarter. Pinnacle Wealth Management Advisory Group LLC now owns 1,927 shares of the insurance provider’s stock valued at $545,000 after buying an additional 39 shares during the period. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Trading Up 0.5%

Shares of PGR stock opened at $246.49 on Monday. The Progressive Corporation has a 1 year low of $217.91 and a 1 year high of $292.99. The firm has a fifty day moving average price of $256.79 and a 200-day moving average price of $266.45. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.31 and a quick ratio of 0.31. The company has a market cap of $144.49 billion, a price-to-earnings ratio of 13.89, a PEG ratio of 1.45 and a beta of 0.33.

Progressive (NYSE:PGR) last issued its earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share for the quarter, topping the consensus estimate of $4.43 by $0.45. The company had revenue of $20.08 billion during 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%. Progressive’s quarterly revenue was up 12.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.48 EPS. As a group, equities analysts predict that The Progressive Corporation will post 14.68 earnings per share for the current year.

Progressive Announces Dividend

The firm also recently announced a dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, July 4th were given a dividend of $0.10 per share. This represents a dividend yield of 15.0%. The ex-dividend date was Thursday, July 3rd. Progressive’s dividend payout ratio is currently 2.25%.

Insider Activity

In related news, insider Patrick K. Callahan sold 6,232 shares of the stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $242.16, for a total value of $1,509,141.12. Following the sale, the insider directly owned 27,844 shares of the company’s stock, valued at $6,742,703.04. This represents a 18.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO John P. Sauerland sold 16,664 shares of the stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $249.24, for a total transaction of $4,153,335.36. Following the completion of the sale, the chief financial officer directly owned 228,024 shares in the company, valued at $56,832,701.76. This trade represents a 6.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 104,250 shares of company stock worth $26,332,348. 0.33% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on PGR. BMO Capital Markets reduced their price target on Progressive from $288.00 to $281.00 and set an “outperform” rating on the stock in a research report on Friday, July 18th. Wells Fargo & Company boosted their price objective on Progressive from $328.00 to $333.00 and gave the company an “overweight” rating in a research note on Friday, June 20th. Bank of America decreased their target price on Progressive from $337.00 to $336.00 and set a “buy” rating for the company in a research report on Thursday, July 17th. Morgan Stanley decreased their price objective on Progressive from $290.00 to $280.00 and set an “equal weight” rating for the company in a report on Monday, July 14th. Finally, Wall Street Zen lowered Progressive from a “buy” rating to a “hold” rating in a report on Friday, July 18th. Nine investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $286.88.

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.