Advisors Capital Management LLC Buys 276 Shares of The Progressive Corporation $PGR

Advisors Capital Management LLC grew its stake in The Progressive Corporation (NYSE:PGR) by 5.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,235 shares of the insurance provider’s stock after purchasing an additional 276 shares during the period. Advisors Capital Management LLC’s holdings in Progressive were worth $1,482,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of the stock. Integrated Advisors Network LLC boosted its holdings in shares of Progressive by 1.0% in the 1st quarter. Integrated Advisors Network LLC now owns 3,808 shares of the insurance provider’s stock worth $1,078,000 after acquiring an additional 36 shares in the last quarter. Rise Advisors LLC grew its position in Progressive by 7.4% during the 1st quarter. Rise Advisors LLC now owns 521 shares of the insurance provider’s stock worth $147,000 after acquiring an additional 36 shares during the last quarter. Pines Wealth Management LLC grew its position in Progressive by 3.0% during the 1st 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 during the last quarter. Contravisory Investment Management Inc. grew its position in Progressive by 2.0% during the 1st 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 during the last quarter. Finally, Beacon Financial Group grew its position in Progressive by 1.1% during the 1st quarter. Beacon Financial Group now owns 3,659 shares of the insurance provider’s stock worth $1,036,000 after acquiring an additional 39 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors.

Progressive Stock Down 0.2%

Shares of PGR opened at $248.29 on Friday. The firm has a market capitalization of $145.55 billion, a price-to-earnings ratio of 13.99, a PEG ratio of 1.44 and a beta of 0.32. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.31 and a current ratio of 0.31. The business’s fifty day moving average price is $246.44 and its two-hundred day moving average price is $264.74. The Progressive Corporation has a 52 week low of $228.54 and a 52 week high of $292.99.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, beating analysts’ consensus estimates of $4.43 by $0.45. The firm had revenue of $20.08 billion for 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 business’s quarterly revenue was up 12.1% compared to the same quarter last year. During the same period last year, the company earned $2.48 EPS. On average, analysts predict that The Progressive Corporation will post 14.68 earnings per share for the current year.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Thursday, October 2nd will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date is Thursday, October 2nd. Progressive’s dividend payout ratio (DPR) is presently 2.25%.

Analyst Ratings Changes

A number of equities research analysts recently commented on PGR shares. Evercore ISI lowered Progressive from an “outperform” rating to an “in-line” rating and set a $275.00 price target on the stock. in a research report on Thursday, July 17th. Morgan Stanley increased their price target on Progressive from $265.00 to $267.00 and gave the stock an “equal weight” rating in a research report on Friday, August 22nd. Wall Street Zen upgraded Progressive from a “hold” rating to a “buy” rating in a research report on Saturday. Cantor Fitzgerald upgraded Progressive to a “hold” rating in a research report on Wednesday, August 13th. Finally, Wells Fargo & Company decreased their price target on Progressive from $330.00 to $327.00 and set an “overweight” rating on the stock in a research report on Thursday, August 21st. Nine analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $284.82.

Insider Transactions at Progressive

In other Progressive news, CFO John P. Sauerland sold 16,664 shares of the stock in a transaction on Monday, July 28th. The stock was sold at an average price of $249.24, for a total value of $4,153,335.36. Following the transaction, the chief financial officer directly owned 228,024 shares in the company, valued at approximately $56,832,701.76. This trade represents a 6.81% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Karen Bailo sold 8,922 shares of the stock in a transaction on Monday, July 28th. The shares were sold at an average price of $249.24, for a total value of $2,223,719.28. Following the completion of the transaction, the insider directly owned 32,346 shares in the company, valued at approximately $8,061,917.04. This trade represents a 21.62% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 139,010 shares of company stock worth $34,547,699. Corporate insiders own 0.34% of the company’s stock.

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.