The Progressive Corporation $PGR Shares Acquired by Opal Wealth Advisors LLC

Opal Wealth Advisors LLC increased its stake in shares of The Progressive Corporation (NYSE:PGR) by 90.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,609 shares of the insurance provider’s stock after acquiring an additional 765 shares during the quarter. Opal Wealth Advisors LLC’s holdings in Progressive were worth $429,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. State of Alaska Department of Revenue boosted its position in shares of Progressive by 2.7% in the 1st quarter. State of Alaska Department of Revenue now owns 68,644 shares of the insurance provider’s stock valued at $19,426,000 after purchasing an additional 1,800 shares during the period. Trust Co. of Oklahoma purchased a new stake in Progressive in the second quarter valued at approximately $439,000. Zurich Insurance Group Ltd FI boosted its holdings in shares of Progressive by 87.9% in the first quarter. Zurich Insurance Group Ltd FI now owns 414,183 shares of the insurance provider’s stock valued at $117,218,000 after acquiring an additional 193,800 shares during the period. Belmont Capital LLC purchased a new position in shares of Progressive during the first quarter worth approximately $580,000. Finally, QRG Capital Management Inc. increased its holdings in shares of Progressive by 36.4% in the 1st quarter. QRG Capital Management Inc. now owns 126,826 shares of the insurance provider’s stock valued at $35,893,000 after acquiring an additional 33,864 shares during the period. 85.34% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Progressive

In other news, insider Patrick K. Callahan sold 6,420 shares of the company’s stock in a transaction on Friday, September 19th. The stock was sold at an average price of $242.22, for a total value of $1,555,052.40. Following the sale, the insider directly owned 15,192 shares in the company, valued at $3,679,806.24. This represents a 29.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider John Jo Murphy sold 2,218 shares of Progressive stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $242.10, for a total value of $536,977.80. Following the sale, the insider owned 43,506 shares of the company’s stock, valued at approximately $10,532,802.60. This represents a 4.85% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 140,045 shares of company stock worth $34,635,290 in the last quarter. Insiders own 0.33% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on PGR. Bank of America lowered their price objective on shares of Progressive from $347.00 to $343.00 and set a “buy” rating on the stock in a research report on Thursday, September 18th. Wall Street Zen lowered Progressive from a “buy” rating to a “hold” rating in a report on Sunday. Citigroup reaffirmed a “buy” rating on shares of Progressive in a research note on Friday, August 29th. Wolfe Research assumed coverage on Progressive in a research note on Monday, September 15th. They issued a “peer perform” rating on the stock. Finally, Evercore ISI lowered Progressive from an “outperform” rating to an “in-line” rating and set a $275.00 target price on the stock. in a report on Thursday, July 17th. Six analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $279.31.

Progressive Trading Down 0.4%

Shares of PGR stock opened at $241.26 on Tuesday. The stock has a market cap of $141.43 billion, a P/E ratio of 13.59, a P/E/G ratio of 1.36 and a beta of 0.32. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.21. The Progressive Corporation has a fifty-two week low of $228.54 and a fifty-two week high of $292.99. The business has a fifty day simple moving average of $245.70 and a 200-day simple moving average of $262.95.

Progressive (NYSE:PGR) last issued 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. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The firm had revenue of $20.08 billion for the quarter, compared to analysts’ expectations of $20.39 billion. During the same period in the prior year, the company earned $2.48 EPS. The firm’s revenue was up 12.1% on a year-over-year basis. On average, analysts forecast that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Thursday, October 2nd will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date is Thursday, October 2nd. Progressive’s payout ratio 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.