The Progressive Corporation $PGR Shares Bought by Savvy Advisors Inc.

Savvy Advisors Inc. lifted its position in shares of The Progressive Corporation (NYSE:PGR) by 25.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,385 shares of the insurance provider’s stock after buying an additional 1,277 shares during the quarter. Savvy Advisors Inc.’s holdings in Progressive were worth $1,704,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the company. Brighton Jones LLC raised its holdings in Progressive by 15.6% in the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock valued at $813,000 after acquiring an additional 457 shares during the last quarter. Revolve Wealth Partners LLC acquired a new stake in shares of Progressive during the fourth quarter worth $269,000. Bison Wealth LLC grew its position in shares of Progressive by 3.2% in the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock valued at $615,000 after purchasing an additional 80 shares during the period. Koshinski Asset Management Inc. acquired a new position in Progressive in the first quarter valued at $727,000. Finally, DAVENPORT & Co LLC increased its stake in Progressive by 16.1% in the first quarter. DAVENPORT & Co LLC now owns 5,728 shares of the insurance provider’s stock valued at $1,621,000 after purchasing an additional 793 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insider Transactions at Progressive

In other news, insider John Jo Murphy sold 2,218 shares of the stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $250.78, for a total transaction of $556,230.04. Following the completion of the transaction, the insider directly owned 45,724 shares in the company, valued at approximately $11,466,664.72. This represents a 4.63% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Steven Broz sold 1,345 shares of Progressive stock in a transaction on Friday, September 19th. The stock was sold at an average price of $242.10, for a total transaction of $325,624.50. Following the completion of the sale, the insider owned 30,388 shares of the company’s stock, valued at approximately $7,356,934.80. This trade represents a 4.24% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 58,500 shares of company stock valued at $14,430,089 in the last three months. 0.34% of the stock is currently owned by company insiders.

Progressive Trading Down 0.6%

NYSE PGR opened at $206.71 on Friday. The stock has a market cap of $121.18 billion, a P/E ratio of 11.34, a PEG ratio of 1.19 and a beta of 0.32. The company’s fifty day simple moving average is $237.97 and its 200-day simple moving average is $254.67. The company has a current ratio of 0.32, a quick ratio of 0.31 and a debt-to-equity ratio of 0.19. The Progressive Corporation has a 52 week low of $206.41 and a 52 week high of $292.99.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.04 by ($0.59). Progressive had a return on equity of 33.88% and a net margin of 12.57%.The firm had revenue of $21.38 billion for the quarter, compared to analysts’ expectations of $21.64 billion. During the same period last year, the firm earned $3.58 EPS. Equities research analysts predict that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 10th. Investors of record on Thursday, October 2nd were paid a $0.10 dividend. The ex-dividend date was Thursday, October 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive’s payout ratio is 2.19%.

Analyst Upgrades and Downgrades

Several analysts have commented on PGR shares. Bank of America lifted their price target on Progressive from $350.00 to $351.00 and gave the company a “buy” rating in a report on Thursday, October 16th. JPMorgan Chase & Co. raised their target price on shares of Progressive from $301.00 to $303.00 and gave the stock an “overweight” rating in a research report on Thursday, October 9th. Barclays dropped their price target on shares of Progressive from $271.00 to $257.00 and set an “equal weight” rating for the company in a research report on Monday, October 20th. Jefferies Financial Group cut their price target on shares of Progressive from $309.00 to $287.00 and set a “buy” rating on the stock in a research note on Monday, August 11th. Finally, Wall Street Zen cut shares of Progressive from a “buy” rating to a “hold” rating in a research note on Sunday, September 21st. Eight analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $268.90.

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.