Arkadios Wealth Advisors Acquires 703 Shares of The Progressive Corporation $PGR

Arkadios Wealth Advisors grew its stake in shares of The Progressive Corporation (NYSE:PGR) by 21.7% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,938 shares of the insurance provider’s stock after acquiring an additional 703 shares during the quarter. Arkadios Wealth Advisors’ holdings in Progressive were worth $1,051,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Baron Silver Stevens Financial Advisors LLC bought a new position in shares of Progressive in the 2nd quarter worth approximately $306,000. New York Life Investment Management LLC raised its stake in Progressive by 1.4% during the 2nd quarter. New York Life Investment Management LLC now owns 87,760 shares of the insurance provider’s stock worth $23,420,000 after acquiring an additional 1,192 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Progressive during the 2nd quarter worth approximately $13,583,000. Whalen Wealth Management Inc. bought a new stake in Progressive during the 2nd quarter worth approximately $647,000. Finally, Trust Co. of Oklahoma bought a new stake in Progressive during the 2nd quarter worth approximately $439,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Trading Down 0.5%

Shares of PGR opened at $205.97 on Friday. The company’s fifty day moving average is $237.11 and its 200 day moving average is $254.01. The Progressive Corporation has a fifty-two week low of $205.55 and a fifty-two week high of $292.99. The stock has a market capitalization of $120.74 billion, a PE ratio of 11.30, a P/E/G ratio of 1.19 and a beta of 0.32. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.31 and a current ratio of 0.32.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share 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 business had revenue of $21.38 billion during the quarter, compared to the consensus estimate of $21.64 billion. During the same quarter in the prior year, the firm posted $3.58 EPS. Sell-side analysts expect that The Progressive Corporation will post 14.68 earnings per share 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 given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date was Thursday, October 2nd. Progressive’s payout ratio is currently 2.19%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on PGR shares. UBS Group decreased their target price on shares of Progressive from $268.00 to $261.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 8th. Wells Fargo & Company decreased their target price on shares of Progressive from $266.00 to $246.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 16th. Bank of America raised their target price on shares of Progressive from $350.00 to $351.00 and gave the stock a “buy” rating in a research note 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 note on Thursday, October 9th. Finally, BMO Capital Markets reduced their price objective on shares of Progressive from $252.00 to $247.00 and set a “market perform” rating on the stock in a research report on Thursday, October 16th. Eight investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Progressive presently has an average rating of “Hold” and an average target price of $268.90.

Insider Buying and Selling

In related news, insider John Jo Murphy sold 2,218 shares of the business’s stock in a transaction on Friday, September 19th. The shares were 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 in the company, valued at approximately $10,532,802.60. The trade was a 4.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Steven Broz sold 1,345 shares of the business’s 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 in the company, valued at $7,356,934.80. This 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. 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.