Regent Peak Wealth Advisors LLC Buys Shares of 17,171 The Progressive Corporation $PGR

Regent Peak Wealth Advisors LLC purchased a new position in The Progressive Corporation (NYSE:PGR) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 17,171 shares of the insurance provider’s stock, valued at approximately $4,240,000. Progressive comprises 0.8% of Regent Peak Wealth Advisors LLC’s portfolio, making the stock its 24th biggest holding.

Several other institutional investors have also made changes to their positions in PGR. Atlantic Union Bankshares Corp acquired a new position in shares of Progressive during the 2nd quarter worth $33,000. Westside Investment Management Inc. raised its holdings in Progressive by 900.0% during the second quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock valued at $34,000 after buying an additional 117 shares in the last quarter. Howard Hughes Medical Institute acquired a new stake in shares of Progressive in the second quarter worth about $34,000. Ransom Advisory Ltd bought a new stake in shares of Progressive during the 1st quarter worth about $35,000. Finally, Activest Wealth Management raised its stake in shares of Progressive by 6,350.0% in the 1st quarter. Activest Wealth Management now owns 129 shares of the insurance provider’s stock valued at $37,000 after acquiring an additional 127 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Stock Down 0.1%

PGR opened at $227.66 on Friday. The Progressive Corporation has a twelve month low of $199.90 and a twelve month high of $292.99. The firm has a market cap of $133.50 billion, a price-to-earnings ratio of 12.49, a PEG ratio of 1.27 and a beta of 0.36. The firm’s 50-day simple moving average is $222.48 and its 200-day simple moving average is $239.64. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.29 and a current ratio of 0.29.

Progressive (NYSE:PGR) last issued its quarterly earnings data 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 firm had revenue of $21.38 billion for the quarter, compared to the consensus estimate of $21.64 billion. During the same period in the prior year, the company posted $3.58 earnings per share. Equities research analysts anticipate that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 8th. Shareholders of record on Friday, January 2nd will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date is Friday, January 2nd. Progressive’s dividend payout ratio (DPR) is presently 2.19%.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on PGR. Raymond James Financial reduced their price objective on shares of Progressive from $305.00 to $265.00 and set an “outperform” rating for the company in a research note on Friday, October 17th. Zacks Research downgraded Progressive from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 10th. Bank of America cut their price objective on Progressive from $350.00 to $348.00 and set a “buy” rating for the company in a research report on Tuesday, December 9th. Morgan Stanley restated an “underweight” rating on shares of Progressive in a research note on Wednesday, December 17th. Finally, Wolfe Research initiated coverage on Progressive in a research report on Monday, September 15th. They issued a “peer perform” rating on the stock. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, thirteen have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Progressive currently has an average rating of “Hold” and a consensus price target of $264.98.

Insider Activity

In other Progressive news, CFO John P. Sauerland sold 5,000 shares of the business’s stock in a transaction dated Friday, November 28th. The shares were sold at an average price of $228.48, for a total value of $1,142,400.00. Following the completion of the transaction, the chief financial officer directly owned 223,024 shares of the company’s stock, valued at approximately $50,956,523.52. The trade was a 2.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Steven Broz sold 1,344 shares of the stock in a transaction that occurred on Friday, December 19th. The shares were sold at an average price of $224.80, for a total transaction of $302,131.20. Following the sale, the insider directly owned 26,354 shares in the company, valued at $5,924,379.20. This trade represents a 4.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 9,034 shares of company stock valued at $2,047,481 in the last 90 days. Corporate insiders own 0.34% of the company’s stock.

About Progressive

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.