Elevation Point Wealth Partners LLC Purchases 17,501 Shares of The Progressive Corporation $PGR

Elevation Point Wealth Partners LLC lifted its position in The Progressive Corporation (NYSE:PGR) by 660.7% in the first quarter, Holdings Channel.com reports. The firm owned 20,150 shares of the insurance provider’s stock after purchasing an additional 17,501 shares during the quarter. Elevation Point Wealth Partners LLC’s holdings in Progressive were worth $3,995,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of PGR. Bard Associates Inc. bought a new position in Progressive during the fourth quarter valued at approximately $27,000. Dagco Inc. purchased a new position in shares of Progressive during the fourth quarter worth approximately $28,000. IFC & Insurance Marketing Inc. bought a new stake in shares of Progressive in the 4th quarter worth approximately $29,000. HHM Wealth Advisors LLC boosted its stake in shares of Progressive by 700.0% in the 1st quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider’s stock valued at $29,000 after purchasing an additional 126 shares in the last quarter. Finally, Ameriflex Group Inc. boosted its stake in shares of Progressive by 106.6% in the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock valued at $31,000 after purchasing an additional 65 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors.

Progressive Stock Down 0.2%

NYSE PGR opened at $231.75 on Friday. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.27 and a quick ratio of 0.27. The stock has a market capitalization of $135.42 billion, a PE ratio of 11.78, a PEG ratio of 7.03 and a beta of 0.26. The Progressive Corporation has a 1 year low of $189.20 and a 1 year high of $261.66. The business’s 50-day moving average is $203.97 and its 200 day moving average is $206.81.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, beating analysts’ consensus estimates of $4.67 by $0.13. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The business had revenue of $22.19 billion during the quarter, compared to analyst estimates of $23.51 billion. During the same quarter in the prior year, the company posted $4.37 EPS. Progressive’s quarterly revenue was up 6.5% compared to the same quarter last year. Sell-side analysts forecast that The Progressive Corporation will post 17.12 earnings per share for the current year.

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Thursday, July 2nd will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date is Thursday, July 2nd. Progressive’s dividend payout ratio is currently 2.03%.

Insider Buying and Selling

In related news, insider John Jo Murphy sold 5,916 shares of Progressive stock in a transaction on Friday, June 5th. The shares were sold at an average price of $200.00, for a total value of $1,183,200.00. Following the sale, the insider owned 41,290 shares in the company, valued at $8,258,000. The trade was a 12.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeffrey D. Kelly sold 7,000 shares of the business’s stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $216.33, for a total transaction of $1,514,310.00. Following the transaction, the director directly owned 22,546 shares in the company, valued at approximately $4,877,376.18. The trade was a 23.69% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 15,230 shares of company stock valued at $3,165,817 over the last quarter. 0.32% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages recently commented on PGR. Mizuho decreased their target price on shares of Progressive from $235.00 to $223.00 and set a “neutral” rating on the stock in a research report on Friday, March 20th. UBS Group raised their price objective on Progressive from $220.00 to $230.00 and gave the company a “neutral” rating in a research note on Tuesday. Keefe, Bruyette & Woods lifted their price objective on Progressive from $208.00 to $210.00 and gave the stock a “market perform” rating in a report on Thursday, June 18th. BMO Capital Markets reissued a “market perform” rating and issued a $220.00 target price on shares of Progressive in a research note on Wednesday, May 20th. Finally, Morgan Stanley dropped their target price on Progressive from $205.00 to $190.00 and set an “underweight” rating for the company in a report on Tuesday, March 31st. Six research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $237.37.

Progressive Profile

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.