Perigon Wealth Management LLC Acquires New Stake in The Progressive Corporation $PGR

Perigon Wealth Management LLC bought a new position in The Progressive Corporation (NYSE:PGR) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 6,209 shares of the insurance provider’s stock, valued at approximately $1,356,000.

A number of other large investors have also recently added to or reduced their stakes in the company. Brighton Jones LLC raised its position 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 buying an additional 457 shares during the last quarter. Revolve Wealth Partners LLC acquired a new position in Progressive during the 4th quarter worth approximately $269,000. Bison Wealth LLC boosted its position in Progressive by 3.2% during the 4th quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock worth $615,000 after acquiring an additional 80 shares during the last quarter. HUB Investment Partners LLC grew its stake in shares of Progressive by 7.8% during the 2nd quarter. HUB Investment Partners LLC now owns 2,282 shares of the insurance provider’s stock worth $609,000 after acquiring an additional 166 shares in the last quarter. Finally, Diversify Wealth Management LLC raised its holdings in shares of Progressive by 12.0% in the second quarter. Diversify Wealth Management LLC now owns 15,146 shares of the insurance provider’s stock valued at $3,681,000 after purchasing an additional 1,622 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

Insider Buying and Selling

In related news, CEO Susan Patricia Griffith sold 37,338 shares of the firm’s stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $212.71, for a total value of $7,942,165.98. Following the completion of the sale, the chief executive officer directly owned 522,776 shares in the company, valued at approximately $111,199,682.96. This trade represents a 6.67% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Andrew J. Quigg sold 3,499 shares of Progressive stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $220.00, for a total value of $769,780.00. Following the transaction, the chief financial officer owned 42,595 shares of the company’s stock, valued at $9,370,900. The trade was a 7.59% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 82,224 shares of company stock worth $17,416,438 in the last 90 days. 0.32% of the stock is owned by corporate insiders.

Progressive Trading Up 1.5%

NYSE PGR opened at $206.98 on Wednesday. The Progressive Corporation has a 12 month low of $189.20 and a 12 month high of $254.93. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.24. The stock has a 50 day moving average of $214.58 and a 200-day moving average of $206.39. The company has a market cap of $120.33 billion, a PE ratio of 10.38, a PEG ratio of 2.82 and a beta of 0.27.

Progressive (NYSE:PGR) last issued its earnings results on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share for the quarter, topping analysts’ consensus estimates of $4.64 by $1.03. Progressive had a net margin of 12.84% and a return on equity of 32.92%. The business had revenue of $23.61 billion for the quarter, compared to the consensus estimate of $19.49 billion. During the same period in the previous year, the company earned $5.40 earnings per share. The firm’s revenue for the quarter was up 5.0% on a year-over-year basis. On average, equities research analysts anticipate that The Progressive Corporation will post 17.57 EPS for the current fiscal year.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Thursday, October 1st will be paid a dividend of $0.10 per share. The ex-dividend date is Thursday, October 1st. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive’s payout ratio is currently 2.01%.

Analysts Set New Price Targets

A number of analysts have recently commented on PGR shares. Cantor Fitzgerald cut their price objective on shares of Progressive from $220.00 to $200.00 and set a “neutral” rating on the stock in a research report on Monday. William Blair reaffirmed a “market perform” rating on shares of Progressive in a research report on Wednesday, July 15th. Royal Bank Of Canada set a $208.00 price target on shares of Progressive in a research note on Friday, May 22nd. Mizuho set a $236.00 price objective on shares of Progressive in a research note on Wednesday, August 5th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Progressive in a research note on Monday, August 3rd. Five analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $233.16.

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.