Moss Adams Wealth Advisors LLC Acquires 344 Shares of The Progressive Corporation $PGR

Moss Adams Wealth Advisors LLC boosted its holdings in shares of The Progressive Corporation (NYSE:PGR) by 18.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,229 shares of the insurance provider’s stock after purchasing an additional 344 shares during the quarter. Moss Adams Wealth Advisors LLC’s holdings in Progressive were worth $595,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PGR. Vanguard Group Inc. increased its stake in Progressive by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 54,022,956 shares of the insurance provider’s stock worth $15,289,037,000 after acquiring an additional 622,590 shares during the last quarter. GQG Partners LLC increased its stake in Progressive by 61.4% in the 1st quarter. GQG Partners LLC now owns 8,346,133 shares of the insurance provider’s stock worth $2,362,039,000 after acquiring an additional 3,174,632 shares during the last quarter. Alliancebernstein L.P. increased its stake in Progressive by 15.2% in the 1st quarter. Alliancebernstein L.P. now owns 8,263,157 shares of the insurance provider’s stock worth $2,338,556,000 after acquiring an additional 1,091,828 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Progressive by 6.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 6,380,134 shares of the insurance provider’s stock worth $1,805,642,000 after acquiring an additional 396,567 shares during the last quarter. Finally, Nuveen LLC bought a new stake in Progressive in the 1st quarter worth approximately $1,473,180,000. Institutional investors own 85.34% of the company’s stock.

Progressive Trading Up 0.5%

PGR opened at $243.46 on Monday. The firm has a market cap of $142.72 billion, a price-to-earnings ratio of 13.72, a PEG ratio of 1.36 and a beta of 0.32. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.21. The Progressive Corporation has a 12 month low of $228.54 and a 12 month high of $292.99. The stock has a fifty day moving average price of $245.34 and a 200-day moving average price of $261.91.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, topping the consensus estimate of $4.43 by $0.45. The firm had revenue of $20.08 billion during the quarter, compared to analyst estimates of $20.39 billion. Progressive had a return on equity of 35.37% and a net margin of 12.66%.The business’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same period in the previous year, the company posted $2.48 EPS. As a group, equities research analysts anticipate that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Thursday, October 2nd will be paid a $0.10 dividend. The ex-dividend date is Thursday, October 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive’s dividend payout ratio (DPR) is 2.25%.

Insider Buying and Selling

In other Progressive news, insider Patrick K. Callahan sold 6,420 shares of the stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $242.22, for a total value of $1,555,052.40. Following the completion of the sale, the insider directly owned 15,192 shares in the company, valued at approximately $3,679,806.24. This trade represents a 29.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Steven Broz sold 1,345 shares of the stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $242.10, for a total value 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 130,045 shares of company stock valued at $31,997,390 in the last 90 days. 0.33% of the stock is owned by insiders.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $265.00 price objective (down previously from $327.00) on shares of Progressive in a research note on Thursday, September 18th. Keefe, Bruyette & Woods lifted their price objective on Progressive from $268.00 to $270.00 and gave the stock a “market perform” rating in a research note on Thursday, September 18th. BMO Capital Markets set a $252.00 price objective on Progressive in a research note on Thursday, September 18th. Wall Street Zen cut Progressive from a “buy” rating to a “hold” rating in a report on Sunday, September 21st. Finally, Cantor Fitzgerald upgraded Progressive to a “hold” rating in a report on Wednesday, August 13th. Six investment analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the stock. According to data from MarketBeat, Progressive currently has an average rating of “Hold” and an average target price of $279.31.

Progressive Company Profile

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.