2,287 Shares in The Progressive Corporation $PGR Acquired by Jones Financial Companies Lllp

Jones Financial Companies Lllp bought a new position in shares of The Progressive Corporation (NYSE:PGR) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund bought 2,287 shares of the insurance provider’s stock, valued at approximately $500,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC grew its stake in shares of Progressive by 15.6% in the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock worth $813,000 after purchasing an additional 457 shares during the last quarter. Revolve Wealth Partners LLC bought a new stake in shares of Progressive in the 4th quarter valued at about $269,000. Bison Wealth LLC increased its stake in shares of Progressive by 3.2% in the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock valued at $615,000 after buying an additional 80 shares during the period. HUB Investment Partners LLC increased its stake in shares of Progressive by 7.8% in the second quarter. HUB Investment Partners LLC now owns 2,282 shares of the insurance provider’s stock valued at $609,000 after buying an additional 166 shares during the period. Finally, Diversify Wealth Management LLC raised its position in shares of Progressive by 12.0% during the second quarter. Diversify Wealth Management LLC now owns 15,146 shares of the insurance provider’s stock worth $3,681,000 after acquiring an additional 1,622 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Stock Up 2.1%

Shares of Progressive stock opened at $223.87 on Tuesday. The stock’s 50-day moving average is $215.94 and its 200 day moving average is $206.82. The Progressive Corporation has a one year low of $189.20 and a one year high of $249.83. The firm has a market cap of $130.15 billion, a price-to-earnings ratio of 11.23, a PEG ratio of 2.93 and a beta of 0.27. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29.

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 return on equity of 32.92% and a net margin of 12.84%.The business had revenue of $23.61 billion during the quarter, compared to the consensus estimate of $19.49 billion. During the same period in the previous year, the company posted $5.40 earnings per share. The firm’s revenue for the quarter was up 5.0% on a year-over-year basis. Equities research analysts anticipate that The Progressive Corporation will post 17.71 EPS for the current year.

Progressive Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Keefe, Bruyette & Woods raised Progressive from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $226.00 to $250.00 in a research note on Thursday, August 20th. William Blair reissued a “market perform” rating on shares of Progressive in a research report on Wednesday, July 15th. HSBC raised their price target on shares of Progressive from $214.00 to $221.00 and gave the stock a “hold” rating in a report on Monday, July 6th. Wells Fargo & Company upped their price objective on shares of Progressive from $198.00 to $201.00 and gave the company an “underweight” rating in a research note on Thursday, August 20th. Finally, Bank of America decreased their price objective on shares of Progressive from $313.00 to $308.00 and set a “buy” rating for the company in a research report on Thursday, July 16th. Seven analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, Progressive presently has a consensus rating of “Hold” and an average target price of $236.05.

Insider Buying and Selling

In other Progressive news, insider Lori A. Niederst sold 7,339 shares of the firm’s stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $209.29, for a total value of $1,535,979.31. Following the completion of the sale, the insider directly owned 42,567 shares in the company, valued at approximately $8,908,847.43. This trade represents a 14.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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 on Tuesday, July 28th. The shares were sold at an average price of $220.00, for a total transaction of $769,780.00. Following the completion of the sale, the chief financial officer directly owned 42,595 shares of the company’s stock, valued at approximately $9,370,900. This trade represents a 7.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 83,449 shares of company stock worth $17,685,203 over the last ninety days. 0.32% of the stock is owned by company insiders.

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.