128,918 Shares in The Progressive Corporation $PGR Bought by RIHO Partners LLC

RIHO Partners LLC bought a new position in shares of The Progressive Corporation (NYSE:PGR) in the second quarter, HoldingsChannel.com reports. The institutional investor bought 128,918 shares of the insurance provider’s stock, valued at approximately $28,162,000. Progressive accounts for approximately 15.8% of RIHO Partners LLC’s portfolio, making the stock its largest holding.

A number of other hedge funds have also modified their holdings of PGR. Pines Wealth Management LLC lifted its position in shares of Progressive by 3.9% in the fourth quarter. Pines Wealth Management LLC now owns 1,399 shares of the insurance provider’s stock worth $319,000 after purchasing an additional 52 shares in the last quarter. Northwestern Mutual Investment Management Company LLC increased its stake in Progressive by 0.3% in the 4th quarter. Northwestern Mutual Investment Management Company LLC now owns 18,736 shares of the insurance provider’s stock valued at $4,267,000 after buying an additional 52 shares during the last quarter. Phillips Wealth Planners LLC increased its stake in Progressive by 2.8% in the 4th quarter. Phillips Wealth Planners LLC now owns 1,916 shares of the insurance provider’s stock valued at $436,000 after buying an additional 52 shares during the last quarter. Sumitomo Life Insurance Co. lifted its position in Progressive by 1.2% during the 4th quarter. Sumitomo Life Insurance Co. now owns 4,307 shares of the insurance provider’s stock worth $981,000 after buying an additional 52 shares in the last quarter. Finally, Brown Miller Wealth Management LLC raised its holdings in Progressive by 2.4% during the second quarter. Brown Miller Wealth Management LLC now owns 2,365 shares of the insurance provider’s stock worth $517,000 after acquiring an additional 55 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors.

Progressive Stock Up 0.6%

Progressive stock opened at $218.90 on Friday. The company’s 50-day moving average price is $217.19 and its two-hundred day moving average price is $207.23. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.24. The stock has a market cap of $127.26 billion, a P/E ratio of 10.98, a P/E/G ratio of 2.90 and a beta of 0.27. The Progressive Corporation has a twelve month low of $189.20 and a twelve month high of $249.83.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share (EPS) 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 company had revenue of $23.61 billion during the quarter, compared to analysts’ expectations of $19.49 billion. During the same quarter in the previous year, the company posted $5.40 earnings per share. The business’s revenue was up 5.0% on a year-over-year basis. As a group, analysts expect that The Progressive Corporation will post 17.74 EPS for the current year.

Progressive Dividend Announcement

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

Insiders Place Their Bets

In other news, CFO Andrew J. Quigg sold 3,499 shares of Progressive stock in a transaction on Tuesday, July 28th. The stock was 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 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. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steven Broz sold 1,225 shares of the company’s stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $219.40, for a total transaction of $268,765.00. Following the completion of the transaction, the insider owned 31,257 shares in the company, valued at $6,857,785.80. This trade represents a 3.77% 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 sold a total of 83,449 shares of company stock worth $17,685,203 over the last three months. 0.32% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

PGR has been the subject of a number of analyst reports. Wells Fargo & Company raised their price target on Progressive from $198.00 to $201.00 and gave the company an “underweight” rating in a research note on Thursday, August 20th. The Goldman Sachs Group reissued a “buy” rating and issued a $230.00 price objective on shares of Progressive in a report on Wednesday, August 19th. Cantor Fitzgerald decreased their target price on shares of Progressive from $220.00 to $200.00 and set a “neutral” rating for the company in a research note on Monday, August 17th. HSBC upped their price target on shares of Progressive from $214.00 to $221.00 and gave the stock a “hold” rating in a research report on Monday, July 6th. Finally, UBS Group lifted their price objective on shares of Progressive from $225.00 to $234.00 and gave the company a “neutral” rating in a research report on Thursday. Seven analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $236.26.

Progressive Company 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.