KFG Wealth Management LLC Acquires 80 Shares of The Progressive Co. (NYSE:PGR)

KFG Wealth Management LLC boosted its holdings in The Progressive Co. (NYSE:PGR) by 6.2% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 1,369 shares of the insurance provider’s stock after purchasing an additional 80 shares during the period. KFG Wealth Management LLC’s holdings in Progressive were worth $387,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of PGR. Minot DeBlois Advisors LLC bought a new stake in shares of Progressive in the fourth quarter valued at about $28,000. Atlantic Edge Private Wealth Management LLC raised its holdings in Progressive by 54.7% in the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider’s stock valued at $28,000 after acquiring an additional 41 shares in the last quarter. Atala Financial Inc bought a new stake in shares of Progressive in the 4th quarter worth approximately $32,000. Global Wealth Strategies & Associates grew its holdings in shares of Progressive by 119.0% during the 1st quarter. Global Wealth Strategies & Associates now owns 138 shares of the insurance provider’s stock worth $39,000 after purchasing an additional 75 shares in the last quarter. Finally, Rialto Wealth Management LLC bought a new stake in shares of Progressive during the fourth quarter valued at approximately $43,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Progressive

In other news, CFO John P. Sauerland sold 10,000 shares of the business’s stock in a transaction on Monday, April 28th. The stock was sold at an average price of $268.59, for a total transaction of $2,685,900.00. Following the completion of the sale, the chief financial officer now owns 248,024 shares in the company, valued at $66,616,766.16. The trade was a 3.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Steven Broz sold 1,267 shares of the company’s stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $277.81, for a total value of $351,985.27. Following the transaction, the insider now directly owns 28,888 shares in the company, valued at $8,025,375.28. This trade represents a 4.20% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 37,755 shares of company stock worth $10,367,074. Corporate insiders own 0.34% of the company’s stock.

Progressive Trading Down 0.4%

Shares of PGR opened at $279.19 on Friday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.30 and a current ratio of 0.31. The company has a market cap of $163.67 billion, a price-to-earnings ratio of 19.39, a PEG ratio of 1.70 and a beta of 0.40. The stock has a fifty day moving average price of $276.19 and a two-hundred day moving average price of $264.49. The Progressive Co. has a 52-week low of $201.34 and a 52-week high of $292.99.

Progressive (NYSE:PGR) last announced its earnings results on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share for the quarter, beating analysts’ consensus estimates of $4.28 by $0.37. The company had revenue of $22.21 billion during the quarter, compared to analyst estimates of $21.87 billion. Progressive had a return on equity of 33.79% and a net margin of 11.25%. Analysts predict that The Progressive Co. will post 14.68 EPS for the current fiscal year.

Progressive Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Thursday, April 3rd were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.14%. The ex-dividend date was Thursday, April 3rd. Progressive’s dividend payout ratio is presently 2.70%.

Analyst Ratings Changes

A number of research firms have weighed in on PGR. Wells Fargo & Company lifted their price target on shares of Progressive from $324.00 to $328.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 7th. Morgan Stanley set a $330.00 target price on shares of Progressive and gave the company an “overweight” rating in a research report on Monday, May 19th. Roth Mkm upped their target price on shares of Progressive from $290.00 to $315.00 and gave the company a “buy” rating in a research note on Tuesday, February 25th. BMO Capital Markets raised their price target on shares of Progressive from $282.00 to $288.00 and gave the stock an “outperform” rating in a research note on Thursday, April 17th. Finally, JPMorgan Chase & Co. lifted their price objective on Progressive from $267.00 to $287.00 and gave the company an “overweight” rating in a report on Tuesday, April 8th. Eight investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $288.59.

About Progressive

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.