Quarry LP Buys 1,068 Shares of The Progressive Corporation $PGR

Quarry LP boosted its stake in shares of The Progressive Corporation (NYSE:PGR) by 112.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,020 shares of the insurance provider’s stock after acquiring an additional 1,068 shares during the quarter. Quarry LP’s holdings in Progressive were worth $572,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. Integrated Advisors Network LLC increased its stake in Progressive by 1.0% during the first quarter. Integrated Advisors Network LLC now owns 3,808 shares of the insurance provider’s stock worth $1,078,000 after acquiring an additional 36 shares during the last quarter. Pines Wealth Management LLC boosted its position in shares of Progressive by 3.0% during the first quarter. Pines Wealth Management LLC now owns 1,287 shares of the insurance provider’s stock valued at $335,000 after buying an additional 37 shares during the period. Contravisory Investment Management Inc. boosted its position in shares of Progressive by 2.0% during the first quarter. Contravisory Investment Management Inc. now owns 1,940 shares of the insurance provider’s stock valued at $549,000 after buying an additional 38 shares during the period. Beacon Financial Group boosted its position in shares of Progressive by 1.1% during the first quarter. Beacon Financial Group now owns 3,659 shares of the insurance provider’s stock valued at $1,036,000 after buying an additional 39 shares during the period. Finally, Pinnacle Wealth Management Advisory Group LLC boosted its position in shares of Progressive by 2.1% during the first quarter. Pinnacle Wealth Management Advisory Group LLC now owns 1,927 shares of the insurance provider’s stock valued at $545,000 after buying an additional 39 shares during the period. 85.34% of the stock is owned by institutional investors.

Progressive Stock Up 0.4%

Progressive stock opened at $247.03 on Friday. The business has a fifty day moving average of $249.69 and a two-hundred day moving average of $266.17. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.21. The firm has a market cap of $144.81 billion, a P/E ratio of 13.92, a P/E/G ratio of 1.44 and a beta of 0.33. The Progressive Corporation has a twelve month low of $228.54 and a twelve month high of $292.99.

Progressive (NYSE:PGR) last posted its earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share for the quarter, topping analysts’ consensus estimates of $4.43 by $0.45. The company 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%.Progressive’s revenue was up 12.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.48 earnings per share. On average, analysts forecast 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. Stockholders of record on Thursday, October 2nd will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, October 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive’s dividend payout ratio is presently 2.25%.

Insider Buying and Selling at Progressive

In other news, insider Karen Bailo sold 8,922 shares of the company’s stock in a transaction on Monday, July 28th. The stock was sold at an average price of $249.24, for a total transaction of $2,223,719.28. Following the transaction, the insider directly owned 32,346 shares of the company’s stock, valued at approximately $8,061,917.04. This represents a 21.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Lori A. Niederst sold 8,063 shares of the company’s stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $250.18, for a total value of $2,017,201.34. Following the completion of the transaction, the insider directly owned 39,040 shares in the company, valued at approximately $9,767,027.20. The trade was a 17.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 108,351 shares of company stock valued at $27,003,746. Corporate insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have issued reports on PGR shares. Wall Street Zen lowered Progressive from a “buy” rating to a “hold” rating in a research report on Friday, July 18th. UBS Group lowered their price target on Progressive from $280.00 to $268.00 and set a “neutral” rating for the company in a report on Monday, July 21st. Wells Fargo & Company lowered their price target on Progressive from $330.00 to $327.00 and set an “overweight” rating for the company in a report on Thursday, August 21st. Cantor Fitzgerald upgraded Progressive to a “hold” rating in a report on Wednesday, August 13th. Finally, Bank of America lowered their price target on Progressive from $337.00 to $336.00 and set a “buy” rating for the company in a report on Thursday, July 17th. Nine investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company’s stock. According to MarketBeat, Progressive currently has an average rating of “Moderate Buy” and a consensus target price of $284.18.

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.