Vision Capital Management Inc. Has $6.48 Million Stock Holdings in The Progressive Corporation $PGR

Vision Capital Management Inc. grew its position in The Progressive Corporation (NYSE:PGR) by 4.5% in the second quarter, according to its most recent filing with the SEC. The fund owned 24,282 shares of the insurance provider’s stock after acquiring an additional 1,037 shares during the period. Vision Capital Management Inc.’s holdings in Progressive were worth $6,480,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of the company. Beaumont Financial Advisors LLC lifted its stake in shares of Progressive by 15.2% in the 2nd quarter. Beaumont Financial Advisors LLC now owns 18,725 shares of the insurance provider’s stock valued at $4,997,000 after acquiring an additional 2,475 shares during the last quarter. EdgeRock Capital LLC bought a new position in shares of Progressive in the 2nd quarter valued at $1,035,000. MBE Wealth Management LLC lifted its stake in shares of Progressive by 9.7% in the 2nd quarter. MBE Wealth Management LLC now owns 1,684 shares of the insurance provider’s stock valued at $449,000 after acquiring an additional 149 shares during the last quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH lifted its stake in shares of Progressive by 303.2% in the 2nd quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 20,388 shares of the insurance provider’s stock valued at $5,441,000 after acquiring an additional 15,331 shares during the last quarter. Finally, Perigon Wealth Management LLC lifted its stake in shares of Progressive by 6.0% in the 2nd quarter. Perigon Wealth Management LLC now owns 4,979 shares of the insurance provider’s stock valued at $1,329,000 after acquiring an additional 283 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors.

Insider Transactions at Progressive

In other news, insider Lori A. Niederst sold 8,063 shares of Progressive stock in a transaction dated Thursday, August 14th. The stock was 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 of the company’s stock, valued at approximately $9,767,027.20. This trade represents a 17.12% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Karen Bailo sold 8,922 shares of Progressive stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $249.24, for a total value of $2,223,719.28. Following the completion of the transaction, the insider directly owned 32,346 shares of the company’s stock, valued at approximately $8,061,917.04. This trade represents a 21.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 140,045 shares of company stock worth $34,635,290. Corporate insiders own 0.34% of the company’s stock.

Progressive Stock Up 0.9%

Shares of NYSE:PGR opened at $242.18 on Friday. The business has a fifty day simple moving average of $245.40 and a 200 day simple moving average of $262.37. The Progressive Corporation has a 12-month low of $228.54 and a 12-month high of $292.99. 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 $141.97 billion, a P/E ratio of 13.64, a P/E/G ratio of 1.34 and a beta of 0.32.

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

Progressive Dividend Announcement

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

Analyst Ratings Changes

A number of brokerages have recently commented on PGR. Jefferies Financial Group dropped their price target on Progressive from $309.00 to $287.00 and set a “buy” rating for the company in a research note on Monday, August 11th. Cantor Fitzgerald upgraded Progressive to a “hold” rating in a research note on Wednesday, August 13th. Morgan Stanley dropped their price target on Progressive from $267.00 to $265.00 and set an “equal weight” rating for the company in a research note on Monday. Citigroup reaffirmed a “buy” rating on shares of Progressive in a research report on Friday, August 29th. Finally, Wells Fargo & Company reaffirmed an “equal weight” rating and set a $265.00 target price (down from $327.00) on shares of Progressive in a research report on Thursday, September 18th. Six investment analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target 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.