JSF Financial LLC Purchases 357 Shares of The Progressive Corporation $PGR

JSF Financial LLC raised its holdings in The Progressive Corporation (NYSE:PGR) by 8.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,589 shares of the insurance provider’s stock after purchasing an additional 357 shares during the period. JSF Financial LLC’s holdings in Progressive were worth $1,225,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Vanguard Group Inc. lifted its position in shares of Progressive by 1.2% during the first quarter. Vanguard Group Inc. now owns 54,022,956 shares of the insurance provider’s stock worth $15,289,037,000 after acquiring an additional 622,590 shares in the last quarter. GQG Partners LLC raised its stake in shares of Progressive by 61.4% during the 1st quarter. GQG Partners LLC now owns 8,346,133 shares of the insurance provider’s stock valued at $2,362,039,000 after purchasing an additional 3,174,632 shares during the period. Alliancebernstein L.P. grew its holdings in Progressive by 15.2% during the 1st quarter. Alliancebernstein L.P. now owns 8,263,157 shares of the insurance provider’s stock valued at $2,338,556,000 after buying an additional 1,091,828 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Progressive by 6.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 6,380,134 shares of the insurance provider’s stock valued at $1,805,642,000 after buying an additional 396,567 shares in the last quarter. Finally, Nuveen LLC purchased a new position in Progressive during the 1st quarter valued at about $1,473,180,000. 85.34% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on PGR. Wolfe Research began coverage on shares of Progressive in a research report on Monday, September 15th. They issued a “peer perform” rating for the company. Wall Street Zen cut shares of Progressive from a “buy” rating to a “hold” rating in a research note on Sunday, September 21st. BMO Capital Markets set a $252.00 price target on shares of Progressive in a report on Thursday, September 18th. Keefe, Bruyette & Woods upped their price target on shares of Progressive from $268.00 to $270.00 and gave the stock a “market perform” rating in a report on Thursday, September 18th. Finally, Citigroup restated a “buy” rating on shares of Progressive in a research report on Friday, August 29th. Seven research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $279.63.

Progressive Stock Up 1.1%

Shares of NYSE:PGR opened at $246.10 on Friday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.31 and a current ratio of 0.31. The firm has a fifty day moving average of $245.14 and a 200 day moving average of $260.76. The Progressive Corporation has a 52-week low of $228.54 and a 52-week high of $292.99. The firm has a market capitalization of $144.27 billion, a PE ratio of 13.86, a price-to-earnings-growth ratio of 1.37 and a beta of 0.32.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.43 by $0.45. The firm 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%.The company’s revenue was up 12.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.48 earnings per share. As a group, research analysts anticipate that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

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

Insider Buying and Selling at Progressive

In other news, CEO Susan Patricia Griffith sold 30,660 shares of the company’s stock in a transaction on Monday, July 28th. The shares were sold at an average price of $242.12, for a total value of $7,423,399.20. Following the completion of the sale, the chief executive officer owned 506,945 shares of the company’s stock, valued at approximately $122,741,523.40. This represents a 5.70% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO John P. Sauerland sold 16,664 shares of the company’s stock in a transaction on Monday, July 28th. The shares were sold at an average price of $249.24, for a total transaction of $4,153,335.36. Following the completion of the sale, the chief financial officer directly owned 228,024 shares of the company’s stock, valued at $56,832,701.76. This trade represents a 6.81% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 130,045 shares of company stock valued at $31,997,390. 0.34% of the stock is currently owned by corporate insiders.

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.