The Progressive Corporation $PGR Shares Purchased by Headland Capital LLC

Headland Capital LLC increased its position in The Progressive Corporation (NYSE:PGR) by 0.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 198,784 shares of the insurance provider’s stock after purchasing an additional 406 shares during the quarter. Progressive makes up 16.0% of Headland Capital LLC’s portfolio, making the stock its 2nd biggest position. Headland Capital LLC’s holdings in Progressive were worth $53,048,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the business. Highline Wealth Partners LLC raised its position in shares of Progressive by 114.0% during the 1st quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider’s stock valued at $26,000 after acquiring an additional 49 shares during the last quarter. TruNorth Capital Management LLC grew its stake in shares of Progressive by 210.0% during the first quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider’s stock worth $26,000 after purchasing an additional 63 shares during the period. HWG Holdings LP acquired a new stake in shares of Progressive during the first quarter worth $28,000. Garde Capital Inc. acquired a new stake in shares of Progressive during the first quarter worth $33,000. Finally, Ransom Advisory Ltd bought a new position in Progressive during the first quarter worth about $35,000. Institutional investors own 85.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on PGR. Weiss Ratings reiterated a “buy (b)” rating on shares of Progressive in a research report on Wednesday. BMO Capital Markets set a $252.00 target price on shares of Progressive in a research note on Thursday, September 18th. Barclays set a $271.00 target price on shares of Progressive in a research note on Wednesday. Morgan Stanley decreased their price target on shares of Progressive from $267.00 to $265.00 and set an “equal weight” rating for the company in a report on Monday, September 22nd. Finally, Wolfe Research initiated coverage on shares of Progressive in a report on Monday, September 15th. They issued a “peer perform” rating for the company. Seven investment analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. According to data from MarketBeat.com, Progressive currently has a consensus rating of “Hold” and a consensus price target of $279.63.

Progressive Trading Down 0.8%

PGR opened at $240.18 on Friday. The stock has a market capitalization of $140.80 billion, a P/E ratio of 13.53, a P/E/G ratio of 1.35 and a beta of 0.32. The Progressive Corporation has a 12 month low of $228.54 and a 12 month high of $292.99. The firm’s fifty day simple moving average is $245.20 and its 200 day simple moving average is $259.74. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.21.

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

Progressive Announces Dividend

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

Insider Activity

In other news, CEO Susan Patricia Griffith sold 30,660 shares of the business’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 sale, the chief executive officer owned 506,945 shares of the company’s stock, valued at $122,741,523.40. The trade was a 5.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Patrick K. Callahan sold 6,420 shares of the business’s stock in a transaction on Friday, September 19th. The stock was sold at an average price of $242.22, for a total transaction of $1,555,052.40. Following the completion of the sale, the insider directly owned 15,192 shares in the company, valued at approximately $3,679,806.24. This represents a 29.71% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 130,045 shares of company stock worth $31,997,390. 0.34% of the stock is currently owned by insiders.

Progressive 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.