Transamerica Financial Advisors LLC Invests $736,000 in The Progressive Corporation $PGR

Transamerica Financial Advisors LLC bought a new stake in shares of The Progressive Corporation (NYSE:PGR) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 3,367 shares of the insurance provider’s stock, valued at approximately $736,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PGR. Brighton Jones LLC increased its position in Progressive by 15.6% during the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock valued at $813,000 after purchasing an additional 457 shares during the period. Revolve Wealth Partners LLC purchased a new stake in shares of Progressive in the 4th quarter worth about $269,000. Bison Wealth LLC boosted its stake in shares of Progressive by 3.2% during the 4th quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock valued at $615,000 after purchasing an additional 80 shares in the last quarter. HUB Investment Partners LLC boosted its stake in shares of Progressive by 7.8% during the 2nd quarter. HUB Investment Partners LLC now owns 2,282 shares of the insurance provider’s stock valued at $609,000 after purchasing an additional 166 shares in the last quarter. Finally, Diversify Wealth Management LLC raised its stake in Progressive by 12.0% in the second quarter. Diversify Wealth Management LLC now owns 15,146 shares of the insurance provider’s stock worth $3,681,000 after buying an additional 1,622 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Stock Performance

Shares of PGR stock opened at $222.36 on Thursday. The company has a market capitalization of $129.27 billion, a price-to-earnings ratio of 11.15, a price-to-earnings-growth ratio of 2.96 and a beta of 0.27. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29. The Progressive Corporation has a one year low of $189.20 and a one year high of $249.83. The company’s 50-day moving average is $216.64 and its 200 day moving average is $207.04.

Progressive (NYSE:PGR) last issued its earnings results on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.64 by $1.03. Progressive had a net margin of 12.84% and a return on equity of 32.92%. The firm had revenue of $23.61 billion for the quarter, compared to the consensus estimate of $19.49 billion. During the same quarter in the prior year, the firm posted $5.40 earnings per share. The business’s revenue was up 5.0% on a year-over-year basis. Sell-side analysts expect that The Progressive Corporation will post 17.74 EPS for the current fiscal year.

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Thursday, October 1st will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date is Thursday, October 1st. Progressive’s dividend payout ratio (DPR) is currently 2.01%.

Insiders Place Their Bets

In related news, CIO Jonathan S. Bauer sold 2,242 shares of Progressive stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $212.71, for a total value of $476,895.82. Following the completion of the sale, the executive directly owned 26,250 shares in the company, valued at approximately $5,583,637.50. This trade represents a 7.87% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Andrew J. Quigg sold 3,499 shares of the business’s stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $220.00, for a total value of $769,780.00. Following the completion of the transaction, the chief financial officer directly owned 42,595 shares of the company’s stock, valued at approximately $9,370,900. This trade represents a 7.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 83,449 shares of company stock worth $17,685,203. 0.32% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

PGR has been the topic of several research reports. Cantor Fitzgerald cut their price objective on Progressive from $220.00 to $200.00 and set a “neutral” rating on the stock in a research report on Monday, August 17th. Jefferies Financial Group restated a “hold” rating and issued a $228.00 target price on shares of Progressive in a research note on Wednesday, August 19th. HSBC lifted their price target on Progressive from $214.00 to $221.00 and gave the company a “hold” rating in a research report on Monday, July 6th. JPMorgan Chase & Co. decreased their price objective on Progressive from $250.00 to $241.00 and set a “neutral” rating for the company in a report on Tuesday, August 4th. Finally, BMO Capital Markets restated a “market perform” rating on shares of Progressive in a report on Wednesday, August 19th. Seven analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Progressive has an average rating of “Hold” and an average price target of $236.05.

Progressive Company Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.