NorthRock Partners LLC Purchases 12,545 Shares of The Progressive Corporation $PGR

NorthRock Partners LLC raised its position in The Progressive Corporation (NYSE:PGR) by 10.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 133,547 shares of the insurance provider’s stock after purchasing an additional 12,545 shares during the quarter. NorthRock Partners LLC’s holdings in Progressive were worth $29,173,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Brighton Jones LLC boosted its holdings 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 acquiring an additional 457 shares during the period. Revolve Wealth Partners LLC bought a new stake in shares of Progressive during the fourth quarter worth $269,000. Bison Wealth LLC boosted its stake in shares of Progressive by 3.2% during the fourth 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 during the period. HUB Investment Partners LLC increased its stake in Progressive by 7.8% in the 2nd quarter. HUB Investment Partners LLC now owns 2,282 shares of the insurance provider’s stock worth $609,000 after buying an additional 166 shares during the period. Finally, Diversify Wealth Management LLC increased its stake in Progressive by 12.0% in the 2nd 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 during the period. Institutional investors own 85.34% of the company’s stock.

Progressive Stock Performance

Shares of NYSE:PGR opened at $214.67 on Wednesday. The firm has a 50 day moving average of $217.48 and a 200 day moving average of $207.97. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $124.80 billion, a price-to-earnings ratio of 10.77, a price-to-earnings-growth ratio of 2.92 and a beta of 0.27. The Progressive Corporation has a 52 week low of $189.20 and a 52 week high of $249.71.

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

Progressive Announces Dividend

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

Insider Buying and Selling at Progressive

In other news, insider Lori Niederst sold 7,339 shares of the firm’s stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $209.29, for a total value of $1,535,979.31. Following the sale, the insider directly owned 42,567 shares in the company, valued at approximately $8,908,847.43. This trade represents a 14.71% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Karen Bailo sold 8,452 shares of Progressive stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $212.71, for a total transaction of $1,797,824.92. Following the completion of the transaction, the insider directly owned 32,348 shares in the company, valued at approximately $6,880,743.08. The trade was a 20.72% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 113,714 shares of company stock valued at $24,466,294. 0.32% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have issued reports on PGR shares. Jefferies Financial Group reissued a “hold” rating and issued a $228.00 price objective on shares of Progressive in a research report on Wednesday, August 19th. Weiss Ratings raised shares of Progressive from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, August 28th. BMO Capital Markets reiterated a “market perform” rating on shares of Progressive in a report on Wednesday, August 19th. Cantor Fitzgerald dropped their price objective on Progressive from $220.00 to $200.00 and set a “neutral” rating on the stock in a research note on Monday, August 17th. Finally, Roth Capital restated a “buy” rating and set a $245.00 price objective on shares of Progressive in a report on Thursday, August 20th. Seven analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $236.26.

Progressive Company Profile

Progressive Corporation, founded in 1937 and headquartered in Mayfield Village, Ohio, is an insurance company that primarily serves customers in the United States. The company is best known for its personal and commercial auto insurance businesses and distributes products through independent agents, direct channels and digital platforms.

Progressive offers a broad range of insurance products, including coverage for automobiles, motorcycles, boats, recreational vehicles, homes and renters.