CFO4Life Group LLC Takes Position in The Progressive Corporation $PGR

CFO4Life Group LLC bought a new position in The Progressive Corporation (NYSE:PGR) during the second quarter, according to its most recent Form 13F filing with the SEC. The firm bought 3,602 shares of the insurance provider’s stock, valued at approximately $787,000.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Klingman & Associates LLC boosted its stake in Progressive by 1.7% during the fourth quarter. Klingman & Associates LLC now owns 2,927 shares of the insurance provider’s stock worth $667,000 after buying an additional 48 shares during the last quarter. Pines Wealth Management LLC increased its stake in shares of Progressive by 3.9% in the 4th quarter. Pines Wealth Management LLC now owns 1,399 shares of the insurance provider’s stock worth $319,000 after acquiring an additional 52 shares during the last quarter. Northwestern Mutual Investment Management Company LLC increased its stake in shares of Progressive by 0.3% in the 4th quarter. Northwestern Mutual Investment Management Company LLC now owns 18,736 shares of the insurance provider’s stock worth $4,267,000 after acquiring an additional 52 shares during the last quarter. Phillips Wealth Planners LLC raised its holdings in shares of Progressive by 2.8% during the 4th quarter. Phillips Wealth Planners LLC now owns 1,916 shares of the insurance provider’s stock worth $436,000 after acquiring an additional 52 shares during the period. Finally, Sumitomo Life Insurance Co. raised its holdings in shares of Progressive by 1.2% during the 4th quarter. Sumitomo Life Insurance Co. now owns 4,307 shares of the insurance provider’s stock worth $981,000 after acquiring an additional 52 shares during the period. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PGR has been the topic of several recent analyst reports. Wells Fargo & Company boosted their target price on shares of Progressive from $198.00 to $201.00 and gave the company an “underweight” rating in a report on Thursday. Morgan Stanley upgraded Progressive from an “underweight” rating to an “equal weight” rating and upped their price objective for the company from $190.00 to $210.00 in a report on Friday, July 24th. William Blair reissued a “market perform” rating on shares of Progressive in a research note on Wednesday, July 15th. JPMorgan Chase & Co. dropped their price target on shares of Progressive from $250.00 to $241.00 and set a “neutral” rating for the company in a research report on Tuesday, August 4th. Finally, Cantor Fitzgerald cut their price objective on Progressive from $220.00 to $200.00 and set a “neutral” rating on the stock in a report on Monday, August 17th. Seven investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $236.05.

Insider Activity at Progressive

In other news, insider John Jo Murphy sold 8,124 shares of Progressive stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $212.70, for a total transaction of $1,727,974.80. Following the sale, the insider owned 41,291 shares in the company, valued at approximately $8,782,595.70. The trade was a 16.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Susan Patricia Griffith sold 37,338 shares of the business’s stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $212.71, for a total value of $7,942,165.98. Following the completion of the sale, the chief executive officer directly owned 522,776 shares of the company’s stock, valued at $111,199,682.96. The trade was a 6.67% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 82,224 shares of company stock valued at $17,416,438. Corporate insiders own 0.32% of the company’s stock.

Progressive Stock Down 0.4%

Shares of NYSE PGR opened at $219.45 on Friday. The business has a 50-day moving average of $215.53 and a two-hundred day moving average of $206.64. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29. The company has a market capitalization of $127.58 billion, a price-to-earnings ratio of 11.01, a price-to-earnings-growth ratio of 2.94 and a beta of 0.27. The Progressive Corporation has a 1 year low of $189.20 and a 1 year high of $252.82.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Wednesday, July 15th. The insurance provider reported $5.67 EPS for the quarter, beating 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 company had revenue of $23.61 billion for the quarter, compared to analyst estimates of $19.49 billion. During the same period in the prior year, the firm posted $5.40 earnings per share. The firm’s revenue was up 5.0% on a year-over-year basis. On average, analysts forecast that The Progressive Corporation will post 17.71 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Thursday, October 1st will be paid a $0.10 dividend. 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 is currently 2.01%.

Progressive 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.