The Progressive Corporation $PGR Shares Purchased by GoodHaven Capital Management LLC

GoodHaven Capital Management LLC lifted its stake in The Progressive Corporation (NYSE:PGR) by 7.4% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 61,671 shares of the insurance provider’s stock after acquiring an additional 4,223 shares during the period. Progressive comprises about 4.2% of GoodHaven Capital Management LLC’s holdings, making the stock its 11th biggest position. GoodHaven Capital Management LLC’s holdings in Progressive were worth $13,472,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Bank of Nova Scotia purchased a new stake in shares of Progressive during the second quarter valued at $76,260,000. Allstate Corp raised its stake in Progressive by 106.1% in the 4th quarter. Allstate Corp now owns 44,513 shares of the insurance provider’s stock worth $10,136,000 after acquiring an additional 22,915 shares during the last quarter. Norges Bank acquired a new stake in Progressive during the 4th quarter worth about $1,836,094,000. Investment House LLC purchased a new stake in Progressive during the 4th quarter valued at about $8,447,000. Finally, Callan Family Office LLC purchased a new stake in Progressive during the 2nd quarter valued at about $3,025,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Progressive

In related news, insider Lori A. Niederst sold 7,339 shares of the company’s stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $209.29, for a total value of $1,535,979.31. Following the completion of the transaction, the insider owned 42,567 shares of the company’s stock, valued at approximately $8,908,847.43. This represents a 14.71% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed 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 the stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $212.71, for a total value of $1,797,824.92. Following the transaction, the insider owned 32,348 shares in the company, valued at $6,880,743.08. This represents a 20.72% 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. Over the last 90 days, insiders sold 113,714 shares of company stock worth $24,466,294. 0.32% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

PGR has been the subject of several research analyst reports. HSBC raised their price objective on Progressive from $214.00 to $221.00 and gave the stock a “hold” rating in a research note on Monday, July 6th. Roth Capital reiterated a “buy” rating and issued a $245.00 price target on shares of Progressive in a report on Thursday, August 20th. The Goldman Sachs Group reiterated a “buy” rating and issued a $230.00 price target on shares of Progressive in a report on Wednesday, August 19th. William Blair restated a “market perform” rating on shares of Progressive in a research note on Wednesday, July 15th. Finally, Bank of America cut their price objective on shares of Progressive from $313.00 to $308.00 and set a “buy” rating on the stock in a research note on Thursday, July 16th. Seven equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $236.26.

Progressive Stock Performance

Progressive stock traded down $4.28 during mid-day trading on Tuesday, hitting $214.67. The company had a trading volume of 1,911,931 shares, compared to its average volume of 3,115,816. The company has a market capitalization of $124.80 billion, a price-to-earnings ratio of 10.77, a P/E/G ratio of 2.92 and a beta of 0.27. The Progressive Corporation has a 12-month low of $189.20 and a 12-month high of $249.71. The company’s fifty day moving average is $217.55 and its 200-day moving average is $207.89. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.24.

Progressive (NYSE:PGR) last posted its earnings results on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share (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 firm had revenue of $23.61 billion during the quarter, compared to analysts’ expectations of $19.49 billion. During the same period in the previous year, the business posted $5.40 EPS. The business’s revenue was up 5.0% compared to the same quarter last year. Equities research analysts predict that The Progressive Corporation will post 17.74 EPS for the current year.

Progressive Dividend Announcement

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