1,817 Shares in The Progressive Co. (NYSE:PGR) Bought by Secure Asset Management LLC

Secure Asset Management LLC bought a new stake in The Progressive Co. (NYSE:PGR) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 1,817 shares of the insurance provider’s stock, valued at approximately $377,000.

Several other large investors also recently modified their holdings of PGR. Sachetta LLC bought a new stake in Progressive during the 4th quarter worth approximately $25,000. Northwest Bank & Trust Co acquired a new stake in shares of Progressive during the fourth quarter worth $25,000. Indiana Trust & Investment Management CO bought a new stake in Progressive in the 1st quarter valued at $32,000. Hilltop National Bank increased its holdings in Progressive by 126.0% during the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 92 shares in the last quarter. Finally, Register Financial Advisors LLC acquired a new position in shares of Progressive during the first quarter worth about $35,000. 85.34% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

PGR has been the topic of several research reports. Hsbc Global Res upgraded Progressive from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 12th. Keefe, Bruyette & Woods raised shares of Progressive from a “market perform” rating to an “outperform” rating and raised their target price for the company from $210.00 to $245.00 in a research report on Wednesday, July 17th. Citigroup cut their price target on shares of Progressive from $232.00 to $225.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 17th. JPMorgan Chase & Co. raised their price objective on Progressive from $210.00 to $239.00 and gave the company an “overweight” rating in a report on Thursday, July 11th. Finally, Jefferies Financial Group upped their target price on Progressive from $256.00 to $257.00 and gave the stock a “buy” rating in a report on Wednesday, July 17th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $234.41.

Insider Activity at Progressive

In other Progressive news, insider Steven Broz sold 6,122 shares of the firm’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $235.19, for a total value of $1,439,833.18. Following the transaction, the insider now directly owns 32,316 shares of the company’s stock, valued at approximately $7,600,400.04. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, insider John Jo Murphy sold 9,512 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $237.50, for a total value of $2,259,100.00. Following the sale, the insider now directly owns 45,787 shares in the company, valued at approximately $10,874,412.50. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Steven Broz sold 6,122 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $235.19, for a total transaction of $1,439,833.18. Following the transaction, the insider now owns 32,316 shares of the company’s stock, valued at $7,600,400.04. The disclosure for this sale can be found here. Insiders sold a total of 116,441 shares of company stock valued at $25,111,350 over the last quarter. 0.34% of the stock is owned by corporate insiders.

Progressive Stock Performance

NYSE PGR traded up $1.03 during trading on Friday, reaching $241.25. The company’s stock had a trading volume of 1,544,660 shares, compared to its average volume of 2,539,333. The Progressive Co. has a 12 month low of $130.27 and a 12 month high of $241.43. The firm has a 50 day moving average price of $217.48 and a 200 day moving average price of $208.17. The firm has a market capitalization of $141.29 billion, a price-to-earnings ratio of 24.69, a price-to-earnings-growth ratio of 0.79 and a beta of 0.35. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.30.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.04 by $0.61. The business had revenue of $17.90 billion for the quarter, compared to the consensus estimate of $17.54 billion. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The firm’s quarterly revenue was up 21.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.57 earnings per share. As a group, equities analysts anticipate that The Progressive Co. will post 12.16 EPS for the current fiscal year.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Thursday, October 3rd will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.17%. The ex-dividend date is Thursday, October 3rd. Progressive’s dividend payout ratio (DPR) is presently 4.09%.

About Progressive

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.