Elevation Point Wealth Partners LLC Boosts Stock Position in The Progressive Corporation $PGR

Elevation Point Wealth Partners LLC boosted its stake in The Progressive Corporation (NYSE:PGR) by 660.7% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 20,150 shares of the insurance provider’s stock after acquiring an additional 17,501 shares during the period. Elevation Point Wealth Partners LLC’s holdings in Progressive were worth $3,995,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of PGR. Bard Associates Inc. purchased a new stake in Progressive in the 4th quarter worth about $27,000. Dagco Inc. purchased a new stake in Progressive during the fourth quarter valued at about $28,000. IFC & Insurance Marketing Inc. bought a new position in Progressive during the fourth quarter worth about $29,000. HHM Wealth Advisors LLC boosted its position in Progressive by 700.0% during the first quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider’s stock worth $29,000 after purchasing an additional 126 shares during the period. Finally, Ameriflex Group Inc. increased its stake in shares of Progressive by 106.6% in the third quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock worth $31,000 after purchasing an additional 65 shares in the last quarter. 85.34% of the stock is owned by institutional investors.

Insider Activity

In related news, insider John Jo Murphy sold 5,916 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $200.00, for a total value of $1,183,200.00. Following the sale, the insider directly owned 41,290 shares of the company’s stock, valued at $8,258,000. This trade represents a 12.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steven Broz sold 1,157 shares of Progressive stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $204.76, for a total transaction of $236,907.32. Following the sale, the insider owned 27,511 shares of the company’s stock, valued at approximately $5,633,152.36. The trade was a 4.04% decrease in their ownership of the stock. 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 90 days, insiders sold 15,230 shares of company stock worth $3,165,817. 0.32% of the stock is currently owned by insiders.

Progressive Trading Down 0.2%

Progressive stock opened at $231.75 on Friday. The stock has a market cap of $135.42 billion, a P/E ratio of 11.78, a PEG ratio of 7.03 and a beta of 0.26. The Progressive Corporation has a fifty-two week low of $189.20 and a fifty-two week high of $261.66. The firm’s fifty day moving average price is $203.97 and its 200-day moving average price is $206.81. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.27 and a current ratio of 0.27.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.67 by $0.13. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The company had revenue of $22.19 billion during the quarter, compared to analyst estimates of $23.51 billion. During the same quarter last year, the company earned $4.37 earnings per share. The firm’s quarterly revenue was up 6.5% on a year-over-year basis. Equities research analysts forecast that The Progressive Corporation will post 17.12 earnings per share for the current fiscal year.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Thursday, July 2nd will be issued a $0.10 dividend. The ex-dividend date of this dividend is Thursday, July 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive’s dividend payout ratio (DPR) is presently 2.03%.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Morgan Stanley reduced their price objective on shares of Progressive from $205.00 to $190.00 and set an “underweight” rating for the company in a research note on Tuesday, March 31st. BMO Capital Markets reaffirmed a “market perform” rating and issued a $220.00 price target on shares of Progressive in a report on Wednesday, May 20th. UBS Group boosted their price objective on Progressive from $220.00 to $230.00 and gave the company a “neutral” rating in a research note on Tuesday. Wells Fargo & Company cut Progressive from an “equal weight” rating to an “underweight” rating and set a $205.00 price objective on the stock. in a report on Monday. Finally, Jefferies Financial Group cut their target price on Progressive from $216.00 to $215.00 and set a “hold” rating for the company in a research note on Tuesday, March 24th. Six equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $237.37.

About Progressive

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.