3,174 Shares in The Progressive Corporation $PGR Acquired by Trivium Point Advisory LLC

Trivium Point Advisory LLC purchased a new position in The Progressive Corporation (NYSE:PGR) in the 2nd quarter, Holdings Channel reports. The institutional investor purchased 3,174 shares of the insurance provider’s stock, valued at approximately $693,000.

A number of other institutional investors have also added to or reduced their stakes in PGR. Vanguard Group Inc. boosted its position in shares of Progressive by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 55,261,140 shares of the insurance provider’s stock worth $12,584,067,000 after acquiring an additional 593,612 shares during the last quarter. State Street Corp grew its stake in Progressive by 0.3% during the third quarter. State Street Corp now owns 25,808,762 shares of the insurance provider’s stock valued at $6,373,474,000 after acquiring an additional 78,374 shares in the last quarter. Capital International Investors increased its holdings in Progressive by 8.9% in the 4th quarter. Capital International Investors now owns 14,921,724 shares of the insurance provider’s stock valued at $3,398,123,000 after acquiring an additional 1,217,527 shares during the last quarter. GQG Partners LLC lifted its stake in Progressive by 11.7% in the 4th quarter. GQG Partners LLC now owns 10,432,549 shares of the insurance provider’s stock worth $2,375,706,000 after purchasing an additional 1,092,151 shares in the last quarter. Finally, Norges Bank purchased a new stake in Progressive in the 4th quarter worth $1,836,094,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Stock Performance

Progressive stock opened at $209.48 on Monday. The company’s 50-day moving average price is $214.36 and its 200-day moving average price is $206.46. The Progressive Corporation has a twelve month low of $189.20 and a twelve month high of $254.93. 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 cap of $121.79 billion, a PE ratio of 10.51, a price-to-earnings-growth ratio of 2.82 and a beta of 0.27.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Wednesday, July 15th. The insurance provider reported $5.67 EPS for the quarter, beating analysts’ consensus estimates of $4.64 by $1.03. The firm had revenue of $23.61 billion during the quarter, compared to the consensus estimate of $19.49 billion. Progressive had a net margin of 12.84% and a return on equity of 32.92%. The firm’s revenue for the quarter was up 5.0% compared to the same quarter last year. During the same quarter last year, the firm earned $5.40 EPS. On average, equities research analysts forecast that The Progressive Corporation will post 17.57 EPS for the current fiscal year.

Progressive Announces Dividend

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 given a dividend of $0.10 per share. 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 dividend payout ratio is 2.01%.

Insiders Place Their Bets

In related news, CFO Andrew J. Quigg sold 3,499 shares of the stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $220.00, for a total transaction of $769,780.00. Following the sale, the chief financial officer owned 42,595 shares in the company, valued at approximately $9,370,900. This represents a 7.59% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Susan Patricia Griffith sold 37,338 shares of the stock in a transaction on 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 sale, the chief executive officer owned 522,776 shares in the company, valued at $111,199,682.96. The trade was a 6.67% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 74,885 shares of company stock worth $15,880,459. 0.32% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on PGR shares. BMO Capital Markets cut their price objective on Progressive from $220.00 to $205.00 and set a “market perform” rating for the company in a research report on Thursday, July 16th. Weiss Ratings reiterated a “hold (c)” rating on shares of Progressive in a research report on Monday, August 3rd. Morgan Stanley raised Progressive from an “underweight” rating to an “equal weight” rating and increased their price target for the company from $190.00 to $210.00 in a research note on Friday, July 24th. Royal Bank Of Canada set a $208.00 price target on Progressive in a report on Friday, May 22nd. Finally, Wells Fargo & Company reduced their price objective on Progressive from $205.00 to $198.00 and set an “underweight” rating on the stock in a research note on Thursday, July 16th. Five equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $235.00.

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.