Capital Insight Partners LLC Has $1.40 Million Stake in Progressive Corp (NYSE:PGR)

Capital Insight Partners LLC grew its position in Progressive Corp (NYSE:PGR) by 4.6% during the second quarter, HoldingsChannel.com reports. The firm owned 17,454 shares of the insurance provider’s stock after buying an additional 770 shares during the quarter. Capital Insight Partners LLC’s holdings in Progressive were worth $1,398,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the company. WASHINGTON TRUST Co acquired a new stake in Progressive in the 1st quarter valued at approximately $25,000. Security National Trust Co. acquired a new position in Progressive during the 1st quarter worth approximately $31,000. PrairieView Partners LLC bought a new position in shares of Progressive during the 1st quarter worth approximately $36,000. Capital Square LLC acquired a new stake in shares of Progressive in the first quarter valued at approximately $36,000. Finally, Harvest Group Wealth Management LLC lifted its position in shares of Progressive by 701.6% in the first quarter. Harvest Group Wealth Management LLC now owns 513 shares of the insurance provider’s stock worth $37,000 after purchasing an additional 449 shares in the last quarter. 79.76% of the stock is owned by institutional investors.

Shares of PGR opened at $84.50 on Wednesday. The company’s 50-day moving average is $78.99 and its 200-day moving average is $77.57. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.39 and a quick ratio of 0.39. The firm has a market capitalization of $47.27 billion, a PE ratio of 13.94, a PEG ratio of 2.17 and a beta of 0.51. Progressive Corp has a fifty-two week low of $62.18 and a fifty-two week high of $84.96.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $2.11 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.45 by $0.66. Progressive had a net margin of 9.18% and a return on equity of 26.80%. The firm had revenue of $9.87 billion for the quarter, compared to analysts’ expectations of $10.28 billion. During the same period in the prior year, the firm earned $1.83 EPS. The business’s revenue was up 6.8% on a year-over-year basis. Analysts predict that Progressive Corp will post 6.21 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, July 7th will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.47%. The ex-dividend date of this dividend is Monday, July 6th. Progressive’s payout ratio is 5.95%.

A number of research analysts recently weighed in on PGR shares. Bank of America assumed coverage on shares of Progressive in a research report on Monday, June 1st. They issued a “buy” rating for the company. Morgan Stanley raised their price objective on Progressive from $88.00 to $94.00 and gave the company an “overweight” rating in a report on Monday, May 18th. Credit Suisse Group reaffirmed a “buy” rating and issued a $79.00 target price on shares of Progressive in a research report on Thursday, April 2nd. ValuEngine cut Progressive from a “hold” rating to a “sell” rating in a research report on Monday, May 4th. Finally, Wells Fargo & Co raised their price target on Progressive from $76.00 to $85.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 1st. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $85.71.

In other Progressive news, insider Andrew J. Quigg sold 4,000 shares of Progressive stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $74.26, for a total value of $297,040.00. Following the completion of the sale, the insider now owns 8,063 shares in the company, valued at approximately $598,758.38. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Susan Patricia Griffith sold 34,468 shares of Progressive stock in a transaction dated Thursday, April 16th. The stock was sold at an average price of $78.73, for a total transaction of $2,713,665.64. Following the completion of the sale, the chief executive officer now owns 352,462 shares of the company’s stock, valued at approximately $27,749,333.26. The disclosure for this sale can be found here. In the last quarter, insiders have sold 83,468 shares of company stock worth $6,498,956. 0.38% of the stock is owned by corporate insiders.

About Progressive

The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.

Further Reading: How to calculate the intrinsic value of a stock

Want to see what other hedge funds are holding PGR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Progressive Corp (NYSE:PGR).

Institutional Ownership by Quarter for Progressive (NYSE:PGR)

Receive News & Ratings for Progressive Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Progressive and related companies with MarketBeat.com's FREE daily email newsletter.