IFG Advisory LLC Buys Shares of 1,049 The Progressive Co. (NYSE:PGR)

IFG Advisory LLC purchased a new position in The Progressive Co. (NYSE:PGR) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 1,049 shares of the insurance provider’s stock, valued at approximately $218,000.

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

Progressive Trading Up 0.9 %

NYSE PGR opened at $252.20 on Tuesday. The firm’s 50 day moving average price is $222.09 and its two-hundred day moving average price is $211.25. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.31 and a current ratio of 0.31. The Progressive Co. has a twelve month low of $131.87 and a twelve month high of $254.35. The stock has a market cap of $147.71 billion, a price-to-earnings ratio of 25.81, a PEG ratio of 0.83 and a beta of 0.35.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share for the quarter, beating 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%. Progressive’s revenue for the quarter was up 21.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.57 earnings per share. Equities analysts anticipate that The Progressive Co. will post 12.2 EPS for the current year.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Thursday, October 3rd will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.16%. The ex-dividend date is Thursday, October 3rd. Progressive’s dividend payout ratio (DPR) is 4.09%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. BMO Capital Markets lowered their price target on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Roth Mkm raised their price target on shares of Progressive from $235.00 to $270.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. Hsbc Global Res upgraded Progressive from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 12th. Keefe, Bruyette & Woods upgraded 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. Finally, Wells Fargo & Company boosted their price target on Progressive from $262.00 to $281.00 and gave the stock an “overweight” rating in a research report on Thursday, August 15th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $234.41.

Insider Buying and Selling

In other Progressive news, CEO Susan Patricia Griffith sold 43,371 shares of the company’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $214.01, for a total value of $9,281,827.71. Following the transaction, the chief executive officer now owns 517,105 shares in the company, valued at approximately $110,665,641.05. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, CAO Mariann Wojtkun Marshall sold 650 shares of Progressive stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $208.11, for a total transaction of $135,271.50. Following the completion of the sale, the chief accounting officer now directly owns 3,981 shares in the company, valued at approximately $828,485.91. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Susan Patricia Griffith sold 43,371 shares of the stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total value of $9,281,827.71. Following the completion of the transaction, the chief executive officer now owns 517,105 shares in the company, valued at approximately $110,665,641.05. The disclosure for this sale can be found here. Over the last three months, insiders sold 103,984 shares of company stock worth $22,564,766. 0.34% of the stock is owned by company insiders.

Progressive Profile

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.