Brighton Jones LLC Increases Position in The Progressive Co. (NYSE:PGR)

Brighton Jones LLC increased its stake in shares of The Progressive Co. (NYSE:PGR) by 55.4% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,938 shares of the insurance provider’s stock after buying an additional 1,047 shares during the period. Brighton Jones LLC’s holdings in Progressive were worth $610,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PGR. Intech Investment Management LLC grew its holdings in shares of Progressive by 148.5% in the 2nd quarter. Intech Investment Management LLC now owns 387,455 shares of the insurance provider’s stock worth $80,478,000 after acquiring an additional 231,567 shares during the period. XTX Topco Ltd purchased a new stake in Progressive during the second quarter worth $3,477,000. Capco Asset Management LLC grew its holdings in Progressive by 1.3% in the second quarter. Capco Asset Management LLC now owns 333,248 shares of the insurance provider’s stock valued at $69,219,000 after purchasing an additional 4,354 shares during the last quarter. Seven Eight Capital LP increased its position in shares of Progressive by 299.0% in the second quarter. Seven Eight Capital LP now owns 10,965 shares of the insurance provider’s stock valued at $2,278,000 after buying an additional 8,217 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC boosted its position in shares of Progressive by 4.1% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 60,786 shares of the insurance provider’s stock worth $12,526,000 after buying an additional 2,376 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Price Performance

Shares of PGR stock opened at $259.24 on Friday. The firm has a fifty day simple moving average of $234.16 and a 200-day simple moving average of $217.25. The company has a market capitalization of $151.84 billion, a PE ratio of 26.53, a price-to-earnings-growth ratio of 0.74 and a beta of 0.35. The Progressive Co. has a twelve month low of $137.59 and a twelve month high of $260.46. 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 announced its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share for the quarter, beating the consensus estimate of $2.04 by $0.61. The company had revenue of $17.90 billion during 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 company’s revenue was up 21.6% on a year-over-year basis. During the same period last year, the firm earned $0.57 earnings per share. Equities research analysts anticipate that The Progressive Co. will post 12.7 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The business also recently announced 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 annualized dividend and a dividend yield of 0.15%. The ex-dividend date of this dividend is Thursday, October 3rd. Progressive’s payout ratio is currently 4.09%.

Insider Activity

In related news, insider Steven Broz sold 3,050 shares of Progressive stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $209.81, for a total value of $639,920.50. Following the completion of the transaction, the insider now directly owns 32,453 shares in the company, valued at $6,808,963.93. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Susan Patricia Griffith sold 43,371 shares of the firm’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total transaction of $9,281,827.71. Following the transaction, the chief executive officer now directly owns 517,105 shares in the company, valued at $110,665,641.05. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Steven Broz sold 3,050 shares of Progressive stock in a transaction on Monday, June 24th. The stock was sold at an average price of $209.81, for a total transaction of $639,920.50. Following the completion of the transaction, the insider now directly owns 32,453 shares of the company’s stock, valued at approximately $6,808,963.93. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 146,704 shares of company stock worth $33,367,408. 0.34% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have weighed in on PGR shares. BMO Capital Markets dropped their target price on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. Bank of America lifted their price objective on Progressive from $294.00 to $312.00 and gave the stock a “buy” rating in a research report on Tuesday, September 3rd. Wells Fargo & Company increased their target price on Progressive from $281.00 to $282.00 and gave the company an “overweight” rating in a report on Tuesday, September 10th. Morgan Stanley boosted their price target on Progressive from $260.00 to $300.00 and gave the stock an “overweight” rating in a report on Monday, September 16th. Finally, Barclays initiated coverage on shares of Progressive in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $367.00 target price on the stock. Six analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $257.18.

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.