Frank Rimerman Advisors LLC Increases Position in The Progressive Co. (NYSE:PGR)

Frank Rimerman Advisors LLC increased its stake in shares of The Progressive Co. (NYSE:PGR) by 44,270.6% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,543 shares of the insurance provider’s stock after buying an additional 7,526 shares during the quarter. Frank Rimerman Advisors LLC’s holdings in Progressive were worth $1,567,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in PGR. Northwest Bank & Trust Co purchased a new position in shares of Progressive in the 4th quarter valued at approximately $25,000. WR Wealth Planners LLC lifted its holdings in shares of Progressive by 119.6% in the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after buying an additional 67 shares during the period. Indiana Trust & Investment Management CO purchased a new stake in shares of Progressive in the first quarter valued at approximately $32,000. Hilltop National Bank grew its holdings in Progressive by 126.0% during the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 92 shares during the period. Finally, Register Financial Advisors LLC purchased a new position in Progressive in the first quarter worth $35,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Activity

In related news, Director Philip Bleser sold 2,129 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $219.08, for a total value of $466,421.32. Following the sale, the director now directly owns 974 shares of the company’s stock, valued at $213,383.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Progressive news, Director Philip Bleser sold 2,129 shares of the company’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $219.08, for a total value of $466,421.32. Following the completion of the transaction, the director now owns 974 shares in the company, valued at approximately $213,383.92. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Susan Patricia Griffith sold 43,370 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the sale, the chief executive officer now directly owns 473,735 shares of the company’s stock, valued at $119,475,967. The disclosure for this sale can be found here. Insiders sold a total of 143,654 shares of company stock valued at $32,727,488 over the last quarter. Company insiders own 0.34% of the company’s stock.

Progressive Trading Up 1.5 %

Shares of PGR stock opened at $259.24 on Monday. The Progressive Co. has a twelve month low of $137.59 and a twelve month high of $260.46. The company has a market capitalization of $151.84 billion, a price-to-earnings ratio of 26.53, a PEG ratio of 0.74 and a beta of 0.35. The firm has a 50-day moving average price of $234.16 and a 200 day moving average price of $217.40. 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 quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share (EPS) for the quarter, beating the consensus estimate 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 net margin of 10.17% and a return on equity of 33.01%. The company’s quarterly revenue was up 21.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.57 earnings per share. Research analysts forecast that The Progressive Co. will post 12.7 earnings per share for the current fiscal year.

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Thursday, October 3rd will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.15%. The ex-dividend date is Thursday, October 3rd. Progressive’s dividend payout ratio (DPR) is 4.09%.

Analysts Set New Price Targets

PGR has been the topic of several research analyst reports. BMO Capital Markets decreased their target price on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Hsbc Global Res raised shares of Progressive from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. Roth Mkm boosted their price target on Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. Citigroup dropped their price objective on Progressive from $232.00 to $225.00 and set a “neutral” rating for the company in a research note on Wednesday, July 17th. Finally, Barclays initiated coverage on 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 issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Progressive presently has an average rating of “Moderate Buy” and a consensus target price of $257.18.

Progressive Company 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.