Creative Planning Has $12.74 Million Holdings in The Progressive Co. (NYSE:PGR)

Creative Planning decreased its position in shares of The Progressive Co. (NYSE:PGR) by 38.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 61,329 shares of the insurance provider’s stock after selling 37,762 shares during the quarter. Creative Planning’s holdings in Progressive were worth $12,739,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Northwest Bank & Trust Co acquired a new stake in shares of Progressive during the fourth quarter valued at about $25,000. WR Wealth Planners LLC boosted its position in Progressive by 119.6% during the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after buying an additional 67 shares during the period. Indiana Trust & Investment Management CO bought a new stake in Progressive during the 1st quarter worth approximately $32,000. Hilltop National Bank increased its position in Progressive by 126.0% in the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after acquiring an additional 92 shares during the period. Finally, Register Financial Advisors LLC bought a new position in shares of Progressive during the first quarter valued at $35,000. Institutional investors own 85.34% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on PGR. Jefferies Financial Group raised their target price on Progressive from $256.00 to $257.00 and gave the stock a “buy” rating in a research report on Wednesday, July 17th. Evercore ISI raised their price objective on Progressive from $243.00 to $246.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 7th. Roth Mkm upped their target price on Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a report on Monday, September 16th. JPMorgan Chase & Co. increased their target price on shares of Progressive from $210.00 to $239.00 and gave the company an “overweight” rating in a research report on Thursday, July 11th. Finally, HSBC upgraded shares of Progressive from a “hold” rating to a “buy” rating and set a $253.00 price target on the stock in a research report on Monday, August 12th. Six research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $257.18.

Progressive Stock Performance

Shares of Progressive stock opened at $254.37 on Wednesday. The business has a 50-day simple moving average of $239.33 and a 200 day simple moving average of $220.12. The Progressive Co. has a one year low of $137.59 and a one year high of $260.46. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.31 and a quick ratio of 0.31. The firm has a market capitalization of $148.98 billion, a price-to-earnings ratio of 26.04, a PEG ratio of 0.72 and a beta of 0.35.

Progressive (NYSE:PGR) last released its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 EPS for the quarter, beating the consensus estimate of $2.04 by $0.61. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The firm had revenue of $17.90 billion during the quarter, compared to the consensus estimate of $17.54 billion. During the same quarter in the previous year, the company posted $0.57 earnings per share. The company’s quarterly revenue was up 21.6% on a year-over-year basis. On average, research analysts anticipate that The Progressive Co. will post 12.9 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 dividend on an annualized basis and a dividend yield of 0.16%. The ex-dividend date of this dividend is Thursday, October 3rd. Progressive’s dividend payout ratio is currently 4.09%.

Insider Buying and Selling

In other Progressive news, Director Dyke Kahina Van sold 2,180 shares of Progressive stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $252.28, for a total transaction of $549,970.40. Following the completion of the transaction, the director now owns 13,723 shares in the company, valued at approximately $3,462,038.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Susan Patricia Griffith sold 43,371 shares of the firm’s stock in a transaction dated Monday, July 22nd. The shares were 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 of the company’s stock, valued at $110,665,641.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Dyke Kahina Van sold 2,180 shares of the company’s stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $252.28, for a total transaction of $549,970.40. Following the completion of the sale, the director now directly owns 13,723 shares of the company’s stock, valued at $3,462,038.44. The disclosure for this sale can be found here. Insiders have sold 146,512 shares of company stock worth $33,912,874 in the last quarter. Insiders own 0.34% of the company’s stock.

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.