3,281 Shares in The Progressive Co. (NYSE:PGR) Purchased by Park Edge Advisors LLC

Park Edge Advisors LLC acquired a new stake in shares of The Progressive Co. (NYSE:PGR) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 3,281 shares of the insurance provider’s stock, valued at approximately $681,000.

Several other large investors have also bought and sold shares of PGR. Indiana Trust & Investment Management CO bought a new position in Progressive in the first quarter valued at about $32,000. Sachetta LLC bought a new stake in Progressive during the fourth quarter valued at approximately $25,000. Northwest Bank & Trust Co purchased a new stake in Progressive during the fourth quarter valued at approximately $25,000. Hilltop National Bank raised 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 acquiring an additional 92 shares during the period. Finally, Register Financial Advisors LLC bought a new position in Progressive in the 1st quarter worth $35,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Progressive news, insider Steven Broz sold 6,122 shares of the firm’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $235.19, for a total value of $1,439,833.18. Following the transaction, the insider now directly owns 32,316 shares of the company’s stock, valued at approximately $7,600,400.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Steven Broz sold 6,122 shares of the firm’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $235.19, for a total transaction of $1,439,833.18. Following the completion of the sale, the insider now directly owns 32,316 shares in the company, valued at $7,600,400.04. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Andrew J. Quigg sold 3,975 shares of the stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $214.01, for a total transaction of $850,689.75. Following the completion of the sale, the insider now directly owns 32,780 shares of the company’s stock, valued at approximately $7,015,247.80. The disclosure for this sale can be found here. Over the last three months, insiders have sold 116,441 shares of company stock worth $25,111,350. 0.34% of the stock is owned by insiders.

Progressive Stock Performance

NYSE PGR traded up $3.12 during mid-day trading on Tuesday, reaching $245.57. 2,640,438 shares of the stock were exchanged, compared to its average volume of 2,538,675. The company has a market capitalization of $143.83 billion, a P/E ratio of 25.14, a P/E/G ratio of 0.79 and a beta of 0.35. 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 business’s 50 day moving average is $218.17 and its 200-day moving average is $208.97. The Progressive Co. has a 1 year low of $130.27 and a 1 year high of $245.93.

Progressive (NYSE:PGR) last released its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 EPS for the quarter, topping analysts’ consensus estimates of $2.04 by $0.61. The business had revenue of $17.90 billion during the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.57 earnings per share. On average, equities research analysts forecast that The Progressive Co. will post 12.16 EPS for the current fiscal year.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Thursday, October 3rd will be paid a $0.10 dividend. This represents a $0.40 annualized dividend 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%.

Analysts Set New Price Targets

Several analysts have issued reports on the company. The Goldman Sachs Group raised Progressive from a “neutral” rating to a “buy” rating and boosted their price target for the company from $230.00 to $262.00 in a report on Thursday, August 15th. Morgan Stanley dropped their price target on Progressive from $256.00 to $255.00 and set an “overweight” rating for the company in a research note on Monday, June 10th. Jefferies Financial Group upped their target price on shares of Progressive from $256.00 to $257.00 and gave the company a “buy” rating in a research report on Wednesday, July 17th. JPMorgan Chase & Co. upped their price target on shares of Progressive from $210.00 to $239.00 and gave the stock an “overweight” rating in a report on Thursday, July 11th. Finally, Hsbc Global Res upgraded Progressive from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $234.41.

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.