The Progressive Co. (NYSE:PGR) Position Boosted by Tremblant Capital Group

Tremblant Capital Group lifted its stake in shares of The Progressive Co. (NYSE:PGR) by 42.8% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 12,279 shares of the insurance provider’s stock after buying an additional 3,683 shares during the quarter. Tremblant Capital Group’s holdings in Progressive were worth $2,550,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of PGR. Northwest Bank & Trust Co bought a new position in Progressive in the fourth quarter worth about $25,000. WR Wealth Planners LLC increased its stake in shares of Progressive by 119.6% in the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after purchasing an additional 67 shares during the period. Indiana Trust & Investment Management CO acquired a new stake in shares of Progressive in the first quarter valued at approximately $32,000. Hilltop National Bank increased its stake in shares of Progressive by 126.0% during the second 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 acquired a new position in shares of Progressive during the first quarter valued at approximately $35,000. Institutional investors own 85.34% of the company’s stock.

Insider Buying and Selling at Progressive

In other Progressive news, CEO Susan Patricia Griffith sold 43,371 shares of the business’s stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 517,105 shares of the company’s stock, valued at approximately $110,665,641.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Patrick K. Callahan sold 7,696 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $255.21, for a total transaction of $1,964,096.16. Following the completion of the transaction, the insider now directly owns 15,189 shares in the company, valued at approximately $3,876,384.69. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Susan Patricia Griffith sold 43,371 shares of the business’s stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 517,105 shares in the company, valued at $110,665,641.05. The disclosure for this sale can be found here. Insiders sold 151,350 shares of company stock valued at $34,691,584 in the last quarter. Company insiders own 0.34% of the company’s stock.

Progressive Stock Performance

Shares of PGR opened at $257.60 on Tuesday. The firm has a 50-day moving average of $234.97 and a 200-day moving average of $217.84. The Progressive Co. has a one year low of $137.59 and a one year high of $260.46. The company has a market cap of $150.88 billion, a PE ratio of 26.37, a price-to-earnings-growth ratio of 0.74 and a beta of 0.35. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.31 and a quick ratio of 0.31.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 EPS for the quarter, beating analysts’ consensus estimates 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 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 last year, the firm posted $0.57 EPS. As a group, equities analysts forecast that The Progressive Co. will post 12.7 earnings per share for the current year.

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Thursday, October 3rd will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.16%. The ex-dividend date of this dividend is Thursday, October 3rd. Progressive’s dividend payout ratio is currently 4.09%.

Wall Street Analyst Weigh In

PGR has been the topic of several recent research reports. The Goldman Sachs Group lifted their price target on shares of Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Morgan Stanley raised their price objective on shares of Progressive from $260.00 to $300.00 and gave the stock an “overweight” rating in a research note on Monday, September 16th. Wells Fargo & Company lifted their price objective on shares of Progressive from $281.00 to $282.00 and gave the company an “overweight” rating in a research note on Tuesday, September 10th. Bank of America lifted their target price on shares of Progressive from $294.00 to $312.00 and gave the stock a “buy” rating in a report on Tuesday, September 3rd. Finally, BMO Capital Markets cut their price objective 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. Six equities research 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.com, the company has an average rating of “Moderate Buy” and a consensus price target 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.