Meridian Wealth Management LLC Raises Holdings in Progressive Corp (NYSE:PGR)

Meridian Wealth Management LLC boosted its holdings in shares of Progressive Corp (NYSE:PGR) by 5.9% during the 1st quarter, Holdings Channel reports. The firm owned 11,261 shares of the insurance provider’s stock after purchasing an additional 630 shares during the period. Meridian Wealth Management LLC’s holdings in Progressive were worth $812,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the business. Vanguard Group Inc raised its position in Progressive by 1.4% during the third quarter. Vanguard Group Inc now owns 42,481,196 shares of the insurance provider’s stock worth $3,017,865,000 after acquiring an additional 582,761 shares during the last quarter. Advisors Asset Management Inc. raised its position in Progressive by 54.9% during the fourth quarter. Advisors Asset Management Inc. now owns 59,209 shares of the insurance provider’s stock worth $3,572,000 after acquiring an additional 20,976 shares during the last quarter. BB&T Securities LLC raised its position in Progressive by 7.0% during the fourth quarter. BB&T Securities LLC now owns 11,972 shares of the insurance provider’s stock worth $722,000 after acquiring an additional 785 shares during the last quarter. Capital Investment Advisory Services LLC acquired a new position in Progressive during the fourth quarter worth about $33,000. Finally, Daiwa Securities Group Inc. raised its position in Progressive by 2.4% during the fourth quarter. Daiwa Securities Group Inc. now owns 21,627 shares of the insurance provider’s stock worth $1,305,000 after acquiring an additional 500 shares during the last quarter. 79.11% of the stock is currently owned by institutional investors.

In related news, insider Michael D. Sieger sold 7,500 shares of the business’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $79.16, for a total value of $593,700.00. Following the completion of the sale, the insider now directly owns 68,969 shares in the company, valued at $5,459,586.04. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO John P. Sauerland sold 12,000 shares of the business’s stock in a transaction that occurred on Friday, May 17th. The shares were sold at an average price of $78.07, for a total transaction of $936,840.00. Following the completion of the sale, the chief financial officer now owns 347,815 shares of the company’s stock, valued at $27,153,917.05. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 131,350 shares of company stock valued at $10,089,257. 0.39% of the stock is owned by insiders.

A number of equities analysts have recently weighed in on the stock. Barclays boosted their price objective on shares of Progressive from $81.00 to $86.00 and gave the company an “overweight” rating in a research report on Monday, April 1st. ValuEngine raised shares of Progressive from a “hold” rating to a “buy” rating in a research report on Thursday, June 6th. Credit Suisse Group boosted their price objective on shares of Progressive from $73.00 to $80.00 and gave the company an “outperform” rating in a research report on Thursday, March 7th. Buckingham Research set a $64.00 price objective on shares of Progressive and gave the company a “hold” rating in a research report on Monday, May 13th. Finally, Wells Fargo & Co reissued a “hold” rating and issued a $73.00 price objective on shares of Progressive in a research report on Wednesday, March 13th. Four research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $81.00.

Shares of NYSE:PGR traded up $0.32 during trading on Friday, reaching $81.96. The stock had a trading volume of 1,991,883 shares, compared to its average volume of 2,616,945. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.40 and a quick ratio of 0.40. The firm has a market cap of $47.86 billion, a PE ratio of 18.54, a P/E/G ratio of 2.15 and a beta of 0.74. Progressive Corp has a fifty-two week low of $56.71 and a fifty-two week high of $84.30.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Tuesday, April 16th. The insurance provider reported $1.83 earnings per share for the quarter, beating analysts’ consensus estimates of $1.38 by $0.45. Progressive had a net margin of 8.77% and a return on equity of 27.10%. The business had revenue of $9.24 billion during the quarter, compared to analyst estimates of $9.20 billion. During the same quarter in the previous year, the business posted $1.22 earnings per share. The company’s revenue was up 16.0% on a year-over-year basis. As a group, sell-side analysts expect that Progressive Corp will post 5.27 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, July 5th will be issued a $0.10 dividend. The ex-dividend date is Wednesday, July 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.49%. Progressive’s payout ratio is 9.05%.

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About Progressive

The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.

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Want to see what other hedge funds are holding PGR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Progressive Corp (NYSE:PGR).

Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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