The Progressive Co. (NYSE:PGR) Shares Purchased by Mezzasalma Advisors LLC

Mezzasalma Advisors LLC boosted its holdings in shares of The Progressive Co. (NYSE:PGR) by 258.8% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 4,722 shares of the insurance provider’s stock after buying an additional 3,406 shares during the quarter. Mezzasalma Advisors LLC’s holdings in Progressive were worth $981,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Whittier Trust Co. of Nevada Inc. grew its position in Progressive by 11.8% during the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 455 shares of the insurance provider’s stock worth $95,000 after purchasing an additional 48 shares during the period. City State Bank grew its stake in shares of Progressive by 8.2% during the 2nd quarter. City State Bank now owns 661 shares of the insurance provider’s stock worth $137,000 after purchasing an additional 50 shares during the period. GYL Financial Synergies LLC increased its holdings in shares of Progressive by 4.0% during the 2nd quarter. GYL Financial Synergies LLC now owns 1,302 shares of the insurance provider’s stock valued at $270,000 after purchasing an additional 50 shares in the last quarter. First Citizens Bank & Trust Co. lifted its stake in shares of Progressive by 2.6% in the 2nd quarter. First Citizens Bank & Trust Co. now owns 2,047 shares of the insurance provider’s stock valued at $425,000 after purchasing an additional 51 shares during the period. Finally, D.B. Root & Company LLC boosted its holdings in Progressive by 4.4% during the second quarter. D.B. Root & Company LLC now owns 1,237 shares of the insurance provider’s stock worth $257,000 after buying an additional 52 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Progressive

In other news, CAO Mariann Wojtkun Marshall sold 650 shares of Progressive stock in a transaction on Monday, June 17th. The shares were sold at an average price of $208.11, for a total transaction of $135,271.50. Following the completion of the sale, the chief accounting officer now directly owns 3,981 shares of the company’s stock, valued at approximately $828,485.91. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CAO Mariann Wojtkun Marshall sold 650 shares of the firm’s stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $208.11, for a total transaction of $135,271.50. Following the sale, the chief accounting officer now owns 3,981 shares of the company’s stock, valued at approximately $828,485.91. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Steven Broz sold 6,122 shares of the company’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 completion of the transaction, the insider now directly owns 32,316 shares of the company’s stock, valued at $7,600,400.04. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 103,984 shares of company stock valued at $22,564,766. 0.34% of the stock is currently owned by corporate insiders.

Progressive Trading Up 0.9 %

Progressive stock traded up $2.19 during mid-day trading on Friday, hitting $252.20. The company’s stock had a trading volume of 2,817,633 shares, compared to its average volume of 2,536,695. The stock’s fifty day moving average is $220.40 and its two-hundred day moving average is $209.96. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $147.71 billion, a PE ratio of 25.81, a price-to-earnings-growth ratio of 0.79 and a beta of 0.35. The Progressive Co. has a 1 year low of $131.87 and a 1 year high of $254.35.

Progressive (NYSE:PGR) last posted 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 net margin of 10.17% and a return on equity of 33.01%. The business had revenue of $17.90 billion during the quarter, compared to analyst estimates of $17.54 billion. During the same quarter last year, the firm posted $0.57 earnings per share. The business’s revenue for the quarter was up 21.6% compared to the same quarter last year. On average, analysts anticipate that The Progressive Co. will post 12.16 EPS for the current year.

Progressive Announces Dividend

The business also recently disclosed 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 payout ratio is presently 4.09%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on PGR shares. Keefe, Bruyette & Woods upgraded shares of Progressive from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $210.00 to $245.00 in a research report on Wednesday, July 17th. Morgan Stanley reduced their target price on Progressive from $256.00 to $255.00 and set an “overweight” rating for the company in a research note on Monday, June 10th. Roth Mkm lifted their price target on shares of Progressive from $235.00 to $270.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. The Goldman Sachs Group upgraded shares of Progressive from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $230.00 to $262.00 in a research report on Thursday, August 15th. Finally, Evercore ISI boosted their target price on shares of Progressive from $243.00 to $246.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $234.41.

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.