Perfromance Wealth Partners LLC Boosts Position in The Progressive Co. (NYSE:PGR)

Perfromance Wealth Partners LLC grew its position in The Progressive Co. (NYSE:PGR) by 5.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,145 shares of the insurance provider’s stock after buying an additional 60 shares during the quarter. Perfromance Wealth Partners LLC’s holdings in Progressive were worth $291,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Sunbelt Securities Inc. grew its position in shares of Progressive by 21.3% in the 2nd quarter. Sunbelt Securities Inc. now owns 262 shares of the insurance provider’s stock worth $54,000 after acquiring an additional 46 shares in the last quarter. Whittier Trust Co. of Nevada Inc. boosted 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 valued at $95,000 after purchasing an additional 48 shares during the period. Farmers & Merchants Investments Inc. boosted its position in Progressive by 10.4% during the 2nd quarter. Farmers & Merchants Investments Inc. now owns 509 shares of the insurance provider’s stock valued at $106,000 after purchasing an additional 48 shares during the period. Graypoint LLC boosted its position in Progressive by 1.2% during the 2nd quarter. Graypoint LLC now owns 4,202 shares of the insurance provider’s stock valued at $873,000 after purchasing an additional 49 shares during the period. Finally, City State Bank boosted its position in Progressive by 8.2% during the 2nd quarter. City State Bank now owns 661 shares of the insurance provider’s stock valued at $137,000 after purchasing an additional 50 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Stock Up 0.9 %

Shares of Progressive stock opened at $254.09 on Friday. The stock’s fifty day moving average is $245.20 and its 200-day moving average is $222.59. The firm has a market capitalization of $148.82 billion, a PE ratio of 26.01, a price-to-earnings-growth ratio of 0.69 and a beta of 0.35. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.30. The Progressive Co. has a 12-month low of $142.87 and a 12-month high of $260.46.

Progressive (NYSE:PGR) last announced its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.04 by $0.61. The company had revenue of $17.90 billion for the quarter, compared to analyst estimates of $17.54 billion. Progressive had a return on equity of 33.01% and a net margin of 10.17%. Progressive’s revenue for the quarter was up 21.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.57 earnings per share. Equities analysts anticipate that The Progressive Co. will post 13.07 earnings per share for the current year.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Thursday, October 3rd were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.16%. The ex-dividend date was Thursday, October 3rd. Progressive’s payout ratio is 4.09%.

Insider Activity at Progressive

In related news, Director Dyke Kahina Van sold 2,180 shares of the company’s stock in a transaction on Friday, September 27th. The stock was sold at an average price of $252.28, for a total transaction of $549,970.40. Following the transaction, the director now directly owns 13,723 shares of the company’s stock, valued at approximately $3,462,038.44. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Dyke Kahina Van sold 2,180 shares of the company’s stock in a transaction on Friday, September 27th. The stock was sold at an average price of $252.28, for a total transaction of $549,970.40. Following the transaction, the director now directly owns 13,723 shares of the company’s stock, valued at approximately $3,462,038.44. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Susan Patricia Griffith sold 43,371 shares of the company’s stock in a transaction on 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 transaction, the chief executive officer now directly owns 517,105 shares in the company, valued at $110,665,641.05. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 146,512 shares of company stock valued at $33,912,874. Company insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on PGR shares. JPMorgan Chase & Co. boosted their price objective on Progressive from $242.00 to $251.00 and gave the company an “overweight” rating in a research report on Thursday. The Goldman Sachs Group boosted their price objective on Progressive from $262.00 to $280.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Piper Sandler boosted their price target on Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a research report on Thursday, August 15th. Morgan Stanley upped their price objective on shares of Progressive from $260.00 to $300.00 and gave the stock an “overweight” rating in a report on Monday, September 16th. Finally, Bank of America boosted their price target on shares of Progressive from $309.00 to $319.00 and gave the stock a “buy” rating in a research report on Thursday. Six investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $260.53.

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.