GHP Investment Advisors Inc. Reduces Holdings in The Progressive Co. (NYSE:PGR)

GHP Investment Advisors Inc. reduced its stake in shares of The Progressive Co. (NYSE:PGR) by 1.4% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 57,868 shares of the insurance provider’s stock after selling 823 shares during the period. GHP Investment Advisors Inc.’s holdings in Progressive were worth $14,685,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Covenant Partners LLC lifted its holdings in Progressive by 7.8% in the 3rd quarter. Covenant Partners LLC now owns 3,165 shares of the insurance provider’s stock valued at $803,000 after purchasing an additional 230 shares in the last quarter. First Bank & Trust lifted its stake in shares of Progressive by 0.5% during the third quarter. First Bank & Trust now owns 13,170 shares of the insurance provider’s stock valued at $3,342,000 after buying an additional 65 shares during the period. Wealth Enhancement Advisory Services LLC grew its stake in Progressive by 68.1% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 128,938 shares of the insurance provider’s stock worth $32,719,000 after acquiring an additional 52,229 shares during the period. PFG Investments LLC purchased a new position in shares of Progressive during the 3rd quarter worth $244,000. Finally, Arkadios Wealth Advisors increased its stake in Progressive by 113.8% in the third quarter. Arkadios Wealth Advisors now owns 3,247 shares of the insurance provider’s stock valued at $824,000 after purchasing an additional 1,728 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Analyst Ratings Changes

PGR has been the subject of several recent analyst reports. Piper Sandler upped their price objective on Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a report on Thursday, August 15th. JPMorgan Chase & Co. lifted their price objective on Progressive from $242.00 to $251.00 and gave the company an “overweight” rating in a research note on Thursday, October 10th. HSBC raised shares of Progressive from a “hold” rating to a “buy” rating and set a $253.00 target price for the company in a research report on Monday, August 12th. Wells Fargo & Company upped their price target on shares of Progressive from $281.00 to $282.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 10th. Finally, Morgan Stanley increased their price objective on shares of Progressive from $300.00 to $310.00 and gave the company an “overweight” rating in a research report on Friday, October 18th. Six investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $263.19.

Progressive Stock Performance

Shares of PGR traded down $3.09 during midday trading on Friday, hitting $243.78. 1,594,653 shares of the stock traded hands, compared to its average volume of 2,476,907. 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 Progressive Co. has a 1-year low of $149.14 and a 1-year high of $260.46. The business’s 50 day moving average price is $250.50 and its two-hundred day moving average price is $225.33. The firm has a market capitalization of $142.77 billion, a PE ratio of 17.72, a price-to-earnings-growth ratio of 0.68 and a beta of 0.35.

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Thursday, October 3rd were paid 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 currently 2.91%.

Insiders Place Their Bets

In related news, insider John Jo Murphy sold 9,512 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $237.50, for a total transaction of $2,259,100.00. Following the sale, the insider now owns 45,787 shares of the company’s stock, valued at $10,874,412.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Steven Broz sold 2,981 shares of Progressive stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $251.15, for a total value of $748,678.15. Following the transaction, the insider now owns 26,353 shares of the company’s stock, valued at $6,618,555.95. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider John Jo Murphy sold 9,512 shares of the stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $237.50, for a total transaction of $2,259,100.00. Following the sale, the insider now directly owns 45,787 shares of the company’s stock, valued at approximately $10,874,412.50. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 74,843 shares of company stock worth $18,674,912. 0.34% of the stock is owned by company insiders.

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.