Thoroughbred Financial Services LLC Raises Position in The Progressive Co. (NYSE:PGR)

Thoroughbred Financial Services LLC grew its holdings in shares of The Progressive Co. (NYSE:PGR) by 206.8% during the second quarter, HoldingsChannel reports. The firm owned 7,778 shares of the insurance provider’s stock after purchasing an additional 5,243 shares during the quarter. Thoroughbred Financial Services LLC’s holdings in Progressive were worth $1,615,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in PGR. Whittier Trust Co. of Nevada Inc. raised its position in shares of Progressive by 11.8% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 455 shares of the insurance provider’s stock worth $95,000 after buying an additional 48 shares during the period. Farmers & Merchants Investments Inc. raised its position in shares of Progressive by 10.4% in the 2nd quarter. Farmers & Merchants Investments Inc. now owns 509 shares of the insurance provider’s stock worth $106,000 after buying an additional 48 shares during the period. Graypoint LLC raised its position in shares of Progressive by 1.2% in the 2nd quarter. Graypoint LLC now owns 4,202 shares of the insurance provider’s stock worth $873,000 after buying an additional 49 shares during the period. City State Bank raised its position in shares of Progressive by 8.2% in the 2nd quarter. City State Bank now owns 661 shares of the insurance provider’s stock worth $137,000 after buying an additional 50 shares during the period. Finally, GYL Financial Synergies LLC raised its position in shares of Progressive by 4.0% in the 2nd quarter. GYL Financial Synergies LLC now owns 1,302 shares of the insurance provider’s stock worth $270,000 after buying an additional 50 shares during the period. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insider Buying and Selling

In related news, CEO Susan Patricia Griffith sold 43,370 shares of Progressive stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total value of $10,937,914.00. Following the completion of the transaction, the chief executive officer now directly owns 473,735 shares in the company, valued at $119,475,967. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Progressive news, CEO Susan Patricia Griffith sold 43,370 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total value of $10,937,914.00. Following the transaction, the chief executive officer now owns 473,735 shares of the company’s stock, valued at $119,475,967. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider John Jo Murphy sold 9,512 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the insider now directly owns 45,787 shares in the company, valued at approximately $10,874,412.50. The disclosure for this sale can be found here. Over the last three months, insiders sold 147,354 shares of company stock worth $33,502,680. Corporate insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

PGR has been the topic of several research reports. HSBC raised Progressive from a “hold” rating to a “buy” rating and set a $253.00 target price on the stock in a research report on Monday, August 12th. JPMorgan Chase & Co. raised their price objective on Progressive from $210.00 to $239.00 and gave the company an “overweight” rating in a research report on Thursday, July 11th. Keefe, Bruyette & Woods raised their price objective on Progressive from $255.00 to $275.00 and gave the company an “outperform” rating in a research report on Tuesday, September 3rd. Barclays started coverage on Progressive in a research report on Wednesday, September 4th. They issued an “equal weight” rating and a $367.00 price objective on the stock. Finally, Piper Sandler raised their price objective on Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a research report on Thursday, August 15th. 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. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $252.29.

Progressive Stock Up 2.4 %

NYSE:PGR opened at $255.46 on Friday. The company has a market capitalization of $149.62 billion, a price-to-earnings ratio of 26.15, a price-to-earnings-growth ratio of 0.82 and a beta of 0.35. The Progressive Co. has a one year low of $134.34 and a one year high of $256.74. The stock has a 50-day simple moving average of $229.54 and a 200 day simple moving average of $214.90. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.31 and a current ratio of 0.31.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Tuesday, July 16th. The insurance provider reported $2.65 EPS for the quarter, topping analysts’ consensus estimates of $2.04 by $0.61. The business had revenue of $17.90 billion during the quarter, compared to the consensus estimate of $17.54 billion. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The company’s revenue for the quarter was up 21.6% compared to the same quarter last year. During the same period last year, the firm earned $0.57 earnings per share. Sell-side analysts predict that The Progressive Co. will post 12.29 EPS for the current fiscal year.

Progressive Announces Dividend

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

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.