Ieq Capital LLC Acquires 2,809 Shares of The Progressive Co. (NYSE:PGR)

Ieq Capital LLC boosted its holdings in shares of The Progressive Co. (NYSE:PGR) by 8.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 37,838 shares of the insurance provider’s stock after purchasing an additional 2,809 shares during the quarter. Ieq Capital LLC’s holdings in Progressive were worth $7,859,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Northwest Bank & Trust Co bought a new position in shares of Progressive during the 4th quarter valued at about $25,000. WR Wealth Planners LLC lifted its position in shares of Progressive by 119.6% in the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after buying an additional 67 shares in the last quarter. Indiana Trust & Investment Management CO bought a new position in Progressive during the first quarter valued at approximately $32,000. Hilltop National Bank grew its holdings in Progressive by 126.0% during the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after buying an additional 92 shares in the last quarter. Finally, Register Financial Advisors LLC bought a new stake in Progressive in the 1st quarter worth approximately $35,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider Steven Broz sold 3,050 shares of the firm’s stock in a transaction on Monday, June 24th. The stock was sold at an average price of $209.81, for a total transaction of $639,920.50. Following the transaction, the insider now owns 32,453 shares in the company, valued at $6,808,963.93. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, insider Steven Broz sold 3,050 shares of the stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $209.81, for a total transaction of $639,920.50. Following the transaction, the insider now directly owns 32,453 shares in the company, valued at $6,808,963.93. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Philip Bleser sold 2,129 shares of the business’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $219.08, for a total transaction of $466,421.32. Following the completion of the transaction, the director now directly owns 974 shares of the company’s stock, valued at approximately $213,383.92. The disclosure for this sale can be found here. In the last ninety days, insiders sold 146,704 shares of company stock worth $33,367,408. 0.34% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research firms recently weighed in on PGR. Keefe, Bruyette & Woods raised their target price on shares of Progressive from $255.00 to $275.00 and gave the company an “outperform” rating in a report on Tuesday, September 3rd. The Goldman Sachs Group lifted their price objective on shares of Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a research note on Wednesday. Hsbc Global Res upgraded shares of Progressive from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. Barclays assumed coverage on shares of Progressive in a report on Wednesday, September 4th. They issued an “equal weight” rating and a $367.00 price target for the company. Finally, Piper Sandler boosted their price objective on Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a research note on Thursday, August 15th. Six investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $257.18.

Progressive Stock Up 1.5 %

NYSE:PGR opened at $259.23 on Friday. The company has a market cap of $151.82 billion, a price-to-earnings ratio of 26.53, a price-to-earnings-growth ratio of 0.74 and a beta of 0.35. The Progressive Co. has a twelve month low of $137.59 and a twelve month high of $260.46. 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 stock has a fifty day simple moving average of $234.16 and a 200-day simple moving average of $217.06.

Progressive (NYSE:PGR) last released its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.04 by $0.61. The company had revenue of $17.90 billion during the quarter, compared to analysts’ expectations of $17.54 billion. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The firm’s quarterly revenue was up 21.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.57 EPS. Analysts anticipate that The Progressive Co. will post 12.7 EPS for the current year.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Thursday, October 3rd will be issued a dividend of $0.10 per share. The ex-dividend date is Thursday, October 3rd. This represents a $0.40 annualized dividend and a yield of 0.15%. Progressive’s payout ratio is currently 4.09%.

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.