Mount Yale Investment Advisors LLC Sells 1,723 Shares of The Progressive Co. (NYSE:PGR)

Mount Yale Investment Advisors LLC decreased its holdings in The Progressive Co. (NYSE:PGR) by 7.0% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 22,980 shares of the insurance provider’s stock after selling 1,723 shares during the quarter. Mount Yale Investment Advisors LLC’s holdings in Progressive were worth $4,773,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of PGR. Northwest Bank & Trust Co acquired a new stake in shares of Progressive in the fourth quarter valued at $25,000. WR Wealth Planners LLC increased its position in Progressive by 119.6% in the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after acquiring an additional 67 shares in the last quarter. Indiana Trust & Investment Management CO acquired a new stake in Progressive in the 1st quarter valued at about $32,000. Hilltop National Bank lifted its position in shares of Progressive by 126.0% during the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 92 shares in the last quarter. Finally, Register Financial Advisors LLC bought a new stake in shares of Progressive during the first quarter valued at approximately $35,000. Institutional investors own 85.34% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Wells Fargo & Company boosted their price objective 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. Morgan Stanley upped their price target on Progressive from $260.00 to $300.00 and gave the company an “overweight” rating in a research note on Monday, September 16th. Keefe, Bruyette & Woods raised their price target on Progressive from $255.00 to $275.00 and gave the company an “outperform” rating in a report on Tuesday, September 3rd. JPMorgan Chase & Co. upped their target price on shares of Progressive from $210.00 to $239.00 and gave the company an “overweight” rating in a research report on Thursday, July 11th. Finally, Piper Sandler lifted their price target on shares of Progressive from $250.00 to $252.00 and gave the stock 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 given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $257.18.

Insider Activity

In related news, CEO Susan Patricia Griffith sold 43,370 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the sale, the chief executive officer now directly owns 473,735 shares in the company, valued at $119,475,967. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CEO Susan Patricia Griffith sold 43,370 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the completion of the transaction, the chief executive officer now directly owns 473,735 shares of the company’s stock, valued at $119,475,967. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Philip Bleser sold 2,129 shares of Progressive stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $219.08, for a total value of $466,421.32. Following the completion of the sale, the director now directly owns 974 shares in the company, valued at approximately $213,383.92. The disclosure for this sale can be found here. Insiders sold 146,704 shares of company stock worth $33,367,408 over the last quarter. 0.34% of the stock is currently owned by company insiders.

Progressive Price Performance

PGR opened at $259.24 on Friday. The stock has a market cap of $151.84 billion, a P/E ratio of 26.53, a P/E/G ratio of 0.74 and a beta of 0.35. The Progressive Co. has a 12 month low of $137.59 and a 12 month high of $260.46. 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 company has a fifty day simple moving average of $234.16 and a 200 day simple moving average of $217.25.

Progressive (NYSE:PGR) last released 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. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The company had revenue of $17.90 billion for the quarter, compared to analyst estimates of $17.54 billion. During the same quarter last year, the firm posted $0.57 earnings per share. Progressive’s revenue was up 21.6% compared to the same quarter last year. On average, research analysts expect that The Progressive Co. will post 12.7 EPS for the current year.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Thursday, October 3rd will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.15%. The ex-dividend date is Thursday, October 3rd. 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.