The Progressive Co. (NYSE:PGR) Holdings Boosted by Hancock Whitney Corp

Hancock Whitney Corp raised its position in shares of The Progressive Co. (NYSE:PGR) by 21,091.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 16,741 shares of the insurance provider’s stock after purchasing an additional 16,662 shares during the quarter. Hancock Whitney Corp’s holdings in Progressive were worth $3,477,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of PGR. Northwest Bank & Trust Co purchased a new stake in Progressive in the 4th quarter worth 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 purchasing an additional 67 shares in the last quarter. Indiana Trust & Investment Management CO acquired a new stake in shares of Progressive during the first quarter worth approximately $32,000. Hilltop National Bank grew its position in Progressive by 126.0% during the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 92 shares in the last quarter. Finally, Register Financial Advisors LLC acquired a new position in Progressive in the 1st quarter valued at approximately $35,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Stock Performance

PGR opened at $259.24 on Friday. 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 stock’s 50 day moving average price is $234.16 and its two-hundred day moving average price is $217.25. The firm has a market capitalization of $151.84 billion, a P/E ratio of 26.53, a price-to-earnings-growth 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.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.04 by $0.61. The business had revenue of $17.90 billion for the quarter, compared to the consensus estimate of $17.54 billion. Progressive had a net margin of 10.17% and a return on equity of 33.01%. Progressive’s quarterly revenue was up 21.6% on a year-over-year basis. During the same quarter last year, the company posted $0.57 earnings per share. On average, equities analysts forecast that The Progressive Co. will post 12.7 earnings per share for the current year.

Progressive Announces Dividend

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

Analyst Upgrades and Downgrades

PGR has been the subject of several recent research reports. Wells Fargo & Company increased their price objective on Progressive from $281.00 to $282.00 and gave the stock an “overweight” rating in a report on Tuesday, September 10th. Piper Sandler lifted their price target on Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a report on Thursday, August 15th. Evercore ISI boosted their price target on Progressive from $243.00 to $246.00 and gave the company an “outperform” rating in a research note on Wednesday, August 7th. Barclays began coverage on shares of Progressive in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $367.00 price objective on the stock. Finally, 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. Six research 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’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $257.18.

Insider Activity at Progressive

In other Progressive news, CEO Susan Patricia Griffith sold 43,370 shares of the company’s stock in a transaction that occurred on 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 owns 473,735 shares of the company’s stock, valued at approximately $119,475,967. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Progressive news, CEO Susan Patricia Griffith sold 43,370 shares of the business’s stock in a transaction on 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 sale, the chief executive officer now owns 473,735 shares of the company’s stock, valued at approximately $119,475,967. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Philip Bleser sold 2,129 shares of the firm’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $219.08, for a total transaction of $466,421.32. Following the transaction, the director now directly owns 974 shares of the company’s stock, valued at $213,383.92. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 146,704 shares of company stock worth $33,367,408. Company insiders own 0.34% of the company’s stock.

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.