The Progressive Co. (NYSE:PGR) Shares Sold by EverSource Wealth Advisors LLC

EverSource Wealth Advisors LLC cut its holdings in The Progressive Co. (NYSE:PGR) by 3.3% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 65,356 shares of the insurance provider’s stock after selling 2,227 shares during the quarter. Progressive comprises approximately 0.9% of EverSource Wealth Advisors LLC’s portfolio, making the stock its 24th largest holding. EverSource Wealth Advisors LLC’s holdings in Progressive were worth $13,994,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. 1832 Asset Management L.P. increased its position in Progressive by 237.8% in the 4th quarter. 1832 Asset Management L.P. now owns 1,485,750 shares of the insurance provider’s stock valued at $236,650,000 after acquiring an additional 1,045,883 shares during the period. SG Americas Securities LLC raised its stake in shares of Progressive by 4,545.0% during the first quarter. SG Americas Securities LLC now owns 705,243 shares of the insurance provider’s stock worth $145,858,000 after purchasing an additional 690,060 shares during the last quarter. Canada Pension Plan Investment Board raised its stake in shares of Progressive by 548.2% during the first quarter. Canada Pension Plan Investment Board now owns 811,653 shares of the insurance provider’s stock worth $167,866,000 after purchasing an additional 686,433 shares during the last quarter. Capital International Investors grew its position in Progressive by 15.7% in the 1st quarter. Capital International Investors now owns 4,925,019 shares of the insurance provider’s stock valued at $1,018,592,000 after buying an additional 670,006 shares during the last quarter. Finally, Swedbank AB acquired a new position in Progressive in the 1st quarter valued at $116,852,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Trading Up 1.5 %

Shares of PGR stock opened at $259.24 on Friday. The Progressive Co. has a twelve month low of $137.59 and a twelve month high of $260.46. The company has a market capitalization of $151.84 billion, a price-to-earnings ratio of 26.53, a PEG ratio of 0.74 and a beta of 0.35. The firm has a 50-day moving average price of $234.16 and a 200 day moving average price of $217.25. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.30.

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, beating 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%. The company’s quarterly revenue was up 21.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.57 earnings per share. Research analysts forecast that The Progressive Co. will post 12.7 earnings per share for the current fiscal year.

Progressive Announces Dividend

The firm 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 $0.10 dividend. 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%.

Insider Buying and Selling

In other news, CEO Susan Patricia Griffith sold 43,370 shares of the stock in a transaction dated 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 transaction, the chief executive officer now directly owns 473,735 shares in the company, valued at approximately $119,475,967. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Progressive news, CFO John P. Sauerland sold 10,000 shares of the company’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $210.40, for a total transaction of $2,104,000.00. Following the completion of the sale, the chief financial officer now directly owns 302,958 shares in the company, valued at $63,742,363.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Susan Patricia Griffith sold 43,370 shares of Progressive stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 473,735 shares in the company, valued at $119,475,967. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 146,704 shares of company stock worth $33,367,408. 0.34% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on PGR. Hsbc Global Res upgraded shares of Progressive from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 12th. Bank of America lifted their price objective on Progressive from $294.00 to $312.00 and gave the company a “buy” rating in a report on Tuesday, September 3rd. Piper Sandler boosted their target price on Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a research report on Thursday, August 15th. Roth Mkm raised their price target on Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a report on Monday, September 16th. Finally, HSBC raised Progressive from a “hold” rating to a “buy” rating and set a $253.00 price objective on the stock in a report on Monday, August 12th. Six analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $257.18.

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.