The Progressive Co. (NYSE:PGR) Shares Acquired by King Luther Capital Management Corp

King Luther Capital Management Corp increased its holdings in shares of The Progressive Co. (NYSE:PGR) by 8.2% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 2,173 shares of the insurance provider’s stock after acquiring an additional 164 shares during the period. King Luther Capital Management Corp’s holdings in Progressive were worth $451,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Northwest Bank & Trust Co acquired a new stake in Progressive in the fourth quarter valued at approximately $25,000. WR Wealth Planners LLC grew its stake 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 during the period. Indiana Trust & Investment Management CO purchased a new stake in Progressive in the 1st quarter worth $32,000. Hilltop National Bank raised its position in 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 acquiring an additional 92 shares during the period. Finally, Register Financial Advisors LLC purchased a new position in Progressive during the first quarter valued at $35,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insider Activity at Progressive

In other Progressive news, CEO Susan Patricia Griffith sold 43,370 shares of the company’s stock in a transaction on 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 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, CFO John P. Sauerland sold 10,000 shares of Progressive stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $210.40, for a total value of $2,104,000.00. Following the completion of the transaction, the chief financial officer now directly owns 302,958 shares of the company’s stock, valued at approximately $63,742,363.20. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Susan Patricia Griffith sold 43,370 shares of the 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 sale, the chief executive officer now directly owns 473,735 shares in the company, valued at approximately $119,475,967. The disclosure for this sale can be found here. In the last quarter, insiders sold 143,654 shares of company stock worth $32,727,488. Insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on PGR shares. Bank of America boosted their target price on shares of Progressive from $294.00 to $312.00 and gave the stock a “buy” rating in a research note on Tuesday, September 3rd. Evercore ISI boosted their price target on Progressive from $243.00 to $246.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 7th. Piper Sandler raised their price objective on Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a report on Thursday, August 15th. Keefe, Bruyette & Woods upped their target price on shares of Progressive from $255.00 to $275.00 and gave the stock an “outperform” rating in a report on Tuesday, September 3rd. Finally, Jefferies Financial Group raised their price target on shares of Progressive from $256.00 to $257.00 and gave the stock a “buy” rating in a research note on Wednesday, July 17th. Six equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Progressive presently has an average rating of “Moderate Buy” and an average target price of $257.18.

Progressive Price Performance

PGR stock opened at $259.24 on Monday. The Progressive Co. has a 52-week low of $137.59 and a 52-week 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 stock has a market cap of $151.84 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 business has a fifty day moving average of $234.16 and a two-hundred day moving average of $217.40.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share (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 firm had revenue of $17.90 billion during the quarter, compared to the consensus estimate of $17.54 billion. During the same period last year, the company earned $0.57 EPS. The company’s quarterly revenue was up 21.6% on a year-over-year basis. As a group, research analysts anticipate that The Progressive Co. will post 12.7 earnings per share for the current year.

Progressive Dividend Announcement

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

About Progressive

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.