Magnetar Financial LLC Purchases 1,284 Shares of The Progressive Co. (NYSE:PGR)

Magnetar Financial LLC increased its stake in The Progressive Co. (NYSE:PGR) by 10.7% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 13,300 shares of the insurance provider’s stock after purchasing an additional 1,284 shares during the quarter. Magnetar Financial LLC’s holdings in Progressive were worth $2,763,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. WR Wealth Planners LLC raised its holdings in Progressive by 119.6% in the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after purchasing 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. Northwest Bank & Trust Co purchased a new stake in Progressive in the 4th quarter worth $25,000. Hilltop National Bank increased its stake in Progressive by 126.0% in the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after buying an additional 92 shares in the last quarter. Finally, Register Financial Advisors LLC purchased a new stake in Progressive in the 1st quarter worth $35,000. 85.34% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have issued reports on PGR shares. Hsbc Global Res upgraded Progressive from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 12th. Piper Sandler increased their price target on Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a research note on Thursday, August 15th. Barclays assumed coverage on Progressive in a report on Wednesday, September 4th. They issued an “equal weight” rating and a $367.00 target price on the stock. Morgan Stanley lifted their target price on Progressive from $260.00 to $300.00 and gave the stock an “overweight” rating in a report on Monday, September 16th. Finally, Citigroup reduced their target price on Progressive from $232.00 to $225.00 and set a “neutral” rating on the stock in a report on Wednesday, July 17th. Six investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $257.18.

Progressive Stock Down 0.6 %

Shares of NYSE PGR opened at $257.60 on Tuesday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.31 and a current ratio of 0.31. The firm has a market capitalization of $150.88 billion, a price-to-earnings ratio of 26.37, a PEG ratio of 0.74 and a beta of 0.35. The stock has a 50 day moving average price of $234.97 and a 200 day moving average price of $217.84. The Progressive Co. has a 52-week low of $137.59 and a 52-week high of $260.46.

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

Progressive Announces Dividend

The business also recently announced 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 of this dividend is Thursday, October 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.16%. Progressive’s dividend payout ratio is currently 4.09%.

Insiders Place Their Bets

In other Progressive news, insider Patrick K. Callahan sold 7,696 shares of the company’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $255.21, for a total transaction of $1,964,096.16. Following the completion of the sale, the insider now owns 15,189 shares in the company, valued at $3,876,384.69. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, insider Andrew J. Quigg sold 3,975 shares of the company’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total transaction of $850,689.75. Following the transaction, the insider now directly owns 32,780 shares of the company’s stock, valued at $7,015,247.80. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Patrick K. Callahan sold 7,696 shares of the company’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $255.21, for a total value of $1,964,096.16. Following the transaction, the insider now directly owns 15,189 shares in the company, valued at $3,876,384.69. The disclosure for this sale can be found here. Insiders sold a total of 151,350 shares of company stock worth $34,691,584 over the last 90 days. Company insiders own 0.34% of the company’s stock.

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.