Annandale Capital LLC Lowers Stake in The Progressive Co. (NYSE:PGR)

Annandale Capital LLC decreased its position in The Progressive Co. (NYSE:PGR) by 0.2% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 29,125 shares of the insurance provider’s stock after selling 46 shares during the quarter. Progressive accounts for approximately 1.0% of Annandale Capital LLC’s portfolio, making the stock its 21st largest position. Annandale Capital LLC’s holdings in Progressive were worth $6,050,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Northwest Bank & Trust Co acquired a new position in shares of Progressive in the fourth quarter valued at approximately $25,000. WR Wealth Planners LLC boosted 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 buying an additional 67 shares during the period. Indiana Trust & Investment Management CO acquired a new position in shares of Progressive in the first quarter worth $32,000. Hilltop National Bank increased 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 acquiring an additional 92 shares during the period. Finally, Register Financial Advisors LLC acquired a new stake in shares of Progressive in the first quarter valued at $35,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Trading Down 0.5 %

PGR opened at $251.10 on Friday. The firm has a market cap of $147.06 billion, a price-to-earnings ratio of 25.70, a price-to-earnings-growth ratio of 0.72 and a beta of 0.35. The Progressive Co. has a 52 week low of $137.59 and a 52 week high of $260.46. The business’s 50 day moving average is $237.81 and its two-hundred day moving average is $219.27. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.30.

Progressive (NYSE:PGR) last released its quarterly earnings results on Tuesday, July 16th. The insurance provider reported $2.65 EPS for the quarter, beating the consensus estimate of $2.04 by $0.61. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The firm had revenue of $17.90 billion during the quarter, compared to the consensus estimate of $17.54 billion. During the same quarter in the prior year, the firm earned $0.57 EPS. Progressive’s revenue for the quarter was up 21.6% on a year-over-year basis. On average, research analysts predict that The Progressive Co. will post 12.9 EPS for the current year.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Thursday, October 3rd will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.16%. The ex-dividend date is Thursday, October 3rd. Progressive’s dividend payout ratio is currently 4.09%.

Insider Activity at Progressive

In other Progressive news, Director Philip Bleser sold 2,129 shares of the stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $219.08, for a total transaction of $466,421.32. Following the completion of the sale, the director now directly owns 974 shares of the company’s stock, valued at approximately $213,383.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Philip Bleser sold 2,129 shares of the firm’s stock in a transaction 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 owns 974 shares in the company, valued at approximately $213,383.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Andrew J. Quigg sold 3,975 shares of the business’s stock in a transaction dated 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 owns 32,780 shares in the company, valued at $7,015,247.80. The disclosure for this sale can be found here. Insiders have sold 144,332 shares of company stock worth $33,362,904 in the last quarter. Company insiders own 0.34% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Piper Sandler upped their price target on Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a report on Thursday, August 15th. Wells Fargo & Company boosted their price objective on Progressive from $281.00 to $282.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 10th. Morgan Stanley raised their target price on shares of Progressive from $260.00 to $300.00 and gave the company an “overweight” rating in a report on Monday, September 16th. JPMorgan Chase & Co. boosted their price target on shares of Progressive from $210.00 to $239.00 and gave the stock an “overweight” rating in a report on Thursday, July 11th. Finally, Hsbc Global Res upgraded shares of Progressive from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 12th. Six investment 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, Progressive presently has a consensus rating of “Moderate Buy” and a consensus price target of $257.18.

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.