Orleans Capital Management Corp LA Acquires 3,740 Shares of The Progressive Co. (NYSE:PGR)

Orleans Capital Management Corp LA raised its holdings in The Progressive Co. (NYSE:PGR) by 205.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,562 shares of the insurance provider’s stock after buying an additional 3,740 shares during the period. Orleans Capital Management Corp LA’s holdings in Progressive were worth $1,155,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the business. Cetera Investment Advisers lifted its position in Progressive by 1.8% in the 2nd quarter. Cetera Investment Advisers now owns 68,273 shares of the insurance provider’s stock valued at $14,181,000 after acquiring an additional 1,199 shares in the last quarter. 3Chopt Investment Partners LLC lifted its holdings in shares of Progressive by 1.2% in the second quarter. 3Chopt Investment Partners LLC now owns 14,084 shares of the insurance provider’s stock valued at $2,925,000 after purchasing an additional 173 shares in the last quarter. Ted Buchan & Co purchased a new position in shares of Progressive during the second quarter valued at approximately $1,742,000. Truist Financial Corp boosted its position in shares of Progressive by 27.7% during the second quarter. Truist Financial Corp now owns 289,341 shares of the insurance provider’s stock valued at $60,099,000 after buying an additional 62,693 shares during the last quarter. Finally, EP Wealth Advisors LLC grew its holdings in Progressive by 19.8% during the second quarter. EP Wealth Advisors LLC now owns 1,892 shares of the insurance provider’s stock worth $393,000 after buying an additional 313 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Price Performance

NYSE PGR opened at $253.76 on Tuesday. The company has a market cap of $148.63 billion, a PE ratio of 25.97, a price-to-earnings-growth ratio of 0.72 and a beta of 0.35. 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 firm’s 50-day simple moving average is $238.56 and its two-hundred day simple moving average is $219.77. The Progressive Co. has a 52 week low of $137.59 and a 52 week high of $260.46.

Progressive (NYSE:PGR) last released its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 EPS for the quarter, topping 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 company 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 firm earned $0.57 EPS. Progressive’s revenue for the quarter was up 21.6% on a year-over-year basis. Research analysts predict that The Progressive Co. will post 12.9 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. This represents a $0.40 dividend on an annualized basis and a yield of 0.16%. The ex-dividend date is Thursday, October 3rd. Progressive’s payout ratio is presently 4.09%.

Insider Activity

In related news, insider Andrew J. Quigg sold 3,975 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $214.01, for a total transaction of $850,689.75. Following the completion of the transaction, the insider now owns 32,780 shares of the company’s stock, valued at $7,015,247.80. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, insider Andrew J. Quigg sold 3,975 shares of Progressive 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 completion of the sale, the insider now owns 32,780 shares of the company’s stock, valued at $7,015,247.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Philip Bleser sold 2,129 shares of the company’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $219.08, for a total value of $466,421.32. Following the completion of the transaction, the director now owns 974 shares in the company, valued at $213,383.92. The disclosure for this sale can be found here. Insiders have sold a total of 146,512 shares of company stock worth $33,912,874 over the last ninety days. Company insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on PGR. Morgan Stanley raised their price objective on Progressive from $260.00 to $300.00 and gave the company an “overweight” rating in a research note on Monday, September 16th. Evercore ISI raised their price target on shares of Progressive from $243.00 to $246.00 and gave the company an “outperform” rating in a research report on Wednesday, August 7th. Citigroup cut their price target on shares of Progressive from $232.00 to $225.00 and set a “neutral” rating on the stock in a report on Wednesday, July 17th. BMO Capital Markets decreased their price objective on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. Finally, Wells Fargo & Company upped their target price on Progressive from $281.00 to $282.00 and gave the company an “overweight” rating in a report on Tuesday, September 10th. Six equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $257.18.

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.