Fluent Financial LLC Sells 662 Shares of The Progressive Co. (NYSE:PGR)

Fluent Financial LLC cut its holdings in shares of The Progressive Co. (NYSE:PGR) by 16.5% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,349 shares of the insurance provider’s stock after selling 662 shares during the quarter. Fluent Financial LLC’s holdings in Progressive were worth $850,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PGR. Aviance Capital Partners LLC bought a new stake in shares of Progressive during the 1st quarter worth approximately $3,628,000. Brevan Howard Capital Management LP acquired a new stake in shares of Progressive in the 4th quarter valued at $3,090,000. Concurrent Investment Advisors LLC increased its stake in shares of Progressive by 66.4% in the 1st quarter. Concurrent Investment Advisors LLC now owns 6,814 shares of the insurance provider’s stock valued at $1,409,000 after purchasing an additional 2,719 shares during the last quarter. Banque Cantonale Vaudoise raised its holdings in shares of Progressive by 90.4% during the 1st quarter. Banque Cantonale Vaudoise now owns 21,056 shares of the insurance provider’s stock worth $4,354,000 after buying an additional 10,000 shares in the last quarter. Finally, Councilmark Asset Management LLC bought a new stake in shares of Progressive during the 1st quarter worth $1,890,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently issued reports on PGR. Citigroup decreased 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. Piper Sandler boosted their target price on shares of Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a research note on Thursday, August 15th. BMO Capital Markets dropped their price target on Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. JPMorgan Chase & Co. raised their price objective on Progressive from $210.00 to $239.00 and gave the company an “overweight” rating in a report on Thursday, July 11th. Finally, Wells Fargo & Company upped their target price on Progressive from $281.00 to $282.00 and gave the stock an “overweight” rating in a report on Tuesday, September 10th. Six analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $257.18.

Insider Buying and Selling

In other Progressive news, CFO John P. Sauerland sold 22,708 shares of Progressive stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $214.01, for a total value of $4,859,739.08. Following the completion of the sale, the chief financial officer now directly owns 302,958 shares of the company’s stock, valued at approximately $64,836,041.58. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, Director Philip Bleser sold 2,129 shares of the stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $219.08, for a total value of $466,421.32. Following the transaction, the director now directly owns 974 shares in the company, valued at $213,383.92. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO John P. Sauerland sold 22,708 shares of the business’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $214.01, for a total transaction of $4,859,739.08. Following the sale, the chief financial officer now owns 302,958 shares of the company’s stock, valued at $64,836,041.58. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 146,512 shares of company stock valued at $33,912,874 over the last ninety days. 0.34% of the stock is owned by corporate insiders.

Progressive Trading Up 1.2 %

Progressive stock traded up $3.09 during trading hours on Friday, reaching $255.36. 1,951,766 shares of the company’s stock were exchanged, compared to its average volume of 2,503,230. The firm has a market capitalization of $149.56 billion, a PE ratio of 26.14, a PEG ratio of 0.70 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 $241.69 and its 200 day simple moving average is $220.92. The Progressive Co. has a twelve month low of $141.73 and a twelve month high of $260.46.

Progressive (NYSE:PGR) last issued its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share for the quarter, topping analysts’ consensus estimates of $2.04 by $0.61. The business had revenue of $17.90 billion during the quarter, compared to the consensus estimate of $17.54 billion. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The firm’s revenue for the quarter was up 21.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.57 earnings per share. Research analysts predict that The Progressive Co. will post 13.02 earnings per share for the current year.

Progressive Dividend Announcement

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

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.