Park Avenue Securities LLC Has $4.79 Million Stake in The Progressive Co. (NYSE:PGR)

Park Avenue Securities LLC reduced its holdings in shares of The Progressive Co. (NYSE:PGR) by 0.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 18,861 shares of the insurance provider’s stock after selling 78 shares during the period. Park Avenue Securities LLC’s holdings in Progressive were worth $4,786,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. Sunbelt Securities Inc. grew its stake in Progressive by 21.3% during the second quarter. Sunbelt Securities Inc. now owns 262 shares of the insurance provider’s stock worth $54,000 after purchasing an additional 46 shares during the period. Whittier Trust Co. of Nevada Inc. grew its position in shares of Progressive by 11.8% during the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 455 shares of the insurance provider’s stock worth $95,000 after buying an additional 48 shares during the period. Farmers & Merchants Investments Inc. increased its stake in shares of Progressive by 10.4% in the 2nd quarter. Farmers & Merchants Investments Inc. now owns 509 shares of the insurance provider’s stock valued at $106,000 after acquiring an additional 48 shares in the last quarter. Graypoint LLC lifted its position in shares of Progressive by 1.2% during the 2nd quarter. Graypoint LLC now owns 4,202 shares of the insurance provider’s stock valued at $873,000 after acquiring an additional 49 shares during the period. Finally, City State Bank boosted its stake in Progressive by 8.2% during the second quarter. City State Bank now owns 661 shares of the insurance provider’s stock worth $137,000 after acquiring an additional 50 shares in the last quarter. 85.34% of the stock is owned by institutional investors.

Progressive Stock Up 1.2 %

PGR stock traded up $3.09 during trading on Friday, reaching $255.36. The stock had a trading volume of 1,951,766 shares, compared to its average volume of 2,503,230. 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 company has a market capitalization of $149.56 billion, a price-to-earnings ratio of 26.14, a P/E/G ratio of 0.70 and a beta of 0.35. The Progressive Co. has a one year low of $141.73 and a one year high of $260.46. The company’s 50 day moving average is $241.69 and its two-hundred day moving average is $220.92.

Progressive (NYSE:PGR) last released its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.04 by $0.61. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The company had revenue of $17.90 billion during the quarter, compared to analyst estimates of $17.54 billion. During the same period in the prior year, the company posted $0.57 earnings per share. Progressive’s quarterly revenue was up 21.6% on a year-over-year basis. Equities research analysts forecast that The Progressive Co. will post 13.02 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 $0.10 dividend. 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 (DPR) is currently 4.09%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Barclays started coverage on shares of Progressive in a research note on Wednesday, September 4th. They issued an “equal weight” rating and a $367.00 price target for the company. Piper Sandler increased 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. Citigroup reduced their price objective on Progressive from $232.00 to $225.00 and set a “neutral” rating for the company in a research note on Wednesday, July 17th. Keefe, Bruyette & Woods upped their target price on Progressive from $255.00 to $275.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 3rd. Finally, Morgan Stanley lifted their price target on shares of Progressive from $260.00 to $300.00 and gave the company an “overweight” rating in a research report on Monday, September 16th. Six 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. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $257.18.

Insider Activity at Progressive

In other Progressive news, Director Dyke Kahina Van sold 2,180 shares of Progressive stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $252.28, for a total value of $549,970.40. Following the sale, the director now owns 13,723 shares of the company’s stock, valued at approximately $3,462,038.44. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, Director Dyke Kahina Van sold 2,180 shares of the firm’s stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $252.28, for a total transaction of $549,970.40. Following the completion of the sale, the director now owns 13,723 shares in the company, valued at $3,462,038.44. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Susan Patricia Griffith sold 43,371 shares of Progressive stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total transaction of $9,281,827.71. Following the completion of the sale, the chief executive officer now directly owns 517,105 shares in the company, valued at $110,665,641.05. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 146,512 shares of company stock worth $33,912,874. 0.34% of the stock is owned by company insiders.

Progressive 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.