Chesley Taft & Associates LLC Increases Stock Holdings in The Progressive Co. (NYSE:PGR)

Chesley Taft & Associates LLC boosted its position in The Progressive Co. (NYSE:PGR) by 2.8% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,735 shares of the insurance provider’s stock after buying an additional 345 shares during the period. Chesley Taft & Associates LLC’s holdings in Progressive were worth $3,232,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Davis Capital Management acquired a new position in shares of Progressive during the third quarter worth about $25,000. WR Wealth Planners LLC raised its stake in shares of Progressive by 119.6% during the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after buying an additional 67 shares in the last quarter. Indiana Trust & Investment Management CO acquired a new stake in shares of Progressive in the 1st quarter valued at approximately $32,000. Northwest Bank & Trust Co purchased a new stake in shares of Progressive in the fourth quarter valued at approximately $25,000. Finally, Hilltop National Bank grew its holdings in 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. 85.34% of the stock is owned by institutional investors and hedge funds.

Progressive Price Performance

Progressive stock opened at $245.57 on Tuesday. The firm’s 50-day moving average is $241.69 and its two-hundred day moving average is $221.14. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.31 and a quick ratio of 0.31. The stock has a market capitalization of $143.82 billion, a P/E ratio of 25.14, a P/E/G ratio of 0.71 and a beta of 0.35. The Progressive Co. has a 12-month low of $141.84 and a 12-month high of $260.46.

Progressive (NYSE:PGR) last announced its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.04 by $0.61. The firm had revenue of $17.90 billion for the quarter, compared to analyst estimates of $17.54 billion. Progressive had a net margin of 10.17% and a return on equity of 33.01%. Progressive’s revenue was up 21.6% compared to the same quarter last year. During the same quarter last year, the business earned $0.57 earnings per share. Equities analysts predict that The Progressive Co. will post 13.01 earnings per share for the current year.

Progressive Announces Dividend

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

Insider Buying and Selling

In other news, insider Steven Broz sold 2,982 shares of the company’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $260.00, for a total transaction of $775,320.00. Following the completion of the transaction, the insider now owns 29,334 shares of the company’s stock, valued at $7,626,840. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, insider Steven Broz sold 2,982 shares of the business’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $260.00, for a total transaction of $775,320.00. Following the completion of the sale, the insider now directly owns 29,334 shares of the company’s stock, valued at $7,626,840. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Susan Patricia Griffith sold 43,371 shares of the stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total value of $9,281,827.71. Following the completion of the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 146,512 shares of company stock worth $33,912,874. 0.34% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Morgan Stanley raised their target price on Progressive from $260.00 to $300.00 and gave the company an “overweight” rating in a report on Monday, September 16th. Roth Mkm boosted their price objective on shares of Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a report on Monday, September 16th. Citigroup lowered their target price on shares of Progressive from $232.00 to $225.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 17th. Barclays started coverage on shares of Progressive in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $367.00 price target for the company. Finally, The Goldman Sachs Group upped their price target on Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Six investment 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 stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus 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.