Aprio Wealth Management LLC Grows Position in The Progressive Co. (NYSE:PGR)

Aprio Wealth Management LLC raised its position in shares of The Progressive Co. (NYSE:PGR) by 5.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,244 shares of the insurance provider’s stock after buying an additional 60 shares during the quarter. Aprio Wealth Management LLC’s holdings in Progressive were worth $316,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Sunbelt Securities Inc. boosted its holdings in shares of Progressive by 21.3% in the 2nd 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. boosted its holdings in shares of Progressive by 11.8% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 455 shares of the insurance provider’s stock worth $95,000 after purchasing an additional 48 shares during the period. Farmers & Merchants Investments Inc. boosted its holdings 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 worth $106,000 after purchasing an additional 48 shares during the period. Graypoint LLC boosted its holdings in shares of Progressive by 1.2% in the 2nd quarter. Graypoint LLC now owns 4,202 shares of the insurance provider’s stock worth $873,000 after purchasing an additional 49 shares during the period. Finally, City State Bank boosted its holdings in shares of Progressive by 8.2% in the 2nd quarter. City State Bank now owns 661 shares of the insurance provider’s stock worth $137,000 after purchasing an additional 50 shares during the period. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insider Activity at Progressive

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

Progressive Trading Up 1.4 %

PGR opened at $249.02 on Wednesday. The firm has a market cap of $145.85 billion, a price-to-earnings ratio of 25.49, a PEG ratio of 0.71 and a beta of 0.35. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.30. The Progressive Co. has a 12 month low of $141.84 and a 12 month high of $260.46. The stock has a fifty day moving average price of $242.33 and a 200-day moving average price of $221.42.

Progressive (NYSE:PGR) last released its quarterly earnings results 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 return on equity of 33.01% and a net margin of 10.17%. The firm had revenue of $17.90 billion during the quarter, compared to analyst estimates of $17.54 billion. During the same period in the previous year, the company posted $0.57 EPS. The business’s revenue for the quarter was up 21.6% compared to the same quarter last year. As a group, equities research analysts anticipate that The Progressive Co. will post 13.01 earnings per share for the current fiscal year.

Progressive Dividend Announcement

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 given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.16%. The ex-dividend date is Thursday, October 3rd. Progressive’s dividend payout ratio is currently 4.09%.

Analysts Set New Price Targets

PGR has been the subject of a number of recent research reports. Morgan Stanley lifted their target price on Progressive from $260.00 to $300.00 and gave the stock an “overweight” rating in a report on Monday, September 16th. Hsbc Global Res upgraded Progressive from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. Jefferies Financial Group boosted their price objective on Progressive from $256.00 to $257.00 and gave the company a “buy” rating in a report on Wednesday, July 17th. Evercore ISI boosted their price objective on Progressive from $243.00 to $246.00 and gave the company an “outperform” rating in a report on Wednesday, August 7th. Finally, Barclays began coverage on Progressive in a report on Wednesday, September 4th. They set an “equal weight” rating and a $367.00 price objective for the company. Six equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to 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.