Atomi Financial Group Inc. Buys 205 Shares of The Progressive Co. (NYSE:PGR)

Atomi Financial Group Inc. grew its stake in The Progressive Co. (NYSE:PGR) by 4.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,815 shares of the insurance provider’s stock after purchasing an additional 205 shares during the quarter. Atomi Financial Group Inc.’s holdings in Progressive were worth $1,222,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of PGR. SG Americas Securities LLC raised its position in shares of Progressive by 4,545.0% in the first quarter. SG Americas Securities LLC now owns 705,243 shares of the insurance provider’s stock valued at $145,858,000 after purchasing an additional 690,060 shares during the period. Canada Pension Plan Investment Board increased its position in Progressive by 548.2% during the first quarter. Canada Pension Plan Investment Board now owns 811,653 shares of the insurance provider’s stock worth $167,866,000 after acquiring an additional 686,433 shares during the period. Capital International Investors increased its position in Progressive by 15.7% during the first quarter. Capital International Investors now owns 4,925,019 shares of the insurance provider’s stock worth $1,018,592,000 after acquiring an additional 670,006 shares during the period. Swedbank AB bought a new position in Progressive during the first quarter worth about $116,852,000. Finally, Skandinaviska Enskilda Banken AB publ increased its position in Progressive by 457.2% during the second quarter. Skandinaviska Enskilda Banken AB publ now owns 651,707 shares of the insurance provider’s stock worth $135,366,000 after acquiring an additional 534,754 shares during the period. 85.34% of the stock is owned by institutional investors.

Progressive Stock Performance

NYSE:PGR opened at $249.02 on Wednesday. The company has a fifty day moving average of $242.33 and a 200-day moving average of $221.42. The firm has a market capitalization of $145.85 billion, a P/E ratio of 25.49, a P/E/G ratio of 0.71 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 Progressive Co. has a twelve month low of $141.84 and a twelve month high of $260.46.

Progressive (NYSE:PGR) last posted its quarterly 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 net margin of 10.17% and a return on equity of 33.01%. The business had revenue of $17.90 billion during the quarter, compared to the consensus estimate of $17.54 billion. During the same quarter last year, the firm posted $0.57 EPS. Progressive’s revenue was up 21.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that The Progressive Co. will post 13.01 EPS for the current year.

Progressive Announces Dividend

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

Analyst Upgrades and Downgrades

PGR has been the topic of a number of analyst reports. HSBC upgraded shares of Progressive from a “hold” rating to a “buy” rating and set a $253.00 price objective on the stock in a research note on Monday, August 12th. Evercore ISI increased their price objective on shares of Progressive from $243.00 to $246.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 7th. Citigroup reduced their price objective on shares of Progressive from $232.00 to $225.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 17th. JPMorgan Chase & Co. increased their price objective on shares of Progressive from $210.00 to $239.00 and gave the stock an “overweight” rating in a research note on Thursday, July 11th. Finally, Roth Mkm increased their price objective on shares of Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. Six investment 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 company. According to data from MarketBeat, Progressive presently has a consensus rating of “Moderate Buy” and a consensus target price of $257.18.

Insider Activity at Progressive

In related news, CEO Susan Patricia Griffith sold 43,371 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 $9,281,827.71. Following the completion of the sale, the chief executive officer now owns 517,105 shares of the company’s stock, valued at approximately $110,665,641.05. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Progressive news, CEO Susan Patricia Griffith sold 43,371 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 transaction of $9,281,827.71. Following the transaction, the chief executive officer now directly owns 517,105 shares of the company’s stock, valued at $110,665,641.05. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Philip Bleser sold 2,129 shares of Progressive stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $219.08, for a total transaction of $466,421.32. Following the transaction, the director now directly owns 974 shares in the company, valued at $213,383.92. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 146,512 shares of company stock valued at $33,912,874. 0.34% of the stock is owned by company insiders.

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.