Callan Family Office LLC Makes New $205,000 Investment in The Progressive Co. (NYSE:PGR)

Callan Family Office LLC bought a new position in shares of The Progressive Co. (NYSE:PGR) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 809 shares of the insurance provider’s stock, valued at approximately $205,000.

Several other large investors also recently bought and sold shares of PGR. Northwest Bank & Trust Co purchased a new stake in Progressive during the 4th quarter worth approximately $25,000. Davis Capital Management purchased a new stake in shares of Progressive in the 3rd quarter valued at $25,000. WR Wealth Planners LLC boosted its holdings in shares of Progressive by 119.6% in the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after acquiring an additional 67 shares during the last quarter. Indiana Trust & Investment Management CO purchased a new stake in shares of Progressive in the 1st quarter valued at $32,000. Finally, Hilltop National Bank boosted its holdings in shares of Progressive by 126.0% in the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after acquiring an additional 92 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Price Performance

Progressive stock opened at $249.02 on Wednesday. The Progressive Co. has a 52-week low of $141.84 and a 52-week high of $260.46. The firm has a market capitalization 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 fifty day simple moving average of $242.33 and a 200-day simple moving average of $221.42. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.30.

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, topping analysts’ consensus estimates 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 analyst estimates of $17.54 billion. During the same quarter in the prior year, the firm earned $0.57 earnings per share. The company’s revenue for the quarter was up 21.6% compared to the same quarter last year. On average, equities analysts anticipate that The Progressive Co. will post 13.01 EPS for the current fiscal year.

Progressive Announces Dividend

The company also recently disclosed 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 of this dividend is Thursday, October 3rd. Progressive’s dividend payout ratio is currently 4.09%.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Hsbc Global Res raised shares of Progressive from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. Wells Fargo & Company boosted their target price on shares of Progressive from $281.00 to $282.00 and gave the company an “overweight” rating in a research note on Tuesday, September 10th. Jefferies Financial Group boosted their target price on shares of Progressive from $256.00 to $257.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. BMO Capital Markets decreased their target price on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. Finally, HSBC upgraded shares of Progressive from a “hold” rating to a “buy” rating and set a $253.00 target price for the company in a research note on Monday, August 12th. Six equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $257.18.

Insider Activity at Progressive

In related news, Director Philip Bleser sold 2,129 shares of the company’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 completion of the sale, the director now owns 974 shares of the company’s stock, valued at approximately $213,383.92. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CEO Susan Patricia Griffith sold 43,371 shares of the company’s stock in a transaction dated 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 represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Philip Bleser sold 2,129 shares of the company’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $219.08, for a total transaction of $466,421.32. Following the completion of the sale, the director now directly owns 974 shares of the company’s stock, valued at $213,383.92. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 146,512 shares of company stock valued at $33,912,874. 0.34% of the stock is owned by company insiders.

About Progressive

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.