Daymark Wealth Partners LLC Acquires 3,512 Shares of The Progressive Co. (NYSE:PGR)

Daymark Wealth Partners LLC lifted its position in The Progressive Co. (NYSE:PGR) by 2.0% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 176,173 shares of the insurance provider’s stock after purchasing an additional 3,512 shares during the period. Progressive comprises approximately 1.5% of Daymark Wealth Partners LLC’s portfolio, making the stock its 18th biggest holding. Daymark Wealth Partners LLC’s holdings in Progressive were worth $44,706,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. SG Americas Securities LLC raised its holdings in shares of Progressive by 4,545.0% during the first quarter. SG Americas Securities LLC now owns 705,243 shares of the insurance provider’s stock valued at $145,858,000 after acquiring an additional 690,060 shares in the last quarter. Canada Pension Plan Investment Board increased its position in Progressive by 548.2% during the 1st quarter. Canada Pension Plan Investment Board now owns 811,653 shares of the insurance provider’s stock valued at $167,866,000 after purchasing an additional 686,433 shares during the period. Capital International Investors raised its stake in Progressive by 15.7% in the first quarter. Capital International Investors now owns 4,925,019 shares of the insurance provider’s stock worth $1,018,592,000 after buying an additional 670,006 shares in the last quarter. Swedbank AB purchased a new stake in Progressive in the first quarter worth about $116,852,000. Finally, Skandinaviska Enskilda Banken AB publ boosted its position in Progressive by 457.2% during the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 651,707 shares of the insurance provider’s stock valued at $135,366,000 after acquiring an additional 534,754 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insiders Place Their Bets

In other 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 transaction of $9,281,827.71. Following the sale, the chief executive officer now directly owns 517,105 shares in the company, valued at approximately $110,665,641.05. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Progressive news, Director Dyke Kahina Van sold 2,180 shares of the business’s stock in a transaction 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 transaction, the director now owns 13,723 shares in the company, valued at $3,462,038.44. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Susan Patricia Griffith sold 43,371 shares of the company’s stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 517,105 shares in the company, valued at approximately $110,665,641.05. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 146,512 shares of company stock valued at $33,912,874 in the last three months. Corporate insiders own 0.34% of the company’s stock.

Progressive Price Performance

PGR stock traded up $2.13 during mid-day trading on Wednesday, hitting $251.15. The company had a trading volume of 284,625 shares, compared to its average volume of 2,490,619. The Progressive Co. has a 12-month low of $141.84 and a 12-month high of $260.46. 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 50-day moving average price of $242.99 and a 200 day moving average price of $221.73. The company has a market capitalization of $147.10 billion, a price-to-earnings ratio of 25.49, a P/E/G ratio of 0.71 and a beta of 0.35.

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

Progressive Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on PGR shares. The Goldman Sachs Group increased their price objective on Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Bank of America raised their price target on Progressive from $294.00 to $312.00 and gave the company a “buy” rating in a report on Tuesday, September 3rd. Keefe, Bruyette & Woods raised their price target on shares of Progressive from $255.00 to $275.00 and gave the company an “outperform” rating in a report on Tuesday, September 3rd. JPMorgan Chase & Co. raised their target price on shares of Progressive from $210.00 to $239.00 and gave the stock an “overweight” rating in a report on Thursday, July 11th. Finally, Jefferies Financial Group raised their price target on Progressive from $256.00 to $257.00 and gave the stock a “buy” rating in a research note on Wednesday, July 17th. Six equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $257.18.

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.