Private Advisor Group LLC Has $3.03 Million Stock Holdings in The Progressive Co. (NYSE:PGR)

Private Advisor Group LLC boosted its holdings in shares of The Progressive Co. (NYSE:PGR) by 10.9% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 11,958 shares of the insurance provider’s stock after buying an additional 1,176 shares during the period. Private Advisor Group LLC’s holdings in Progressive were worth $3,034,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the business. Concurrent Investment Advisors LLC increased its stake in shares of Progressive by 66.4% in the first quarter. Concurrent Investment Advisors LLC now owns 6,814 shares of the insurance provider’s stock worth $1,409,000 after acquiring an additional 2,719 shares during the last quarter. Diversified Trust Co raised its stake in shares of Progressive by 84.3% during the 3rd quarter. Diversified Trust Co now owns 25,738 shares of the insurance provider’s stock worth $6,531,000 after purchasing an additional 11,770 shares in the last quarter. Councilmark Asset Management LLC acquired a new stake in shares of Progressive during the 1st quarter valued at about $1,890,000. Sycomore Asset Management grew its stake in shares of Progressive by 9.5% in the 2nd quarter. Sycomore Asset Management now owns 28,128 shares of the insurance provider’s stock valued at $5,856,000 after buying an additional 2,450 shares in the last quarter. Finally, Sumitomo Life Insurance Co. acquired a new position in Progressive in the second quarter worth approximately $981,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the stock. 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. Jefferies Financial Group increased their target price on shares of Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Citigroup cut their target price on Progressive from $232.00 to $225.00 and set a “neutral” rating on the stock in a report on Wednesday, July 17th. Roth Mkm increased their price objective on Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a report on Monday, September 16th. Finally, StockNews.com upgraded Progressive from a “hold” rating to a “buy” rating in a report on Thursday, October 24th. Six equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $263.19.

Insiders Place Their Bets

In other news, CEO Susan Patricia Griffith sold 43,370 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total value of $10,937,914.00. Following the completion of the transaction, the chief executive officer now owns 473,735 shares in the company, valued at approximately $119,475,967. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, CEO Susan Patricia Griffith sold 43,370 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the completion of the transaction, the chief executive officer now owns 473,735 shares in the company, valued at $119,475,967. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Steven Broz sold 6,122 shares of the business’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $235.19, for a total value of $1,439,833.18. Following the completion of the sale, the insider now directly owns 32,316 shares in the company, valued at approximately $7,600,400.04. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 74,843 shares of company stock worth $18,674,912 over the last 90 days. Corporate insiders own 0.34% of the company’s stock.

Progressive Trading Up 0.2 %

Shares of PGR opened at $244.26 on Tuesday. The stock’s 50-day moving average price is $250.63 and its 200 day moving average price is $225.91. 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 12-month low of $149.14 and a 12-month high of $260.46. The firm has a market capitalization of $143.06 billion, a price-to-earnings ratio of 17.75, a P/E/G ratio of 0.67 and a beta of 0.35.

Progressive Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Thursday, October 3rd were given a $0.10 dividend. The ex-dividend date was Thursday, October 3rd. This represents a $0.40 annualized dividend and a yield of 0.16%. Progressive’s dividend payout ratio (DPR) is currently 2.91%.

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.