Wealth Alliance Sells 160 Shares of The Progressive Co. (NYSE:PGR)

Wealth Alliance lessened its holdings in The Progressive Co. (NYSE:PGR) by 13.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,041 shares of the insurance provider’s stock after selling 160 shares during the quarter. Wealth Alliance’s holdings in Progressive were worth $216,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of PGR. Whittier Trust Co. of Nevada Inc. raised its position in shares of Progressive by 11.8% during the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 455 shares of the insurance provider’s stock valued at $95,000 after acquiring an additional 48 shares during the last quarter. Farmers & Merchants Investments Inc. increased its holdings in Progressive by 10.4% in the second quarter. Farmers & Merchants Investments Inc. now owns 509 shares of the insurance provider’s stock valued at $106,000 after purchasing an additional 48 shares during the last quarter. Graypoint LLC lifted its stake in Progressive by 1.2% in the second quarter. Graypoint LLC now owns 4,202 shares of the insurance provider’s stock valued at $873,000 after buying an additional 49 shares during the period. City State Bank boosted its holdings in Progressive by 8.2% during the second quarter. City State Bank now owns 661 shares of the insurance provider’s stock worth $137,000 after buying an additional 50 shares during the last quarter. Finally, GYL Financial Synergies LLC grew its position in shares of Progressive by 4.0% during the 2nd quarter. GYL Financial Synergies LLC now owns 1,302 shares of the insurance provider’s stock worth $270,000 after buying an additional 50 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Bank of America lifted their price objective on shares of Progressive from $294.00 to $312.00 and gave the stock a “buy” rating in a research note on Tuesday, September 3rd. Hsbc Global Res upgraded shares of Progressive from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 12th. Piper Sandler lifted their target price on Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a report on Thursday, August 15th. The Goldman Sachs Group increased their price target on Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Keefe, Bruyette & Woods lifted their price objective on Progressive from $255.00 to $275.00 and gave the company an “outperform” rating in a report on Tuesday, September 3rd. Six investment 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 data from MarketBeat.com, Progressive presently has a consensus rating of “Moderate Buy” and a consensus target price of $257.18.

Progressive Trading Up 1.5 %

Progressive stock opened at $259.23 on Friday. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.31 and a quick ratio of 0.31. The firm has a 50-day moving average of $234.16 and a 200-day moving average of $217.06. The company has a market cap of $151.82 billion, a price-to-earnings ratio of 26.53, a P/E/G ratio of 0.74 and a beta of 0.35. The Progressive Co. has a one year low of $137.59 and a one year 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 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 for the quarter, compared to analyst estimates of $17.54 billion. During the same quarter in the previous year, the firm earned $0.57 EPS. The business’s quarterly revenue was up 21.6% on a year-over-year basis. On average, equities analysts expect that The Progressive Co. will post 12.7 earnings per share for the current fiscal year.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Thursday, October 3rd will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.15%. The ex-dividend date is Thursday, October 3rd. Progressive’s dividend payout ratio (DPR) is presently 4.09%.

Insider Activity

In related news, insider Steven Broz sold 3,050 shares of Progressive stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $209.81, for a total transaction of $639,920.50. Following the completion of the transaction, the insider now owns 32,453 shares in the company, valued at $6,808,963.93. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Progressive news, CEO Susan Patricia Griffith sold 43,371 shares of the company’s 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 transaction, the chief executive officer now directly owns 517,105 shares in the company, valued at $110,665,641.05. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Steven Broz sold 3,050 shares of the firm’s stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $209.81, for a total transaction of $639,920.50. Following the sale, the insider now owns 32,453 shares of the company’s stock, valued at approximately $6,808,963.93. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 146,704 shares of company stock valued at $33,367,408. 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.