Strata Wealth Advisors LLC Sells 101 Shares of The Progressive Co. (NYSE:PGR)

Strata Wealth Advisors LLC lessened its holdings in The Progressive Co. (NYSE:PGR) by 0.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 21,939 shares of the insurance provider’s stock after selling 101 shares during the period. Progressive makes up 1.6% of Strata Wealth Advisors LLC’s investment portfolio, making the stock its 9th largest position. Strata Wealth Advisors LLC’s holdings in Progressive were worth $4,557,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Northwest Bank & Trust Co purchased a new position in shares of Progressive during the fourth quarter worth $25,000. WR Wealth Planners LLC grew its position in 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 in the last quarter. Indiana Trust & Investment Management CO purchased a new stake in Progressive during the first quarter worth about $32,000. Hilltop National Bank lifted its position in shares of Progressive by 126.0% during the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 92 shares in the last quarter. Finally, Register Financial Advisors LLC purchased a new position in shares of Progressive in the first quarter valued at approximately $35,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CFO John P. Sauerland sold 10,000 shares of the business’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $210.40, for a total value of $2,104,000.00. Following the sale, the chief financial officer now directly owns 302,958 shares in the company, valued at approximately $63,742,363.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Progressive 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 transaction, the chief executive officer now directly owns 517,105 shares in the company, valued at approximately $110,665,641.05. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO John P. Sauerland sold 10,000 shares of the firm’s stock in a transaction on Friday, June 28th. The stock was sold at an average price of $210.40, for a total value of $2,104,000.00. Following the sale, the chief financial officer now owns 302,958 shares in the company, valued at approximately $63,742,363.20. The disclosure for this sale can be found here. Insiders sold a total of 151,350 shares of company stock worth $34,691,584 over the last 90 days. 0.34% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

PGR has been the topic of a number of research reports. JPMorgan Chase & Co. increased 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. Piper Sandler lifted their target price on Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a report on Thursday, August 15th. Jefferies Financial Group upped their price target on Progressive from $256.00 to $257.00 and gave the stock a “buy” rating in a report on Wednesday, July 17th. Bank of America upped their target price 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. Finally, Evercore ISI boosted their price target on shares of Progressive from $243.00 to $246.00 and gave the stock an “outperform” rating in a report on Wednesday, August 7th. Six equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Progressive has an average rating of “Moderate Buy” and a consensus target price of $257.18.

Progressive Stock Down 0.6 %

PGR stock opened at $257.60 on Tuesday. The Progressive Co. has a 12 month low of $137.59 and a 12 month high of $260.46. 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 company has a market cap of $150.88 billion, a price-to-earnings ratio of 26.37, a price-to-earnings-growth ratio of 0.74 and a beta of 0.35. The company has a fifty day moving average price of $234.97 and a 200 day moving average price of $217.84.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 EPS for the quarter, topping analysts’ consensus estimates of $2.04 by $0.61. The company had revenue of $17.90 billion during the quarter, compared to the consensus estimate of $17.54 billion. Progressive had a net margin of 10.17% and a return on equity of 33.01%. Progressive’s quarterly revenue was up 21.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.57 EPS. Sell-side analysts expect that The Progressive Co. will post 12.7 earnings per share for the current year.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Thursday, October 3rd will be issued 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 dividend payout ratio (DPR) is 4.09%.

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.