Wealthcare Advisory Partners LLC Purchases 12,546 Shares of The Progressive Co. (NYSE:PGR)

Wealthcare Advisory Partners LLC lifted its position in shares of The Progressive Co. (NYSE:PGR) by 882.9% in the 1st quarter, Holdings Channel reports. The institutional investor owned 13,967 shares of the insurance provider’s stock after purchasing an additional 12,546 shares during the quarter. Wealthcare Advisory Partners LLC’s holdings in Progressive were worth $2,889,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of PGR. Norges Bank acquired a new position in shares of Progressive during the 4th quarter worth approximately $1,078,831,000. Wellington Management Group LLP increased its holdings in Progressive by 14.1% during the third quarter. Wellington Management Group LLP now owns 21,554,503 shares of the insurance provider’s stock worth $3,002,542,000 after buying an additional 2,666,449 shares during the last quarter. 1832 Asset Management L.P. raised its position in Progressive by 237.8% during the fourth quarter. 1832 Asset Management L.P. now owns 1,485,750 shares of the insurance provider’s stock worth $236,650,000 after acquiring an additional 1,045,883 shares in the last quarter. Confluence Investment Management LLC acquired a new stake in Progressive in the first quarter valued at $188,642,000. Finally, Los Angeles Capital Management LLC grew its position in shares of Progressive by 279.2% in the 4th quarter. Los Angeles Capital Management LLC now owns 811,381 shares of the insurance provider’s stock valued at $129,237,000 after acquiring an additional 597,401 shares during the period. 85.34% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Progressive news, insider Steven Broz sold 7,361 shares of the business’s stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $207.25, for a total transaction of $1,525,567.25. Following the completion of the transaction, the insider now directly owns 35,503 shares in the company, valued at $7,357,996.75. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Progressive news, insider Steven Broz sold 7,361 shares of Progressive stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $207.25, for a total value of $1,525,567.25. Following the transaction, the insider now owns 35,503 shares in the company, valued at $7,357,996.75. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Devin C. Johnson sold 1,000 shares of the business’s stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $208.33, for a total value of $208,330.00. Following the transaction, the director now directly owns 7,176 shares of the company’s stock, valued at approximately $1,494,976.08. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 24,518 shares of company stock worth $5,055,674. Corporate insiders own 0.34% of the company’s stock.

Progressive Trading Up 1.5 %

Shares of NYSE:PGR opened at $211.35 on Friday. The company has a market capitalization of $123.79 billion, a P/E ratio of 21.63, a P/E/G ratio of 0.80 and a beta of 0.35. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.32 and a quick ratio of 0.32. The business’s 50 day simple moving average is $209.60 and its 200 day simple moving average is $192.97. The Progressive Co. has a 1 year low of $111.41 and a 1 year high of $217.77.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, topping analysts’ consensus estimates of $3.20 by $0.74. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The company had revenue of $18.96 billion for the quarter, compared to analysts’ expectations of $16.88 billion. During the same quarter last year, the business earned $0.65 earnings per share. Progressive’s revenue was up 17.7% on a year-over-year basis. On average, research analysts anticipate that The Progressive Co. will post 11.34 EPS for the current fiscal year.

Progressive Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Wednesday, July 3rd will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.19%. The ex-dividend date of this dividend is Wednesday, July 3rd. Progressive’s dividend payout ratio (DPR) is presently 4.09%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on PGR shares. Piper Sandler reaffirmed an “overweight” rating and issued a $240.00 target price on shares of Progressive in a report on Monday, April 1st. Roth Mkm reiterated a “buy” rating and set a $235.00 target price on shares of Progressive in a research note on Wednesday. BMO Capital Markets reissued an “outperform” rating and set a $235.00 target price on shares of Progressive in a report on Monday, June 17th. The Goldman Sachs Group lifted their price objective on shares of Progressive from $161.00 to $216.00 and gave the stock a “neutral” rating in a research report on Monday, March 25th. Finally, Bank of America increased their price objective on shares of Progressive from $279.00 to $286.00 and gave the company a “buy” rating in a research report on Thursday, May 16th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $216.81.

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.