The Progressive Co. (NYSE:PGR) Shares Bought by Western Wealth Management LLC

Western Wealth Management LLC increased its holdings in The Progressive Co. (NYSE:PGR) by 4.2% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 5,626 shares of the insurance provider’s stock after buying an additional 226 shares during the period. Western Wealth Management LLC’s holdings in Progressive were worth $1,169,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the business. Sachetta LLC acquired a new position in Progressive in the fourth quarter valued at approximately $25,000. Northwest Bank & Trust Co acquired a new position in Progressive during the 4th quarter valued at approximately $25,000. Indiana Trust & Investment Management CO bought a new position in Progressive during the 1st quarter worth $32,000. Hilltop National Bank increased its position in Progressive by 126.0% in the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after buying an additional 92 shares during the period. Finally, Register Financial Advisors LLC acquired a new stake in Progressive in the first quarter worth $35,000. Institutional investors own 85.34% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on PGR. Piper Sandler upped their price target on shares of Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a research report on Thursday. Citigroup dropped their price target on shares of Progressive from $232.00 to $225.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 17th. Morgan Stanley reduced their price objective on Progressive from $256.00 to $255.00 and set an “overweight” rating for the company in a research report on Monday, June 10th. Evercore ISI increased their price objective on Progressive from $243.00 to $246.00 and gave the stock an “outperform” rating in a report on Wednesday, August 7th. Finally, Hsbc Global Res raised Progressive from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 12th. One analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $234.41.

Insider Activity

In other Progressive news, CFO John P. Sauerland sold 12,457 shares of the firm’s stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $204.43, for a total value of $2,546,584.51. Following the completion of the transaction, the chief financial officer now directly owns 312,958 shares in the company, valued at $63,978,003.94. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, CAO Mariann Wojtkun Marshall sold 650 shares of Progressive stock in a transaction on Monday, June 17th. The stock was sold at an average price of $208.11, for a total transaction of $135,271.50. Following the transaction, the chief accounting officer now owns 3,981 shares in the company, valued at $828,485.91. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO John P. Sauerland sold 12,457 shares of the stock in a transaction dated Wednesday, May 29th. The stock was sold at an average price of $204.43, for a total value of $2,546,584.51. Following the completion of the sale, the chief financial officer now directly owns 312,958 shares of the company’s stock, valued at $63,978,003.94. The disclosure for this sale can be found here. Insiders sold a total of 110,319 shares of company stock valued at $23,671,517 over the last three months. Insiders own 0.34% of the company’s stock.

Progressive Price Performance

Shares of PGR traded up $0.55 during mid-day trading on Monday, hitting $236.43. The company’s stock had a trading volume of 167,016 shares, compared to its average volume of 2,555,689. The Progressive Co. has a fifty-two week low of $129.31 and a fifty-two week high of $238.45. The stock has a market capitalization of $138.47 billion, a price-to-earnings ratio of 24.14, a PEG ratio of 0.82 and a beta of 0.35. The firm has a 50-day moving average price of $214.15 and a 200 day moving average price of $206.50. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.31 and a quick ratio of 0.31.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.04 by $0.61. Progressive had a net margin of 10.17% and a return on equity of 33.01%. 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 business posted $0.57 earnings per share. The firm’s quarterly revenue was up 21.6% compared to the same quarter last year. On average, research analysts predict that The Progressive Co. will post 12.03 EPS for the current fiscal year.

Progressive Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Thursday, October 3rd will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.17%. The ex-dividend date of this dividend is Thursday, October 3rd. Progressive’s dividend payout ratio (DPR) is presently 4.09%.

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.