Belpointe Asset Management LLC Has $782,000 Stock Holdings in The Progressive Co. (NYSE:PGR)

Belpointe Asset Management LLC raised its stake in The Progressive Co. (NYSE:PGR) by 8.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,766 shares of the insurance provider’s stock after purchasing an additional 298 shares during the period. Belpointe Asset Management LLC’s holdings in Progressive were worth $782,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Norges Bank acquired a new position in Progressive during the 4th quarter worth approximately $1,078,831,000. 1832 Asset Management L.P. lifted its holdings in shares of Progressive by 237.8% in the 4th quarter. 1832 Asset Management L.P. now owns 1,485,750 shares of the insurance provider’s stock worth $236,650,000 after purchasing an additional 1,045,883 shares in the last quarter. Confluence Investment Management LLC acquired a new stake in Progressive in the 1st quarter valued at $188,642,000. SG Americas Securities LLC increased its stake in Progressive by 4,545.0% during the 1st quarter. SG Americas Securities LLC now owns 705,243 shares of the insurance provider’s stock valued at $145,858,000 after purchasing an additional 690,060 shares in the last quarter. Finally, Canada Pension Plan Investment Board raised its holdings in Progressive by 548.2% during the first quarter. Canada Pension Plan Investment Board now owns 811,653 shares of the insurance provider’s stock worth $167,866,000 after buying an additional 686,433 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Stock Down 1.7 %

Progressive stock opened at $249.51 on Friday. 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 company has a market capitalization of $146.13 billion, a P/E ratio of 25.54, a P/E/G ratio of 0.83 and a beta of 0.35. The firm has a 50 day moving average price of $224.65 and a 200-day moving average price of $212.25. The Progressive Co. has a twelve month low of $133.51 and a twelve month high of $254.83.

Progressive (NYSE:PGR) last released its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.04 by $0.61. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The business had revenue of $17.90 billion during the quarter, compared to the consensus estimate of $17.54 billion. During the same period last year, the business posted $0.57 earnings per share. The business’s revenue for the quarter was up 21.6% on a year-over-year basis. As a group, equities analysts predict that The Progressive Co. will post 12.2 EPS for the current year.

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Thursday, October 3rd will be given a dividend of $0.10 per share. The ex-dividend date is Thursday, October 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.16%. Progressive’s dividend payout ratio is presently 4.09%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. Wells Fargo & Company lifted their price objective on shares of Progressive from $262.00 to $281.00 and gave the company an “overweight” rating in a report on Thursday, August 15th. Evercore ISI boosted 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. Hsbc Global Res upgraded Progressive from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. Morgan Stanley cut their target price on Progressive from $256.00 to $255.00 and set an “overweight” rating on the stock in a research report on Monday, June 10th. Finally, The Goldman Sachs Group raised Progressive from a “neutral” rating to a “buy” rating and increased their price target for the company from $230.00 to $262.00 in a research report on Thursday, August 15th. Six investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $252.24.

Insider Transactions at Progressive

In related news, CEO Susan Patricia Griffith sold 43,370 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the sale, the chief executive officer now directly owns 473,735 shares in the company, valued at approximately $119,475,967. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Susan Patricia Griffith sold 43,370 shares of the business’s stock in a transaction 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 sale, the chief executive officer now directly owns 473,735 shares in the company, valued at approximately $119,475,967. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Mariann Wojtkun Marshall sold 650 shares of the firm’s stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $208.11, for a total value of $135,271.50. Following the completion of the transaction, the chief accounting officer now owns 3,981 shares of the company’s stock, valued at approximately $828,485.91. The disclosure for this sale can be found here. Insiders sold 147,354 shares of company stock worth $33,502,680 over the last quarter. Corporate insiders own 0.34% of the company’s stock.

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.