The Progressive Co. (NYSE:PGR) Stock Holdings Raised by Certuity LLC

Certuity LLC lifted its stake in shares of The Progressive Co. (NYSE:PGR) by 9.0% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,418 shares of the insurance provider’s stock after purchasing an additional 117 shares during the period. Certuity LLC’s holdings in Progressive were worth $295,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of PGR. Gilbert & Cook Inc. increased its stake in Progressive by 8.6% during the fourth quarter. Gilbert & Cook Inc. now owns 2,938 shares of the insurance provider’s stock valued at $468,000 after purchasing an additional 233 shares during the last quarter. 9258 Wealth Management LLC raised its stake in Progressive by 18.8% during the fourth quarter. 9258 Wealth Management LLC now owns 2,534 shares of the insurance provider’s stock worth $404,000 after acquiring an additional 401 shares during the period. Private Advisor Group LLC lifted its holdings in Progressive by 6.9% in the fourth quarter. Private Advisor Group LLC now owns 9,883 shares of the insurance provider’s stock worth $1,574,000 after acquiring an additional 638 shares during the last quarter. Gryphon Financial Partners LLC acquired a new position in Progressive in the fourth quarter valued at approximately $307,000. Finally, Teacher Retirement System of Texas grew its holdings in shares of Progressive by 54.6% during the fourth quarter. Teacher Retirement System of Texas now owns 70,113 shares of the insurance provider’s stock valued at $11,168,000 after purchasing an additional 24,763 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Trading Up 1.0 %

Shares of PGR stock opened at $251.28 on Tuesday. 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 stock has a 50-day simple moving average of $226.30 and a 200 day simple moving average of $213.41. The Progressive Co. has a fifty-two week low of $134.34 and a fifty-two week high of $254.83. The stock has a market capitalization of $147.17 billion, a P/E ratio of 25.72, a P/E/G ratio of 0.82 and a beta of 0.35.

Progressive (NYSE:PGR) last announced its quarterly earnings data 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. The company had revenue of $17.90 billion for the quarter, compared to analysts’ expectations of $17.54 billion. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The business’s revenue was up 21.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.57 EPS. On average, sell-side analysts expect that The Progressive Co. will post 12.19 earnings per share for the current fiscal year.

Progressive Announces Dividend

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

Insider Buying and Selling

In other news, CAO Mariann Wojtkun Marshall sold 650 shares of the company’s 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 completion of the sale, the chief accounting officer now directly owns 3,981 shares of the company’s stock, valued at $828,485.91. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CEO Susan Patricia Griffith sold 43,371 shares of the firm’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total value of $9,281,827.71. Following the completion of the sale, the chief executive officer now owns 517,105 shares of the company’s stock, valued at $110,665,641.05. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Mariann Wojtkun Marshall sold 650 shares of the company’s stock in a transaction on Monday, June 17th. The shares were sold at an average price of $208.11, for a total value of $135,271.50. Following the transaction, the chief accounting officer now directly owns 3,981 shares in the company, valued at $828,485.91. The disclosure for this sale can be found here. Insiders have sold 147,354 shares of company stock worth $33,502,680 in the last three months. 0.34% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on PGR. Hsbc Global Res upgraded Progressive from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 12th. Roth Mkm boosted their price target on shares of Progressive from $235.00 to $270.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Piper Sandler increased their price objective on shares of Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a report on Thursday, August 15th. Keefe, Bruyette & Woods boosted their target price on shares of Progressive from $255.00 to $275.00 and gave the company an “outperform” rating in a research note on Tuesday, September 3rd. Finally, BMO Capital Markets dropped their price target on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Six equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $252.24.

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.