Y.D. More Investments Ltd Invests $65,000 in The Progressive Co. (NYSE:PGR)

Y.D. More Investments Ltd bought a new position in shares of The Progressive Co. (NYSE:PGR) in the second quarter, according to the company in its most recent filing with the SEC. The fund bought 311 shares of the insurance provider’s stock, valued at approximately $65,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PGR. Sachetta LLC acquired a new stake in Progressive in the 4th quarter valued at $25,000. Northwest Bank & Trust Co purchased a new stake in shares of Progressive in the fourth quarter worth about $25,000. WR Wealth Planners LLC boosted its position in shares of Progressive by 119.6% in the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after buying an additional 67 shares during the period. Indiana Trust & Investment Management CO acquired a new stake in shares of Progressive in the first quarter valued at about $32,000. Finally, Hilltop National Bank raised its holdings in shares of Progressive by 126.0% during the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after buying an additional 92 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Price Performance

Shares of NYSE PGR opened at $255.46 on Friday. The business has a 50 day simple moving average of $229.54 and a 200-day simple moving average of $214.74. The Progressive Co. has a twelve month low of $134.34 and a twelve month high of $256.74. The company has a market capitalization of $149.62 billion, a price-to-earnings ratio of 26.15, a price-to-earnings-growth ratio of 0.82 and a beta of 0.35. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.30.

Progressive (NYSE:PGR) last released its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share for the quarter, beating 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 during the quarter, compared to analyst estimates of $17.54 billion. During the same quarter in the previous year, the firm earned $0.57 earnings per share. The firm’s revenue for the quarter was up 21.6% compared to the same quarter last year. As a group, equities research analysts expect that The Progressive Co. will post 12.29 earnings per share for the current year.

Progressive Announces Dividend

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

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on PGR shares. HSBC upgraded Progressive from a “hold” rating to a “buy” rating and set a $253.00 price target for the company in a report on Monday, August 12th. Jefferies Financial Group upped their target price on shares of Progressive from $256.00 to $257.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. Barclays initiated coverage on shares of Progressive in a research note on Wednesday, September 4th. They set an “equal weight” rating and a $367.00 price target on the stock. The Goldman Sachs Group raised shares of Progressive from a “neutral” rating to a “buy” rating and upped their price objective for the company from $230.00 to $262.00 in a research report on Thursday, August 15th. Finally, Piper Sandler lifted their target price on Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a research report on Thursday, August 15th. Six equities research 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, the company presently has an average rating of “Moderate Buy” and a consensus price target of $252.29.

Insiders Place Their Bets

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

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.