Wealth Alliance Sells 160 Shares of The Progressive Co. (NYSE:PGR)

Wealth Alliance lowered its position in shares of The Progressive Co. (NYSE:PGR) by 13.3% in the second quarter, Holdings Channel reports. The institutional investor owned 1,041 shares of the insurance provider’s stock after selling 160 shares during the period. Wealth Alliance’s holdings in Progressive were worth $216,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of PGR. WR Wealth Planners LLC raised its stake in Progressive by 119.6% in the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after purchasing an additional 67 shares in the last quarter. Indiana Trust & Investment Management CO acquired a new stake in shares of Progressive in the first quarter valued at approximately $32,000. Northwest Bank & Trust Co bought a new stake in shares of Progressive in the fourth quarter valued at approximately $25,000. Hilltop National Bank grew its position in Progressive by 126.0% during 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 in the last quarter. Finally, Register Financial Advisors LLC bought a new position in Progressive during the 1st quarter worth $35,000. Institutional investors own 85.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on PGR shares. Piper Sandler upped their target price on Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a research report on Thursday, August 15th. JPMorgan Chase & Co. upped their price objective on shares of Progressive from $210.00 to $239.00 and gave the stock an “overweight” rating in a research report on Thursday, July 11th. Barclays started coverage on shares of Progressive in a report on Wednesday, September 4th. They issued an “equal weight” rating and a $367.00 target price on the stock. Evercore ISI boosted their target price on shares of Progressive from $243.00 to $246.00 and gave the company an “outperform” rating in a research report on Wednesday, August 7th. Finally, Hsbc Global Res upgraded shares of Progressive from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 12th. Six analysts have rated the stock with 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, Progressive currently has an average rating of “Moderate Buy” and an average price target of $257.18.

Progressive Stock Performance

Shares of PGR stock opened at $259.23 on Friday. The firm has a market capitalization of $151.82 billion, a price-to-earnings ratio of 26.53, a PEG ratio of 0.74 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. The business’s 50-day moving average price is $234.16 and its 200-day moving average price is $217.06. The Progressive Co. has a 12 month low of $137.59 and a 12 month high of $260.46.

Progressive (NYSE:PGR) last posted its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share for the quarter, topping analysts’ consensus estimates of $2.04 by $0.61. The firm had revenue of $17.90 billion for the quarter, compared to analyst estimates of $17.54 billion. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The company’s revenue for the quarter was up 21.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.57 EPS. Equities research analysts forecast that The Progressive Co. will post 12.7 EPS for the current year.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Thursday, October 3rd will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.15%. The ex-dividend date of this dividend is Thursday, October 3rd. Progressive’s dividend payout ratio is currently 4.09%.

Insiders Place Their Bets

In other news, insider Steven Broz sold 3,050 shares of the firm’s stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $209.81, for a total transaction of $639,920.50. Following the completion of the transaction, the insider now directly owns 32,453 shares in the company, valued at $6,808,963.93. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Steven Broz sold 3,050 shares of the business’s stock in a transaction on Monday, June 24th. The shares were sold at an average price of $209.81, for a total value of $639,920.50. Following the transaction, the insider now owns 32,453 shares in the company, valued at $6,808,963.93. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO John P. Sauerland sold 10,000 shares of the company’s stock in a transaction on Friday, June 28th. The shares were sold at an average price of $210.40, for a total transaction of $2,104,000.00. Following the sale, the chief financial officer now directly owns 302,958 shares in the company, valued at approximately $63,742,363.20. The disclosure for this sale can be found here. In the last three months, insiders have sold 146,704 shares of company stock valued at $33,367,408. 0.34% of the stock is currently owned by company insiders.

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.