Axa S.A. Boosts Stock Position in The Progressive Co. (NYSE:PGR)

Axa S.A. grew its stake in The Progressive Co. (NYSE:PGR) by 13.7% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 676,780 shares of the insurance provider’s stock after acquiring an additional 81,368 shares during the quarter. Axa S.A. owned about 0.12% of Progressive worth $140,574,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Northwest Bank & Trust Co purchased a new position in shares of Progressive during the 4th quarter worth $25,000. WR Wealth Planners LLC lifted its holdings in shares of 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 acquiring an additional 67 shares during the last quarter. Indiana Trust & Investment Management CO purchased a new position in shares of Progressive during the 1st quarter worth approximately $32,000. Hilltop National Bank increased its holdings in Progressive by 126.0% in the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 92 shares during the last quarter. Finally, Register Financial Advisors LLC acquired a new stake in Progressive in the 1st quarter valued at approximately $35,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insider Buying and Selling at Progressive

In other Progressive news, CEO Susan Patricia Griffith sold 43,371 shares of Progressive stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 517,105 shares in the company, valued at approximately $110,665,641.05. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Susan Patricia Griffith sold 43,371 shares of the stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total transaction of $9,281,827.71. Following the completion of the sale, the chief executive officer now directly owns 517,105 shares of the company’s stock, valued at $110,665,641.05. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO John P. Sauerland sold 10,000 shares of the business’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 completion of the transaction, the chief financial officer now directly owns 302,958 shares in the company, valued at $63,742,363.20. The disclosure for this sale can be found here. Insiders sold a total of 154,332 shares of company stock valued at $35,466,904 in the last ninety days. Insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on PGR. Roth Mkm raised their price target on Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. Piper Sandler boosted their price target on shares of Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a research note on Thursday, August 15th. Barclays started coverage on shares of Progressive in a report on Wednesday, September 4th. They issued an “equal weight” rating and a $367.00 price objective for the company. Bank of America boosted their price target on shares of Progressive from $294.00 to $312.00 and gave the stock a “buy” rating in a research note on Tuesday, September 3rd. Finally, Evercore ISI lifted their target price on Progressive from $243.00 to $246.00 and gave the company an “outperform” rating in a report on Wednesday, August 7th. Six research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $257.18.

Progressive Trading Down 0.4 %

NYSE:PGR opened at $256.60 on Wednesday. The company has a market capitalization of $150.28 billion, a PE ratio of 26.26, a P/E/G ratio of 0.72 and a beta of 0.35. The Progressive Co. has a 52-week low of $137.59 and a 52-week high of $260.46. The stock’s 50 day moving average price is $235.90 and its 200 day moving average price is $218.25. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.30.

Progressive (NYSE:PGR) last released its quarterly earnings results on Tuesday, July 16th. The insurance provider reported $2.65 EPS 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 the consensus estimate of $17.54 billion. Progressive’s revenue for the quarter was up 21.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.57 EPS. On average, research analysts anticipate that The Progressive Co. will post 12.9 EPS for the current year.

Progressive Announces Dividend

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

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.