The Progressive Co. (NYSE:PGR) Shares Purchased by NewEdge Wealth LLC

NewEdge Wealth LLC increased its holdings in The Progressive Co. (NYSE:PGR) by 0.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 45,882 shares of the insurance provider’s stock after buying an additional 359 shares during the quarter. NewEdge Wealth LLC’s holdings in Progressive were worth $10,994,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of PGR. Assenagon Asset Management S.A. raised its holdings in shares of Progressive by 10.8% during the third quarter. Assenagon Asset Management S.A. now owns 18,371 shares of the insurance provider’s stock worth $4,662,000 after purchasing an additional 1,789 shares during the last quarter. PFG Investments LLC acquired a new stake in Progressive during the 3rd quarter worth about $244,000. Pallas Capital Advisors LLC raised its stake in shares of Progressive by 121.3% during the 3rd quarter. Pallas Capital Advisors LLC now owns 5,503 shares of the insurance provider’s stock valued at $1,359,000 after buying an additional 3,016 shares during the last quarter. abrdn plc lifted its holdings in shares of Progressive by 5.7% in the 3rd quarter. abrdn plc now owns 392,382 shares of the insurance provider’s stock valued at $99,000,000 after buying an additional 21,293 shares during the period. Finally, Diversify Advisory Services LLC purchased a new stake in shares of Progressive in the third quarter worth about $235,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Stock Down 1.9 %

Shares of PGR opened at $273.13 on Thursday. The stock has a 50 day moving average price of $248.63 and a 200 day moving average price of $250.30. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.30 and a current ratio of 0.31. The stock has a market capitalization of $160.00 billion, a price-to-earnings ratio of 18.97, a PEG ratio of 1.70 and a beta of 0.42. The Progressive Co. has a one year low of $186.94 and a one year high of $280.25.

Progressive (NYSE:PGR) last issued its earnings results on Wednesday, January 29th. The insurance provider reported $4.08 EPS for the quarter, beating analysts’ consensus estimates of $3.44 by $0.64. Progressive had a net margin of 11.25% and a return on equity of 33.79%. Equities research analysts forecast that The Progressive Co. will post 14.68 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.15%. The ex-dividend date was Friday, January 10th. Progressive’s dividend payout ratio is currently 2.78%.

Analyst Ratings Changes

Several research firms have commented on PGR. Roth Mkm upped their price objective on Progressive from $290.00 to $315.00 and gave the stock a “buy” rating in a research report on Tuesday. Keefe, Bruyette & Woods lowered their price target on shares of Progressive from $295.00 to $294.00 and set an “outperform” rating on the stock in a report on Friday, January 10th. JPMorgan Chase & Co. raised their price target on shares of Progressive from $251.00 to $256.00 and gave the company an “overweight” rating in a research report on Friday, January 3rd. Morgan Stanley upped their price objective on shares of Progressive from $300.00 to $307.00 and gave the stock an “overweight” rating in a research report on Friday, January 31st. Finally, TD Cowen raised their target price on Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a research report on Friday, November 8th. Six research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $277.59.

Insider Transactions at Progressive

In other news, CAO Mariann Wojtkun Marshall sold 191 shares of Progressive stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $242.10, for a total transaction of $46,241.10. Following the transaction, the chief accounting officer now owns 3,982 shares in the company, valued at $964,042.20. The trade was a 4.58 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO John P. Sauerland sold 10,000 shares of the company’s stock in a transaction dated Monday, December 30th. The shares were sold at an average price of $238.66, for a total transaction of $2,386,600.00. Following the completion of the sale, the chief financial officer now directly owns 282,958 shares of the company’s stock, valued at $67,530,756.28. This represents a 3.41 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 56,361 shares of company stock worth $13,983,575 in the last ninety days. 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.