Linden Thomas Advisory Services LLC Takes Position in The Progressive Co. (NYSE:PGR)

Linden Thomas Advisory Services LLC bought a new stake in shares of The Progressive Co. (NYSE:PGR) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 1,336 shares of the insurance provider’s stock, valued at approximately $213,000.

A number of other institutional investors have also recently modified their holdings of the business. Compass Ion Advisors LLC grew its position in shares of Progressive by 0.8% during the 4th quarter. Compass Ion Advisors LLC now owns 7,443 shares of the insurance provider’s stock valued at $1,186,000 after acquiring an additional 59 shares during the period. Cary Street Partners Investment Advisory LLC grew its position in shares of Progressive by 10.2% during the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 670 shares of the insurance provider’s stock valued at $93,000 after acquiring an additional 62 shares during the period. Quent Capital LLC grew its position in shares of Progressive by 19.3% during the 4th quarter. Quent Capital LLC now owns 427 shares of the insurance provider’s stock valued at $68,000 after acquiring an additional 69 shares during the period. BSW Wealth Partners boosted its holdings in Progressive by 4.2% in the 4th quarter. BSW Wealth Partners now owns 1,727 shares of the insurance provider’s stock worth $275,000 after buying an additional 69 shares during the last quarter. Finally, Invesco LLC boosted its holdings in Progressive by 2.0% in the 4th quarter. Invesco LLC now owns 3,537 shares of the insurance provider’s stock worth $563,000 after buying an additional 70 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on PGR shares. Morgan Stanley lifted their price objective on Progressive from $228.00 to $247.00 and gave the stock an “overweight” rating in a report on Thursday, April 11th. Wells Fargo & Company lifted their price objective on Progressive from $232.00 to $238.00 and gave the stock an “overweight” rating in a report on Thursday, April 11th. Piper Sandler reiterated an “overweight” rating and issued a $240.00 price objective on shares of Progressive in a report on Monday, April 1st. Keefe, Bruyette & Woods lifted their price objective on Progressive from $190.00 to $200.00 and gave the stock a “market perform” rating in a report on Wednesday, April 10th. Finally, Bank of America lowered their price objective on Progressive from $279.00 to $273.00 and set a “buy” rating on the stock in a report on Wednesday, April 17th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $211.88.

Progressive Stock Down 1.0 %

PGR stock opened at $208.00 on Friday. The firm has a market cap of $121.83 billion, a PE ratio of 21.29, a PEG ratio of 0.82 and a beta of 0.35. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.31 and a current ratio of 0.36. The firm’s 50 day moving average price is $202.45 and its 200-day moving average price is $177.51. The Progressive Co. has a one year low of $111.41 and a one year high of $216.21.

Progressive (NYSE:PGR) last released its quarterly earnings results on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, beating the consensus estimate of $3.20 by $0.74. The firm had revenue of $18.96 billion for the quarter, compared to analyst estimates of $16.88 billion. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The business’s revenue for the quarter was up 17.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.65 EPS. On average, equities research analysts anticipate that The Progressive Co. will post 11.34 EPS for the current year.

Progressive Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Thursday, April 4th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.19%. The ex-dividend date was Wednesday, April 3rd. Progressive’s payout ratio is presently 4.09%.

Insider Activity

In other news, insider Patrick K. Callahan sold 29,675 shares of Progressive stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $190.26, for a total transaction of $5,645,965.50. Following the sale, the insider now owns 15,189 shares of the company’s stock, valued at approximately $2,889,859.14. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, insider Patrick K. Callahan sold 29,675 shares of Progressive stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $190.26, for a total transaction of $5,645,965.50. Following the sale, the insider now owns 15,189 shares of the company’s stock, valued at approximately $2,889,859.14. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Karen Bailo sold 8,464 shares of the business’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $189.49, for a total value of $1,603,843.36. Following the completion of the sale, the insider now directly owns 32,342 shares in the company, valued at approximately $6,128,485.58. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 39,139 shares of company stock valued at $7,458,139. 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.