Sei Investments Co. Purchases 118,313 Shares of The Progressive Co. (NYSE:PGR)

Sei Investments Co. lifted its position in shares of The Progressive Co. (NYSE:PGR) by 36.6% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 441,138 shares of the insurance provider’s stock after acquiring an additional 118,313 shares during the quarter. Sei Investments Co.’s holdings in Progressive were worth $91,235,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. GW Henssler & Associates Ltd. bought a new position in shares of Progressive during the 1st quarter worth $207,000. Stonebrook Private Inc. bought a new position in Progressive in the 1st quarter worth about $206,000. Concurrent Investment Advisors LLC boosted its stake in Progressive by 66.4% in the 1st quarter. Concurrent Investment Advisors LLC now owns 6,814 shares of the insurance provider’s stock worth $1,409,000 after purchasing an additional 2,719 shares during the period. Nixon Peabody Trust Co. bought a new position in Progressive in the 1st quarter worth about $230,000. Finally, Significant Wealth Partners LLC boosted its stake in Progressive by 7.6% in the 1st quarter. Significant Wealth Partners LLC now owns 1,817 shares of the insurance provider’s stock worth $376,000 after purchasing an additional 128 shares during the period. Institutional investors own 85.34% of the company’s stock.

Progressive Price Performance

Shares of NYSE PGR traded up $3.80 during trading hours on Monday, reaching $217.10. 2,121,997 shares of the stock traded hands, compared to its average volume of 2,563,271. The company has a market capitalization of $127.16 billion, a P/E ratio of 22.18, a price-to-earnings-growth ratio of 0.83 and a beta of 0.35. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 0.32. The Progressive Co. has a 52-week low of $117.64 and a 52-week high of $217.77. The company’s 50-day simple moving average is $209.57 and its two-hundred day simple moving average is $197.66.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Friday, April 12th. The insurance provider reported $3.94 earnings per share for the quarter, beating analysts’ consensus estimates of $3.20 by $0.74. The company had revenue of $18.96 billion for the quarter, compared to analysts’ expectations of $16.88 billion. Progressive had a return on equity of 29.43% and a net margin of 8.89%. Progressive’s revenue for the quarter was up 17.7% compared to the same quarter last year. During the same period last year, the firm posted $0.65 EPS. Equities research analysts forecast that The Progressive Co. will post 11.24 EPS for the current year.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 12th. Shareholders of record on Wednesday, July 3rd were paid a $0.10 dividend. The ex-dividend date of this dividend was Wednesday, July 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.18%. Progressive’s dividend payout ratio (DPR) is currently 4.09%.

Insiders Place Their Bets

In other Progressive news, Director Devin C. Johnson sold 1,000 shares of Progressive stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $208.33, for a total value of $208,330.00. Following the transaction, the director now directly owns 7,176 shares of the company’s stock, valued at approximately $1,494,976.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Devin C. Johnson sold 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $208.33, for a total transaction of $208,330.00. Following the transaction, the director now directly owns 7,176 shares of the company’s stock, valued at $1,494,976.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO John P. Sauerland sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $210.40, for a total value of $2,104,000.00. Following 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 have sold 34,518 shares of company stock valued at $7,159,674 in the last ninety days. Company insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on PGR. Wells Fargo & Company raised their target price on Progressive from $243.00 to $254.00 and gave the stock an “overweight” rating in a research note on Monday, June 17th. Piper Sandler restated an “overweight” rating and issued a $240.00 target price on shares of Progressive in a research note on Monday, April 1st. Keefe, Bruyette & Woods raised their target price on Progressive from $190.00 to $200.00 and gave the stock a “market perform” rating in a research note on Wednesday, April 10th. JPMorgan Chase & Co. lifted their price target on Progressive from $210.00 to $239.00 and gave the company an “overweight” rating in a research report on Thursday. Finally, Jefferies Financial Group lifted their price target on Progressive from $241.00 to $245.00 and gave the company a “buy” rating in a research report on Monday, April 15th. One analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $218.50.

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.