Lake Street Advisors Group LLC Has $1.45 Million Stake in The Progressive Co. (NYSE:PGR)

Lake Street Advisors Group LLC increased its position in shares of The Progressive Co. (NYSE:PGR) by 13.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,006 shares of the insurance provider’s stock after purchasing an additional 845 shares during the period. Lake Street Advisors Group LLC’s holdings in Progressive were worth $1,449,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Sachetta LLC acquired a new stake in shares of Progressive in the fourth quarter valued at approximately $25,000. Northwest Bank & Trust Co bought a new stake in shares of Progressive during the 4th quarter valued at $25,000. Valley National Advisers Inc. grew its holdings in shares of Progressive by 143.6% during the 4th quarter. Valley National Advisers Inc. now owns 190 shares of the insurance provider’s stock worth $30,000 after purchasing an additional 112 shares in the last quarter. Indiana Trust & Investment Management CO bought a new position in shares of Progressive in the first quarter worth $32,000. Finally, Register Financial Advisors LLC acquired a new position in Progressive in the first quarter valued at about $35,000. 85.34% of the stock is currently owned by institutional investors.

Progressive Trading Down 0.2 %

PGR traded down $0.46 during trading on Wednesday, reaching $215.44. 2,278,063 shares of the company’s stock were exchanged, compared to its average volume of 2,602,859. The company has a current ratio of 0.33, a quick ratio of 0.32 and a debt-to-equity ratio of 0.30. The Progressive Co. has a one year low of $121.87 and a one year high of $229.00. The firm has a fifty day moving average price of $210.13 and a two-hundred day moving average price of $200.56. The stock has a market capitalization of $126.18 billion, a PE ratio of 22.05, a price-to-earnings-growth ratio of 0.76 and a beta of 0.35.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share for the quarter, topping the consensus estimate of $2.04 by $0.61. The company had revenue of $17.90 billion for the quarter, compared to analysts’ expectations of $17.54 billion. Progressive had a net margin of 10.17% and a return on equity of 33.01%. Progressive’s revenue for the quarter was up 21.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.57 earnings per share. As a group, equities research analysts forecast that The Progressive Co. will post 12.02 earnings per share for the current fiscal year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Wednesday, July 3rd were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.19%. The ex-dividend date of this dividend was Wednesday, July 3rd. Progressive’s dividend payout ratio is currently 4.09%.

Analyst Ratings Changes

PGR has been the topic of a number of analyst reports. Roth Mkm reiterated a “buy” rating and set a $235.00 price objective on shares of Progressive in a research note on Wednesday, July 17th. Wells Fargo & Company lifted their price objective on shares of Progressive from $243.00 to $254.00 and gave the company an “overweight” rating in a research note on Monday, June 17th. Morgan Stanley cut their target price on Progressive from $256.00 to $255.00 and set an “overweight” rating for the company in a research note on Monday, June 10th. Piper Sandler reiterated an “overweight” rating and issued a $240.00 price target on shares of Progressive in a research note on Monday, April 1st. Finally, HSBC upped their price objective on Progressive from $174.00 to $200.00 and gave the stock a “hold” rating in a research report on Thursday, March 28th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $222.94.

Insider Activity at Progressive

In other news, insider Steven Broz sold 7,361 shares of the stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $207.25, for a total transaction of $1,525,567.25. Following the completion of the sale, the insider now directly owns 35,503 shares in the company, valued at $7,357,996.75. The transaction was disclosed in a filing with the SEC, which is available at this link. In related news, insider Steven Broz sold 7,361 shares of the firm’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $207.25, for a total transaction of $1,525,567.25. Following the completion of the sale, the insider now owns 35,503 shares of the company’s stock, valued at $7,357,996.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO John P. Sauerland sold 12,457 shares of the business’s stock in a transaction that occurred on Wednesday, May 29th. The shares were sold at an average price of $204.43, for a total value of $2,546,584.51. Following the completion of the transaction, the chief financial officer now directly owns 312,958 shares in the company, valued at $63,978,003.94. The disclosure for this sale can be found here. Insiders have sold 108,168 shares of company stock worth $22,937,984 over 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.