HB Wealth Management LLC Increases Stake in The Progressive Co. (NYSE:PGR)

HB Wealth Management LLC lifted its stake in shares of The Progressive Co. (NYSE:PGR) by 70.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 17,495 shares of the insurance provider’s stock after acquiring an additional 7,232 shares during the quarter. HB Wealth Management LLC’s holdings in Progressive were worth $3,634,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Aviance Capital Partners LLC purchased a new position in Progressive in the first quarter worth approximately $3,628,000. TCW Group Inc. acquired a new stake in shares of Progressive during the fourth quarter worth about $1,988,000. Brevan Howard Capital Management LP purchased a new position in Progressive during the 4th quarter worth $3,090,000. Concurrent Investment Advisors LLC boosted its holdings in shares of Progressive by 66.4% in the first quarter. Concurrent Investment Advisors LLC now owns 6,814 shares of the insurance provider’s stock valued at $1,409,000 after acquiring an additional 2,719 shares in the last quarter. Finally, Banque Cantonale Vaudoise lifted its position in Progressive by 90.4% in the first quarter. Banque Cantonale Vaudoise now owns 21,056 shares of the insurance provider’s stock valued at $4,354,000 after purchasing an additional 10,000 shares during the period. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Trading Up 0.1 %

PGR traded up $0.23 during trading on Thursday, hitting $248.49. 289,956 shares of the company’s stock were exchanged, compared to its average volume of 2,524,880. The Progressive Co. has a 1 year low of $131.87 and a 1 year high of $249.01. The stock has a 50 day moving average price of $218.86 and a 200 day moving average price of $209.41. The firm has a market cap of $145.54 billion, a P/E ratio of 25.41, a price-to-earnings-growth ratio of 0.79 and a beta of 0.35. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.30.

Progressive (NYSE:PGR) last released its quarterly earnings data 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 return on equity of 33.01% and a net margin of 10.17%. The company had revenue of $17.90 billion for the quarter, compared to analyst estimates of $17.54 billion. During the same period last year, the company posted $0.57 earnings per share. The firm’s revenue was up 21.6% compared to the same quarter last year. As a group, analysts expect that The Progressive Co. will post 12.16 EPS for the current fiscal year.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Thursday, October 3rd will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.16%. The ex-dividend date of this dividend is Thursday, October 3rd. Progressive’s dividend payout ratio (DPR) is 4.09%.

Analysts Set New Price Targets

PGR has been the topic of several recent analyst reports. Piper Sandler boosted their target price on Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a research report on Thursday, August 15th. Wells Fargo & Company raised their target price on Progressive from $262.00 to $281.00 and gave the company an “overweight” rating in a report on Thursday, August 15th. Citigroup cut their price target on shares of Progressive from $232.00 to $225.00 and set a “neutral” rating for the company in a report on Wednesday, July 17th. JPMorgan Chase & Co. raised their price objective on Progressive from $210.00 to $239.00 and gave the company an “overweight” rating in a research note on Thursday, July 11th. Finally, The Goldman Sachs Group raised Progressive from a “neutral” rating to a “buy” rating and upped their target price for the company from $230.00 to $262.00 in a report on Thursday, August 15th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $234.41.

Insider Activity

In related news, CEO Susan Patricia Griffith sold 43,371 shares of the firm’s stock in a transaction on Monday, July 22nd. The shares were 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 approximately $110,665,641.05. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CEO Susan Patricia Griffith sold 43,371 shares of Progressive stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $214.01, for a total value of $9,281,827.71. Following the completion of the sale, the chief executive officer now owns 517,105 shares in the company, valued at $110,665,641.05. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Steven Broz sold 3,050 shares of the stock in a transaction on Monday, June 24th. The shares were sold at an average price of $209.81, for a total transaction of $639,920.50. Following the transaction, the insider now owns 32,453 shares in the company, valued at $6,808,963.93. The disclosure for this sale can be found here. Insiders have sold 103,984 shares of company stock worth $22,564,766 over the last 90 days. Company insiders own 0.34% of the company’s stock.

Progressive Company 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.