The Progressive Co. (NYSE:PGR) Shares Acquired by Rhumbline Advisers

Rhumbline Advisers lifted its position in The Progressive Co. (NYSE:PGR) by 0.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,164,628 shares of the insurance provider’s stock after acquiring an additional 353 shares during the period. Rhumbline Advisers owned 0.20% of Progressive worth $241,905,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Sachetta LLC acquired a new stake in Progressive during the 4th quarter valued at approximately $25,000. Northwest Bank & Trust Co acquired a new position in Progressive during the fourth quarter valued at $25,000. WR Wealth Planners LLC boosted its holdings in Progressive by 119.6% in the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after purchasing an additional 67 shares during the last quarter. Indiana Trust & Investment Management CO acquired a new stake in Progressive during the 1st quarter worth about $32,000. Finally, Hilltop National Bank raised its stake in shares of Progressive by 126.0% during the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after buying an additional 92 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Wells Fargo & Company raised their target price on Progressive from $262.00 to $281.00 and gave the stock an “overweight” rating in a report on Thursday, August 15th. Morgan Stanley dropped their price objective on shares of Progressive from $256.00 to $255.00 and set an “overweight” rating on the stock in a research note on Monday, June 10th. Evercore ISI boosted their target price on shares of Progressive from $243.00 to $246.00 and gave the company an “outperform” rating in a research note on Wednesday, August 7th. Piper Sandler raised their price target on shares of Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a research report on Thursday, August 15th. Finally, BMO Capital Markets decreased their price objective on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Progressive has a consensus rating of “Moderate Buy” and an average price target of $236.18.

Progressive Stock Performance

NYSE PGR opened at $252.20 on Tuesday. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.31 and a quick ratio of 0.31. The stock’s 50 day simple moving average is $222.09 and its 200-day simple moving average is $211.25. The company has a market cap of $147.71 billion, a PE ratio of 25.81, a price-to-earnings-growth ratio of 0.83 and a beta of 0.35. The Progressive Co. has a 1-year low of $131.87 and a 1-year high of $254.35.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share for the quarter, beating analysts’ consensus estimates 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 quarter last year, the firm posted $0.57 EPS. The firm’s revenue for the quarter was up 21.6% on a year-over-year basis. As a group, equities research analysts anticipate that The Progressive Co. will post 12.2 EPS for the current fiscal year.

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Thursday, October 3rd will be paid a dividend of $0.10 per share. The ex-dividend date is Thursday, October 3rd. This represents a $0.40 annualized dividend and a yield of 0.16%. Progressive’s dividend payout ratio is presently 4.09%.

Insider Buying and Selling at Progressive

In other news, CEO Susan Patricia Griffith sold 43,371 shares of the company’s stock in a transaction that occurred on Monday, July 22nd. The stock was 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 directly owns 517,105 shares in the company, valued at $110,665,641.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Susan Patricia Griffith sold 43,371 shares of Progressive stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total transaction of $9,281,827.71. Following the transaction, the chief executive officer now owns 517,105 shares in the company, valued at approximately $110,665,641.05. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider John Jo Murphy sold 9,512 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $237.50, for a total transaction of $2,259,100.00. Following the completion of the sale, the insider now directly owns 45,787 shares of the company’s stock, valued at approximately $10,874,412.50. The disclosure for this sale can be found here. In the last quarter, insiders sold 103,984 shares of company stock worth $22,564,766. Insiders own 0.34% of the company’s stock.

About Progressive

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.