The Progressive Co. (NYSE:PGR) Shares Sold by SYSTM Wealth Solutions LLC

SYSTM Wealth Solutions LLC lowered its holdings in shares of The Progressive Co. (NYSE:PGR) by 61.7% in the second quarter, Holdings Channel reports. The firm owned 10,803 shares of the insurance provider’s stock after selling 17,395 shares during the quarter. SYSTM Wealth Solutions LLC’s holdings in Progressive were worth $2,244,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently bought and sold shares of the company. Sachetta LLC acquired a new stake in Progressive during the 4th quarter worth $25,000. Northwest Bank & Trust Co acquired a new stake in shares of Progressive in the 4th quarter worth $25,000. WR Wealth Planners LLC lifted its stake in shares of Progressive by 119.6% in the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after acquiring an additional 67 shares during the period. Indiana Trust & Investment Management CO acquired a new stake in shares of Progressive in the 1st quarter worth $32,000. Finally, Hilltop National Bank lifted its stake in shares of Progressive by 126.0% in the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 92 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Transactions at Progressive

In other news, insider Andrew J. Quigg sold 3,975 shares of Progressive stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $214.01, for a total transaction of $850,689.75. Following the completion of the sale, the insider now directly owns 32,780 shares in the company, valued at $7,015,247.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, insider Andrew J. Quigg sold 3,975 shares of Progressive stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $214.01, for a total transaction of $850,689.75. Following the completion of the sale, the insider now directly owns 32,780 shares in the company, valued at $7,015,247.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Susan Patricia Griffith sold 43,370 shares of Progressive stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the sale, the chief executive officer now owns 473,735 shares of the company’s stock, valued at $119,475,967. The disclosure for this sale can be found here. Insiders sold a total of 146,704 shares of company stock worth $33,367,408 over the last ninety days. 0.34% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms have recently commented on PGR. BMO Capital Markets reduced their target price on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. HSBC upgraded shares of Progressive from a “hold” rating to a “buy” rating and set a $253.00 target price for the company in a research note on Monday, August 12th. Keefe, Bruyette & Woods raised their target price on shares of Progressive from $255.00 to $275.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 3rd. Evercore ISI raised their target price on shares of Progressive from $243.00 to $246.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 7th. Finally, The Goldman Sachs Group upgraded shares of Progressive from a “neutral” rating to a “buy” rating and raised their price objective for the company from $230.00 to $262.00 in a research note on Thursday, August 15th. Six equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $256.12.

Progressive Stock Performance

NYSE:PGR opened at $256.91 on Wednesday. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.30. The firm has a 50-day moving average price of $231.42 and a two-hundred day moving average price of $216.02. The Progressive Co. has a twelve month low of $137.59 and a twelve month high of $260.46. The company has a market capitalization of $150.47 billion, a P/E ratio of 26.30, a price-to-earnings-growth ratio of 0.82 and a beta of 0.35.

Progressive (NYSE:PGR) last posted its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share for the quarter, beating the consensus estimate of $2.04 by $0.61. The firm had revenue of $17.90 billion during the quarter, compared to the consensus estimate of $17.54 billion. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The firm’s revenue for the quarter was up 21.6% on a year-over-year basis. During the same period last year, the firm posted $0.57 EPS. As a group, research analysts expect that The Progressive Co. will post 12.29 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Thursday, October 3rd will be issued a dividend of $0.10 per share. The ex-dividend date is Thursday, October 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.16%. Progressive’s dividend payout ratio (DPR) is presently 4.09%.

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.