NorthRock Partners LLC Has $42.85 Million Position in The Progressive Corporation $PGR

NorthRock Partners LLC grew its holdings in The Progressive Corporation (NYSE:PGR) by 739.3% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 160,566 shares of the insurance provider’s stock after purchasing an additional 141,435 shares during the quarter. Progressive comprises 1.1% of NorthRock Partners LLC’s portfolio, making the stock its 19th biggest holding. NorthRock Partners LLC’s holdings in Progressive were worth $42,848,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in PGR. Brighton Jones LLC grew its position in Progressive by 15.6% during the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock worth $813,000 after buying an additional 457 shares in the last quarter. Revolve Wealth Partners LLC acquired a new stake in Progressive during the fourth quarter valued at approximately $269,000. Bison Wealth LLC boosted its holdings in Progressive by 3.2% during the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock valued at $615,000 after purchasing an additional 80 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of Progressive by 39.2% in the first quarter. GAMMA Investing LLC now owns 10,763 shares of the insurance provider’s stock valued at $3,046,000 after acquiring an additional 3,029 shares during the last quarter. Finally, CVA Family Office LLC raised its stake in shares of Progressive by 9.2% in the first quarter. CVA Family Office LLC now owns 1,011 shares of the insurance provider’s stock valued at $286,000 after acquiring an additional 85 shares during the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CEO Susan Patricia Griffith sold 30,660 shares of the business’s stock in a transaction on Monday, July 28th. The shares were sold at an average price of $242.12, for a total value of $7,423,399.20. Following the completion of the transaction, the chief executive officer owned 506,945 shares of the company’s stock, valued at $122,741,523.40. The trade was a 5.70% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Patrick K. Callahan sold 6,420 shares of the business’s stock in a transaction on Friday, September 19th. The shares were sold at an average price of $242.22, for a total transaction of $1,555,052.40. Following the completion of the transaction, the insider directly owned 15,192 shares of the company’s stock, valued at $3,679,806.24. This trade represents a 29.71% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 130,045 shares of company stock worth $31,997,390 over the last ninety days. Insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Evercore ISI cut their target price on shares of Progressive from $275.00 to $273.00 and set an “in-line” rating for the company in a research note on Wednesday, October 1st. BMO Capital Markets set a $252.00 target price on shares of Progressive in a research note on Thursday, September 18th. Wells Fargo & Company lifted their target price on shares of Progressive from $265.00 to $266.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 8th. Bank of America boosted their price objective on shares of Progressive from $343.00 to $350.00 and gave the stock a “buy” rating in a research report on Monday, September 29th. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Progressive from $268.00 to $270.00 and gave the stock a “market perform” rating in a research report on Thursday, September 18th. Seven research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the stock. Based on data from MarketBeat, Progressive currently has an average rating of “Hold” and an average price target of $279.63.

Progressive Stock Performance

Shares of Progressive stock opened at $240.18 on Monday. The firm has a fifty day moving average of $245.20 and a two-hundred day moving average of $259.54. The stock has a market capitalization of $140.80 billion, a price-to-earnings ratio of 13.53, a PEG ratio of 1.33 and a beta of 0.32. The Progressive Corporation has a 52 week low of $228.54 and a 52 week high of $292.99. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.31 and a current ratio of 0.31.

Progressive (NYSE:PGR) last issued its earnings results on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, beating the consensus estimate of $4.43 by $0.45. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The company had revenue of $20.08 billion during the quarter, compared to analysts’ expectations of $20.39 billion. During the same quarter in the previous year, the company posted $2.48 EPS. The business’s revenue for the quarter was up 12.1% compared to the same quarter last year. As a group, equities research analysts predict that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd were issued a $0.10 dividend. The ex-dividend date of this dividend was Thursday, October 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive’s payout ratio is 2.25%.

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.