Diversified Trust Co Increases Stock Position in The Progressive Co. (NYSE:PGR)

Diversified Trust Co increased its holdings in shares of The Progressive Co. (NYSE:PGR) by 1.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 8,045 shares of the insurance provider’s stock after acquiring an additional 121 shares during the quarter. Diversified Trust Co’s holdings in Progressive were worth $1,664,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Aviance Capital Partners LLC purchased a new position in Progressive in the first quarter valued at about $3,628,000. SteelPeak Wealth LLC purchased a new stake in Progressive in the first quarter worth $1,808,000. Strata Wealth Advisors LLC raised its stake in shares of Progressive by 22.6% in the first quarter. Strata Wealth Advisors LLC now owns 22,040 shares of the insurance provider’s stock valued at $4,558,000 after buying an additional 4,062 shares during the period. Sandy Cove Advisors LLC purchased a new position in shares of Progressive during the 1st quarter valued at $311,000. Finally, D.B. Root & Company LLC purchased a new stake in Progressive in the 1st quarter worth about $245,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insider Transactions at Progressive

In other news, Director Devin C. Johnson sold 1,000 shares of the stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $208.33, for a total transaction of $208,330.00. Following the completion of the transaction, the director now directly owns 7,176 shares in the company, valued at approximately $1,494,976.08. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, Director Devin C. Johnson sold 1,000 shares of Progressive stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total value of $208,330.00. Following the completion of the sale, the director now owns 7,176 shares in the company, valued at approximately $1,494,976.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Steven Broz sold 7,361 shares of the company’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $207.25, for a total value of $1,525,567.25. Following the transaction, the insider now owns 35,503 shares in the company, valued at $7,357,996.75. The disclosure for this sale can be found here. Insiders sold 24,518 shares of company stock worth $5,055,674 in the last 90 days. Insiders own 0.34% of the company’s stock.

Progressive Stock Performance

NYSE PGR traded up $1.47 during trading hours on Monday, hitting $209.18. 495,197 shares of the company’s stock traded hands, compared to its average volume of 2,578,974. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.32. The Progressive Co. has a 52 week low of $111.41 and a 52 week high of $217.77. The firm has a market capitalization of $122.52 billion, a P/E ratio of 21.46, a P/E/G ratio of 0.80 and a beta of 0.35. The business’s fifty day moving average price is $209.49 and its two-hundred day moving average price is $193.84.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Friday, April 12th. The insurance provider reported $3.94 earnings per share for the quarter, beating analysts’ consensus estimates of $3.20 by $0.74. The firm had revenue of $18.96 billion for the quarter, compared to analysts’ expectations of $16.88 billion. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The business’s quarterly revenue was up 17.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.65 EPS. Equities research analysts predict that The Progressive Co. will post 11.27 EPS for the current year.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Wednesday, July 3rd will be issued 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 is Wednesday, July 3rd. Progressive’s dividend payout ratio is currently 4.09%.

Analyst Ratings Changes

Several equities research analysts have issued reports on PGR shares. HSBC increased their target price on Progressive from $174.00 to $200.00 and gave the stock a “hold” rating in a research report on Thursday, March 28th. The Goldman Sachs Group lifted their price objective on Progressive from $161.00 to $216.00 and gave the company a “neutral” rating in a research note on Monday, March 25th. UBS Group upped their target price on Progressive from $216.00 to $218.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 17th. JPMorgan Chase & Co. lifted their price objective on Progressive from $171.00 to $202.00 and gave the company an “overweight” rating in a research report on Monday, April 8th. Finally, Keefe, Bruyette & Woods increased their target price on Progressive from $190.00 to $200.00 and gave the stock a “market perform” rating in a research report on Wednesday, April 10th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, Progressive has an average rating of “Hold” and a consensus price target of $216.81.

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.