The Progressive Co. (NYSE:PGR) Shares Bought by Drive Wealth Management LLC

Drive Wealth Management LLC lifted its holdings in shares of The Progressive Co. (NYSE:PGR) by 3.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,092 shares of the insurance provider’s stock after purchasing an additional 69 shares during the quarter. Drive Wealth Management LLC’s holdings in Progressive were worth $434,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Gilbert & Cook Inc. increased its holdings in Progressive by 8.6% in the 4th quarter. Gilbert & Cook Inc. now owns 2,938 shares of the insurance provider’s stock valued at $468,000 after purchasing an additional 233 shares during the last quarter. Van ECK Associates Corp raised its holdings in shares of Progressive by 3.2% in the 4th quarter. Van ECK Associates Corp now owns 18,645 shares of the insurance provider’s stock valued at $2,970,000 after buying an additional 578 shares during the period. 9258 Wealth Management LLC lifted its stake in Progressive by 18.8% during the 4th quarter. 9258 Wealth Management LLC now owns 2,534 shares of the insurance provider’s stock worth $404,000 after acquiring an additional 401 shares in the last quarter. Axxcess Wealth Management LLC boosted its holdings in Progressive by 48.1% during the 4th quarter. Axxcess Wealth Management LLC now owns 5,111 shares of the insurance provider’s stock valued at $814,000 after acquiring an additional 1,659 shares during the period. Finally, Sapient Capital LLC acquired a new position in Progressive in the 4th quarter valued at about $205,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO Susan Patricia Griffith sold 43,371 shares of the firm’s stock in a transaction that occurred 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 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 document filed with the SEC, which can be accessed through this hyperlink. In related news, CEO Susan Patricia Griffith sold 43,371 shares of the stock in a transaction dated 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 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 accessible through this link. Also, 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 value of $850,689.75. Following the completion of the sale, the insider now owns 32,780 shares of the company’s stock, valued at approximately $7,015,247.80. The disclosure for this sale can be found here. Insiders have sold 103,984 shares of company stock valued at $22,564,766 in the last ninety days. Insiders own 0.34% of the company’s stock.

Progressive Price Performance

Progressive stock opened at $252.20 on Monday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.31 and a current ratio of 0.31. The Progressive Co. has a one year low of $131.87 and a one year high of $254.35. The company has a market cap of $147.71 billion, a P/E ratio of 25.81, a price-to-earnings-growth ratio of 0.83 and a beta of 0.35. The business has a fifty day moving average of $221.26 and a two-hundred day moving average of $210.81.

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. 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 in the prior year, the company earned $0.57 earnings per share. Progressive’s revenue was up 21.6% compared to the same quarter last year. As a group, analysts predict that The Progressive Co. will post 12.2 earnings per share for the current fiscal year.

Progressive Dividend Announcement

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

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Roth Mkm lifted their price target on shares of Progressive from $235.00 to $270.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. Hsbc Global Res raised Progressive from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. Citigroup decreased their price target on Progressive from $232.00 to $225.00 and set a “neutral” rating for the company in a report on Wednesday, July 17th. Wells Fargo & Company upped their price objective on Progressive from $262.00 to $281.00 and gave the stock an “overweight” rating in a research report on Thursday, August 15th. Finally, Piper Sandler raised 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. One research analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $234.41.

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.