Versor Investments LP Buys New Holdings in The Progressive Co. (NYSE:PGR)

Versor Investments LP purchased a new position in The Progressive Co. (NYSE:PGR) during the 2nd quarter, HoldingsChannel reports. The institutional investor purchased 1,000 shares of the insurance provider’s stock, valued at approximately $208,000.

Other institutional investors also recently bought and sold shares of the company. Whittier Trust Co. of Nevada Inc. raised its holdings in shares of Progressive by 11.8% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 455 shares of the insurance provider’s stock worth $95,000 after purchasing an additional 48 shares during the last quarter. Graypoint LLC grew its position in Progressive by 1.2% during the 2nd quarter. Graypoint LLC now owns 4,202 shares of the insurance provider’s stock worth $873,000 after purchasing an additional 49 shares during the period. City State Bank raised its stake in shares of Progressive by 8.2% during the 2nd quarter. City State Bank now owns 661 shares of the insurance provider’s stock valued at $137,000 after buying an additional 50 shares during the last quarter. GYL Financial Synergies LLC raised its stake in shares of Progressive by 4.0% during the 2nd quarter. GYL Financial Synergies LLC now owns 1,302 shares of the insurance provider’s stock valued at $270,000 after buying an additional 50 shares during the last quarter. Finally, First Citizens Bank & Trust Co. lifted its holdings in shares of Progressive by 2.6% in the 2nd quarter. First Citizens Bank & Trust Co. now owns 2,047 shares of the insurance provider’s stock valued at $425,000 after buying an additional 51 shares during the period. 85.34% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Progressive news, CEO Susan Patricia Griffith sold 43,371 shares of the business’s 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 of the company’s stock, valued at $110,665,641.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Steven Broz sold 3,050 shares of the firm’s stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $209.81, for a total transaction of $639,920.50. Following the completion of the sale, the insider now owns 32,453 shares in the company, valued at approximately $6,808,963.93. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Susan Patricia Griffith sold 43,371 shares of the company’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 value of $9,281,827.71. Following the completion of the transaction, the chief executive officer now owns 517,105 shares in the company, valued at $110,665,641.05. The disclosure for this sale can be found here. Insiders sold 147,354 shares of company stock worth $33,502,680 over the last ninety days. Corporate insiders own 0.34% of the company’s stock.

Wall Street Analyst Weigh In

PGR has been the subject of several recent research reports. The Goldman Sachs Group upgraded Progressive from a “neutral” rating to a “buy” rating and lifted their price target for the company from $230.00 to $262.00 in a research report on Thursday, August 15th. Barclays assumed coverage on shares of Progressive in a report on Wednesday. They set an “equal weight” rating and a $367.00 target price for the company. Bank of America increased their price target on shares of Progressive from $294.00 to $312.00 and gave the stock a “buy” rating in a report on Tuesday. Wells Fargo & Company lifted their price objective on shares of Progressive from $262.00 to $281.00 and gave the company an “overweight” rating in a report on Thursday, August 15th. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Progressive from $255.00 to $275.00 and gave the stock an “outperform” rating in a research report on Tuesday. 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. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $252.24.

Progressive Stock Down 0.3 %

NYSE PGR opened at $248.75 on Friday. The Progressive Co. has a one year low of $134.34 and a one year high of $254.83. 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 business has a fifty day moving average price of $225.47 and a 200 day moving average price of $212.67. The company has a market cap of $145.69 billion, a P/E ratio of 25.46, a P/E/G ratio of 0.83 and a beta of 0.35.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share for the quarter, topping the consensus estimate of $2.04 by $0.61. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The firm had revenue of $17.90 billion for the quarter, compared to the consensus estimate of $17.54 billion. During the same period last year, the firm posted $0.57 earnings per share. The company’s revenue for the quarter was up 21.6% on a year-over-year basis. Research analysts anticipate that The Progressive Co. will post 12.2 EPS for the current fiscal year.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Thursday, October 3rd will be given 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 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.