Quest Partners LLC Acquires 1,908 Shares of The Progressive Co. (NYSE:PGR)

Quest Partners LLC increased its holdings in The Progressive Co. (NYSE:PGR) by 33.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,589 shares of the insurance provider’s stock after acquiring an additional 1,908 shares during the quarter. Quest Partners LLC’s holdings in Progressive were worth $1,576,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the business. Aviance Capital Partners LLC bought a new stake in Progressive during the 1st quarter valued at about $3,628,000. TCW Group Inc. purchased a new stake in shares of Progressive during the 4th quarter valued at about $1,988,000. Brevan Howard Capital Management LP purchased a new stake in shares of Progressive during the 4th quarter valued at about $3,090,000. Concurrent Investment Advisors LLC boosted its holdings in shares of Progressive by 66.4% during the 1st quarter. Concurrent Investment Advisors LLC now owns 6,814 shares of the insurance provider’s stock valued at $1,409,000 after acquiring an additional 2,719 shares during the last quarter. Finally, Banque Cantonale Vaudoise boosted its holdings in shares of Progressive by 90.4% during the 1st quarter. Banque Cantonale Vaudoise now owns 21,056 shares of the insurance provider’s stock valued at $4,354,000 after acquiring an additional 10,000 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on PGR shares. Wells Fargo & Company raised their price target on shares of Progressive from $262.00 to $281.00 and gave the company an “overweight” rating in a report on Thursday, August 15th. Piper Sandler lifted their price objective on shares of Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a research report on Thursday, August 15th. Barclays began coverage on shares of Progressive in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $367.00 price objective on the stock. Evercore ISI lifted their price objective on shares of Progressive from $243.00 to $246.00 and gave the company an “outperform” rating in a research report on Wednesday, August 7th. Finally, Hsbc Global Res upgraded shares of Progressive from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 12th. Six equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Progressive presently has an average rating of “Moderate Buy” and an average target price of $252.24.

Insider Transactions at Progressive

In other Progressive news, CEO Susan Patricia Griffith sold 43,370 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the transaction, the chief executive officer now directly owns 473,735 shares in the company, valued at approximately $119,475,967. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Progressive news, insider Steven Broz sold 6,122 shares of the stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $235.19, for a total transaction of $1,439,833.18. Following the completion of the sale, the insider now directly owns 32,316 shares of the company’s stock, valued at $7,600,400.04. The transaction 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 the stock in a transaction dated Tuesday, September 3rd. The shares were 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 directly owns 473,735 shares of the company’s stock, valued at $119,475,967. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 147,354 shares of company stock worth $33,502,680. Insiders own 0.34% of the company’s stock.

Progressive Stock Up 1.0 %

NYSE PGR opened at $251.28 on Tuesday. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.30. The company has a fifty day moving average of $226.30 and a two-hundred day moving average of $213.41. The firm has a market capitalization of $147.17 billion, a price-to-earnings ratio of 25.72, a PEG ratio of 0.82 and a beta of 0.35. The Progressive Co. has a 52 week low of $134.34 and a 52 week high of $254.83.

Progressive (NYSE:PGR) last issued its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.04 by $0.61. The firm had revenue of $17.90 billion during the quarter, compared to analyst estimates of $17.54 billion. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The business’s revenue was up 21.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.57 earnings per share. On average, analysts predict that The Progressive Co. will post 12.19 earnings per share for the current 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 issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.16%. The ex-dividend date of this dividend is Thursday, October 3rd. Progressive’s payout ratio 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.