Savant Capital LLC Buys 1,369 Shares of The Progressive Co. (NYSE:PGR)

Savant Capital LLC lifted its stake in The Progressive Co. (NYSE:PGR) by 16.9% in the 2nd quarter, HoldingsChannel reports. The fund owned 9,490 shares of the insurance provider’s stock after purchasing an additional 1,369 shares during the quarter. Savant Capital LLC’s holdings in Progressive were worth $1,971,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Candriam S.C.A. raised its holdings in Progressive by 67.8% in the second quarter. Candriam S.C.A. now owns 343,496 shares of the insurance provider’s stock worth $71,344,000 after purchasing an additional 138,788 shares in the last quarter. Private Advisor Group LLC raised its stake in shares of Progressive by 1.6% during the 2nd quarter. Private Advisor Group LLC now owns 10,782 shares of the insurance provider’s stock worth $2,240,000 after acquiring an additional 172 shares in the last quarter. New York Life Investment Management LLC lifted its position in Progressive by 1.0% during the second quarter. New York Life Investment Management LLC now owns 89,228 shares of the insurance provider’s stock valued at $18,534,000 after acquiring an additional 924 shares during the last quarter. Farmers & Merchants Investments Inc. boosted its stake in Progressive by 10.4% in the second quarter. Farmers & Merchants Investments Inc. now owns 509 shares of the insurance provider’s stock valued at $106,000 after acquiring an additional 48 shares in the last quarter. Finally, Synergy Asset Management LLC grew its holdings in Progressive by 12.2% in the second quarter. Synergy Asset Management LLC now owns 1,781 shares of the insurance provider’s stock worth $370,000 after purchasing an additional 193 shares during the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO Susan Patricia Griffith sold 43,370 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total value of $10,937,914.00. Following the completion of the transaction, the chief executive officer now owns 473,735 shares of the company’s stock, valued at approximately $119,475,967. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Susan Patricia Griffith sold 43,370 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total value of $10,937,914.00. Following the completion of the sale, the chief executive officer now owns 473,735 shares of the company’s stock, valued at approximately $119,475,967. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Steven Broz sold 6,122 shares of the stock in a transaction on 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 transaction, the insider now directly owns 32,316 shares in the company, valued at $7,600,400.04. The disclosure for this sale can be found here. Insiders have sold 147,354 shares of company stock worth $33,502,680 in the last ninety days. Company insiders own 0.34% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Hsbc Global Res raised Progressive from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 12th. Piper Sandler boosted their price target on Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a research note on Thursday, August 15th. Citigroup decreased their price objective on shares of Progressive from $232.00 to $225.00 and set a “neutral” rating for the company in a research report on Wednesday, July 17th. Wells Fargo & Company boosted their target price on shares of Progressive from $262.00 to $281.00 and gave the stock an “overweight” rating in a research report on Thursday, August 15th. Finally, Roth Mkm raised their price target on shares of Progressive from $235.00 to $270.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. Six equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Progressive currently has an average rating of “Moderate Buy” and a consensus target price of $252.24.

Progressive Stock Up 1.0 %

Progressive stock opened at $251.28 on Tuesday. The business’s 50-day moving average price is $226.30 and its 200 day moving average price is $213.41. 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 firm has a market cap of $147.17 billion, a price-to-earnings ratio of 25.72, a price-to-earnings-growth 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 quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 EPS for the quarter, topping analysts’ consensus estimates of $2.04 by $0.61. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The business had revenue of $17.90 billion for the quarter, compared to analysts’ expectations of $17.54 billion. During the same quarter last year, the company earned $0.57 EPS. The business’s revenue was up 21.6% on a year-over-year basis. As a group, sell-side analysts anticipate that The Progressive Co. will post 12.19 earnings per share for the current year.

Progressive Dividend Announcement

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

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.