Benjamin Edwards Inc. Decreases Stock Holdings in The Progressive Co. (NYSE:PGR)

Benjamin Edwards Inc. reduced its position in shares of The Progressive Co. (NYSE:PGR) by 0.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 8,556 shares of the insurance provider’s stock after selling 58 shares during the period. Benjamin Edwards Inc.’s holdings in Progressive were worth $1,777,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. WR Wealth Planners LLC lifted its position in shares of Progressive by 119.6% during the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after purchasing an additional 67 shares during the last quarter. Indiana Trust & Investment Management CO purchased a new stake in shares of Progressive during the 1st quarter worth $32,000. Sachetta LLC purchased a new stake in shares of Progressive during the 4th quarter worth $25,000. Northwest Bank & Trust Co purchased a new stake in shares of Progressive during the 4th quarter worth $25,000. Finally, Hilltop National Bank lifted its position in Progressive by 126.0% in the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after acquiring an additional 92 shares during the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Susan Patricia Griffith sold 43,371 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at $110,665,641.05. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CEO Susan Patricia Griffith sold 43,371 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at $110,665,641.05. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider John Jo Murphy sold 9,512 shares of the business’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $237.50, for a total transaction of $2,259,100.00. Following the sale, the insider now directly owns 45,787 shares in the company, valued at approximately $10,874,412.50. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 146,704 shares of company stock valued at $33,367,408. Corporate insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

PGR has been the subject of a number of research reports. Morgan Stanley boosted their price target on shares of Progressive from $260.00 to $300.00 and gave the company an “overweight” rating in a research report on Monday. BMO Capital Markets reduced their price target on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Piper Sandler boosted their price target 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. Bank of America boosted their price target on shares of Progressive from $294.00 to $312.00 and gave the company a “buy” rating in a research report on Tuesday, September 3rd. Finally, JPMorgan Chase & Co. boosted their price target on shares of Progressive from $210.00 to $239.00 and gave the company an “overweight” rating in a research report on Thursday, July 11th. Six analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $257.18.

Progressive Trading Down 1.0 %

Shares of Progressive stock opened at $255.17 on Friday. The Progressive Co. has a 52-week low of $137.59 and a 52-week high of $260.46. 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’s 50-day simple moving average is $233.24 and its 200-day simple moving average is $216.58. The firm has a market cap of $149.45 billion, a price-to-earnings ratio of 26.12, a price-to-earnings-growth ratio of 0.82 and a beta of 0.35.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share (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 analyst estimates of $17.54 billion. During the same period in the previous year, the business posted $0.57 earnings per share. The business’s revenue was up 21.6% compared to the same quarter last year. As a group, equities research analysts anticipate that The Progressive Co. will post 12.29 earnings per share for the current year.

Progressive Dividend Announcement

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