Fidelis Capital Partners LLC Sells 627 Shares of The Progressive Co. (NYSE:PGR)

Fidelis Capital Partners LLC cut its stake in shares of The Progressive Co. (NYSE:PGR) by 12.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 4,313 shares of the insurance provider’s stock after selling 627 shares during the period. Fidelis Capital Partners LLC’s holdings in Progressive were worth $931,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Northwest Bank & Trust Co purchased a new stake in Progressive during the fourth quarter valued at $25,000. WR Wealth Planners LLC grew its stake 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 valued at $26,000 after purchasing an additional 67 shares during the period. Indiana Trust & Investment Management CO purchased a new stake in shares of Progressive during the 1st quarter valued at about $32,000. Hilltop National Bank lifted its stake in shares of Progressive by 126.0% in the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 92 shares during the period. Finally, Register Financial Advisors LLC purchased a new position in shares of Progressive in the first quarter worth approximately $35,000. 85.34% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. The Goldman Sachs Group increased their price target on shares of Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. JPMorgan Chase & Co. lifted their target price on Progressive from $210.00 to $239.00 and gave the company an “overweight” rating in a research report on Thursday, July 11th. Barclays started coverage on Progressive in a research report on Wednesday, September 4th. They issued an “equal weight” rating and a $367.00 price target for the company. BMO Capital Markets lowered their price objective on Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Finally, Piper Sandler increased their target price on shares of Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a report on Thursday, August 15th. Six research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $257.18.

Progressive Stock Performance

Shares of NYSE PGR opened at $259.24 on Monday. The firm’s fifty day moving average is $234.16 and its two-hundred day moving average is $217.40. The Progressive Co. has a 52-week low of $137.59 and a 52-week high of $260.46. The company has a market cap of $151.84 billion, a P/E ratio of 26.53, a P/E/G ratio of 0.74 and a beta of 0.35. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.31 and a current ratio of 0.31.

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, topping 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 firm had revenue of $17.90 billion for the quarter, compared to analysts’ expectations of $17.54 billion. During the same period in the previous year, the firm posted $0.57 earnings per share. The business’s revenue was up 21.6% compared to the same quarter last year. As a group, analysts anticipate that The Progressive Co. will post 12.7 EPS for the current fiscal 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 given a dividend of $0.10 per share. The ex-dividend date is Thursday, October 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.15%. Progressive’s dividend payout ratio is currently 4.09%.

Insider Activity at Progressive

In related news, CEO Susan Patricia Griffith sold 43,370 shares of the company’s stock in a transaction on 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 owns 473,735 shares of the company’s stock, valued at $119,475,967. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CEO Susan Patricia Griffith sold 43,370 shares of the business’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 473,735 shares in the company, valued at approximately $119,475,967. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO John P. Sauerland sold 22,708 shares of the company’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 $4,859,739.08. Following the sale, the chief financial officer now owns 302,958 shares in the company, valued at $64,836,041.58. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 143,654 shares of company stock valued at $32,727,488. 0.34% of the stock is owned by corporate insiders.

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.