The Progressive Co. (NYSE:PGR) Stock Holdings Increased by Frank Rimerman Advisors LLC

Frank Rimerman Advisors LLC grew its position in shares of The Progressive Co. (NYSE:PGR) by 44,270.6% during the second quarter, HoldingsChannel reports. The institutional investor owned 7,543 shares of the insurance provider’s stock after buying an additional 7,526 shares during the quarter. Frank Rimerman Advisors LLC’s holdings in Progressive were worth $1,567,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. Prospector Partners LLC boosted its holdings in Progressive by 0.9% in the second quarter. Prospector Partners LLC now owns 114,895 shares of the insurance provider’s stock worth $23,865,000 after purchasing an additional 1,070 shares during the period. ProShare Advisors LLC boosted its holdings in shares of Progressive by 4.9% in the 2nd quarter. ProShare Advisors LLC now owns 119,994 shares of the insurance provider’s stock valued at $24,924,000 after buying an additional 5,556 shares during the period. Hancock Whitney Corp grew its position in shares of Progressive by 21,091.1% during the 2nd quarter. Hancock Whitney Corp now owns 16,741 shares of the insurance provider’s stock valued at $3,477,000 after buying an additional 16,662 shares during the last quarter. Summit Trail Advisors LLC raised its stake in Progressive by 25.5% during the second quarter. Summit Trail Advisors LLC now owns 9,441 shares of the insurance provider’s stock worth $1,961,000 after acquiring an additional 1,920 shares during the period. Finally, Thrivent Financial for Lutherans lifted its holdings in Progressive by 328.1% in the second quarter. Thrivent Financial for Lutherans now owns 110,732 shares of the insurance provider’s stock worth $23,000,000 after acquiring an additional 84,869 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Activity at Progressive

In other Progressive news, CEO Susan Patricia Griffith sold 43,370 shares of Progressive stock in a transaction that occurred 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 transaction, the chief executive officer now owns 473,735 shares in the company, valued at $119,475,967. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, CEO Susan Patricia Griffith sold 43,370 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the completion of the sale, the chief executive officer now directly owns 473,735 shares of the company’s stock, valued at approximately $119,475,967. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO John P. Sauerland sold 10,000 shares of the firm’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $210.40, for a total transaction of $2,104,000.00. Following the completion of the transaction, the chief financial officer now owns 302,958 shares of the company’s stock, valued at $63,742,363.20. The disclosure for this sale can be found here. Insiders sold a total of 143,654 shares of company stock valued at $32,727,488 over the last ninety days. Insiders own 0.34% of the company’s stock.

Progressive Stock Performance

Shares of NYSE PGR opened at $259.24 on Monday. The Progressive Co. has a 1 year low of $137.59 and a 1 year high of $260.46. The firm has a market cap of $151.84 billion, a P/E ratio of 26.53, a PEG ratio of 0.74 and a beta of 0.35. The stock has a fifty day moving average price of $234.16 and a two-hundred day moving average price of $217.40. 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 announced its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share for the quarter, beating 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 business had revenue of $17.90 billion during the quarter, compared to analysts’ expectations of $17.54 billion. During the same quarter last year, the business posted $0.57 earnings per share. The company’s quarterly revenue was up 21.6% on a year-over-year basis. Research analysts forecast that The Progressive Co. will post 12.7 EPS for the current fiscal year.

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Thursday, October 3rd will be issued 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 0.15%. Progressive’s payout ratio is currently 4.09%.

Analysts Set New Price Targets

Several equities analysts have recently commented on PGR shares. Citigroup lowered their target price on Progressive from $232.00 to $225.00 and set a “neutral” rating for the company in a report on Wednesday, July 17th. Evercore ISI increased their target price on Progressive from $243.00 to $246.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 7th. Jefferies Financial Group boosted their price target on shares of Progressive from $256.00 to $257.00 and gave the company a “buy” rating in a report on Wednesday, July 17th. Morgan Stanley increased their price objective on shares of Progressive from $260.00 to $300.00 and gave the stock an “overweight” rating in a report on Monday, September 16th. Finally, Roth Mkm boosted their target price on shares of Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a research note on Monday, September 16th. 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 MarketBeat, Progressive currently has an average rating of “Moderate Buy” and an average price target of $257.18.

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.