31,200 Shares in The Progressive Co. (NYSE:PGR) Bought by Point72 Europe London LLP

Point72 Europe London LLP acquired a new stake in shares of The Progressive Co. (NYSE:PGR) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 31,200 shares of the insurance provider’s stock, valued at approximately $6,481,000.

Several other institutional investors have also added to or reduced their stakes in the stock. Whittier Trust Co. of Nevada Inc. increased its stake in shares of Progressive by 11.8% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 455 shares of the insurance provider’s stock worth $95,000 after purchasing an additional 48 shares in the last quarter. Farmers & Merchants Investments Inc. lifted its holdings in Progressive by 10.4% during the second quarter. Farmers & Merchants Investments Inc. now owns 509 shares of the insurance provider’s stock valued at $106,000 after purchasing an additional 48 shares in the last quarter. Graypoint LLC boosted its position in shares of Progressive by 1.2% in the second quarter. Graypoint LLC now owns 4,202 shares of the insurance provider’s stock worth $873,000 after purchasing an additional 49 shares during the period. City State Bank increased its stake in shares of Progressive by 8.2% in the second quarter. City State Bank now owns 661 shares of the insurance provider’s stock worth $137,000 after purchasing an additional 50 shares in the last quarter. Finally, GYL Financial Synergies LLC raised its position in shares of Progressive by 4.0% during the 2nd quarter. GYL Financial Synergies LLC now owns 1,302 shares of the insurance provider’s stock valued at $270,000 after purchasing an additional 50 shares during the period. 85.34% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

PGR has been the subject of several recent analyst reports. Piper Sandler upped 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. Barclays initiated coverage on Progressive in a research note on Wednesday, September 4th. They issued an “equal weight” rating and a $367.00 price objective for the company. Jefferies Financial Group lifted their target price on Progressive from $256.00 to $257.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. HSBC upgraded Progressive from a “hold” rating to a “buy” rating and set a $253.00 price target for the company in a research note on Monday, August 12th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Progressive from $255.00 to $275.00 and gave the company an “outperform” rating in a research report on Tuesday, September 3rd. Six research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $257.18.

Insider Buying and Selling at Progressive

In other news, insider Andrew J. Quigg sold 3,975 shares of the firm’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $214.01, for a total value of $850,689.75. Following the completion of the sale, the insider now owns 32,780 shares in the company, valued at approximately $7,015,247.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider John Jo Murphy sold 9,512 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $237.50, for a total value of $2,259,100.00. Following the sale, the insider now directly owns 45,787 shares in the company, valued at $10,874,412.50. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Andrew J. Quigg sold 3,975 shares of the business’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $214.01, for a total value of $850,689.75. Following the transaction, the insider now owns 32,780 shares of the company’s stock, valued at approximately $7,015,247.80. The disclosure for this sale can be found here. Insiders have sold 154,332 shares of company stock worth $35,466,904 over the last quarter. Insiders own 0.34% of the company’s stock.

Progressive Stock Down 0.4 %

Shares of NYSE PGR opened at $256.60 on Wednesday. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.30. The Progressive Co. has a 12-month low of $137.59 and a 12-month high of $260.46. The firm’s 50-day moving average price is $235.90 and its 200-day moving average price is $218.25. The stock has a market capitalization of $150.28 billion, a price-to-earnings ratio of 26.26, a P/E/G ratio of 0.72 and a beta of 0.35.

Progressive (NYSE:PGR) last issued its quarterly earnings data 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 business had revenue of $17.90 billion for the quarter, compared to the consensus estimate of $17.54 billion. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The company’s quarterly revenue was up 21.6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.57 earnings per share. On average, equities research analysts anticipate that The Progressive Co. will post 12.9 EPS for the current fiscal year.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders 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 yield of 0.16%. The ex-dividend date of this dividend is Thursday, October 3rd. Progressive’s payout ratio is 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.