Point72 Asset Management L.P. Has $37.15 Million Stock Position in The Progressive Co. (NYSE:PGR)

Point72 Asset Management L.P. trimmed its position in The Progressive Co. (NYSE:PGR) by 28.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 178,874 shares of the insurance provider’s stock after selling 72,234 shares during the quarter. Point72 Asset Management L.P.’s holdings in Progressive were worth $37,154,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in PGR. Gilbert & Cook Inc. boosted its holdings in shares of Progressive by 8.6% in the fourth quarter. Gilbert & Cook Inc. now owns 2,938 shares of the insurance provider’s stock worth $468,000 after buying an additional 233 shares during the period. 9258 Wealth Management LLC boosted its holdings in shares of Progressive by 18.8% during the fourth quarter. 9258 Wealth Management LLC now owns 2,534 shares of the insurance provider’s stock worth $404,000 after purchasing an additional 401 shares during the period. Gryphon Financial Partners LLC acquired a new stake in shares of Progressive during the fourth quarter worth approximately $307,000. Steward Partners Investment Advisory LLC boosted its holdings in shares of Progressive by 1.0% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 9,388 shares of the insurance provider’s stock worth $1,495,000 after purchasing an additional 97 shares during the period. Finally, Focus Financial Network Inc. ADV acquired a new stake in shares of Progressive during the fourth quarter worth approximately $277,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Progressive

In related news, insider Steven Broz sold 2,982 shares of the company’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $260.00, for a total transaction of $775,320.00. Following the completion of the transaction, the insider now directly owns 29,334 shares in the company, valued at approximately $7,626,840. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CFO John P. Sauerland sold 22,708 shares of the stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $214.01, for a total value of $4,859,739.08. Following the completion of the transaction, the chief financial officer now owns 302,958 shares in the company, valued at approximately $64,836,041.58. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Steven Broz sold 2,982 shares of the stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $260.00, for a total transaction of $775,320.00. Following the completion of the transaction, the insider now owns 29,334 shares of the company’s stock, valued at approximately $7,626,840. The disclosure for this sale can be found here. Insiders sold a total of 144,332 shares of company stock worth $33,362,904 in the last ninety days. 0.34% of the stock is currently owned by insiders.

Analysts Set New Price Targets

PGR has been the subject of several research reports. Piper Sandler raised their price target on shares of Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a report on Thursday, August 15th. BMO Capital Markets decreased their price target on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. Keefe, Bruyette & Woods raised their price target on shares of Progressive from $255.00 to $275.00 and gave the stock an “outperform” rating in a report on Tuesday, September 3rd. Barclays began coverage on shares of Progressive in a report on Wednesday, September 4th. They set an “equal weight” rating and a $367.00 price target for the company. Finally, Jefferies Financial Group lifted their target price on shares of Progressive from $256.00 to $257.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. Six 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 company. According to data from MarketBeat.com, Progressive has a consensus rating of “Moderate Buy” and a consensus price target of $257.18.

Progressive Trading Down 1.8 %

NYSE:PGR opened at $252.40 on Friday. The Progressive Co. has a 12 month low of $137.59 and a 12 month high of $260.46. The firm has a market cap of $147.83 billion, a price-to-earnings ratio of 25.97, a P/E/G ratio of 0.72 and a beta of 0.35. 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 moving average is $236.62 and its 200-day moving average is $218.52.

Progressive (NYSE:PGR) last announced its 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. The business had revenue of $17.90 billion for the quarter, compared to analyst estimates of $17.54 billion. Progressive had a net margin of 10.17% and a return on equity of 33.01%. Progressive’s revenue was up 21.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.57 earnings per share. Equities analysts anticipate that The Progressive Co. will post 12.9 EPS for the current year.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors 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 is Thursday, October 3rd. Progressive’s 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.