GYL Financial Synergies LLC Has $270,000 Stake in The Progressive Co. (NYSE:PGR)

GYL Financial Synergies LLC raised its stake in The Progressive Co. (NYSE:PGR) by 4.0% in the second quarter, Holdings Channel reports. The fund owned 1,302 shares of the insurance provider’s stock after purchasing an additional 50 shares during the quarter. GYL Financial Synergies LLC’s holdings in Progressive were worth $270,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. City State Bank boosted its position in Progressive by 8.2% in the second quarter. City State Bank now owns 661 shares of the insurance provider’s stock valued at $137,000 after buying an additional 50 shares in the last quarter. First Citizens Bank & Trust Co. boosted its holdings in shares of Progressive by 2.6% during the 2nd quarter. First Citizens Bank & Trust Co. now owns 2,047 shares of the insurance provider’s stock valued at $425,000 after acquiring an additional 51 shares in the last quarter. D.B. Root & Company LLC grew its position in Progressive by 4.4% during the 2nd quarter. D.B. Root & Company LLC now owns 1,237 shares of the insurance provider’s stock worth $257,000 after acquiring an additional 52 shares during the last quarter. Dorsey & Whitney Trust CO LLC grew its position in Progressive by 1.2% during the 1st quarter. Dorsey & Whitney Trust CO LLC now owns 4,640 shares of the insurance provider’s stock worth $960,000 after acquiring an additional 56 shares during the last quarter. Finally, Balentine LLC increased its holdings in Progressive by 0.3% in the 4th quarter. Balentine LLC now owns 22,162 shares of the insurance provider’s stock worth $3,530,000 after purchasing an additional 58 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Progressive news, CFO John P. Sauerland sold 12,457 shares of the business’s stock in a transaction on Wednesday, May 29th. The shares were sold at an average price of $204.43, for a total transaction of $2,546,584.51. Following the completion of the sale, the chief financial officer now owns 312,958 shares in the company, valued at approximately $63,978,003.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Susan Patricia Griffith sold 43,371 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 $9,281,827.71. Following the transaction, the chief executive officer now owns 517,105 shares of the company’s stock, valued at approximately $110,665,641.05. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO John P. Sauerland sold 12,457 shares of Progressive stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $204.43, for a total value of $2,546,584.51. Following the transaction, the chief financial officer now owns 312,958 shares of the company’s stock, valued at approximately $63,978,003.94. The disclosure for this sale can be found here. Insiders have sold a total of 116,441 shares of company stock worth $25,111,350 in the last ninety days. Corporate insiders own 0.34% of the company’s stock.

Progressive Trading Up 0.4 %

PGR opened at $241.25 on Friday. The company has a fifty day moving average price of $217.48 and a two-hundred day moving average price of $208.17. The Progressive Co. has a 1-year low of $130.27 and a 1-year high of $241.43. The company has a market cap of $141.29 billion, a P/E ratio of 24.69, a price-to-earnings-growth ratio of 0.79 and a beta of 0.35. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.30.

Progressive (NYSE:PGR) last issued its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 EPS for the quarter, beating analysts’ consensus estimates of $2.04 by $0.61. The business had revenue of $17.90 billion during the quarter, compared to analyst estimates of $17.54 billion. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The firm’s revenue was up 21.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.57 EPS. Analysts predict that The Progressive Co. will post 12.16 EPS for the current fiscal year.

Progressive Announces Dividend

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. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.17%. The ex-dividend date of this dividend is Thursday, October 3rd. Progressive’s payout ratio is 4.09%.

Wall Street Analysts Forecast Growth

PGR has been the topic of several research reports. JPMorgan Chase & Co. boosted their price target on Progressive from $210.00 to $239.00 and gave the stock an “overweight” rating in a report on Thursday, July 11th. Keefe, Bruyette & Woods raised shares of Progressive from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $210.00 to $245.00 in a report on Wednesday, July 17th. Morgan Stanley dropped their price target on shares of Progressive from $256.00 to $255.00 and set an “overweight” rating for the company in a research note on Monday, June 10th. Hsbc Global Res upgraded shares of Progressive from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. Finally, Citigroup decreased their price objective on Progressive from $232.00 to $225.00 and set a “neutral” rating for the company in a report on Wednesday, July 17th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Progressive currently has a consensus rating of “Moderate Buy” and a consensus target price of $234.41.

About Progressive

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.