Arkadios Wealth Advisors Purchases 288 Shares of The Progressive Co. (NYSE:PGR)

Arkadios Wealth Advisors grew its position in shares of The Progressive Co. (NYSE:PGR) by 23.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,519 shares of the insurance provider’s stock after acquiring an additional 288 shares during the period. Arkadios Wealth Advisors’ holdings in Progressive were worth $315,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Sachetta LLC bought a new position in Progressive during the 4th quarter valued at approximately $25,000. Northwest Bank & Trust Co purchased a new stake in Progressive in the fourth quarter worth $25,000. Indiana Trust & Investment Management CO bought a new stake in Progressive in the first quarter valued at $32,000. Hilltop National Bank increased its position in Progressive by 126.0% during the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 92 shares during the period. Finally, Register Financial Advisors LLC bought a new position in Progressive in the 1st quarter worth $35,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Piper Sandler boosted their price target on shares of Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a research report on Thursday, August 15th. The Goldman Sachs Group upgraded Progressive from a “neutral” rating to a “buy” rating and upped their target price for the stock from $230.00 to $262.00 in a report on Thursday, August 15th. Citigroup lowered their target price on Progressive from $232.00 to $225.00 and set a “neutral” rating for the company in a research note on Wednesday, July 17th. Wells Fargo & Company increased their price objective on Progressive from $262.00 to $281.00 and gave the stock an “overweight” rating in a report on Thursday, August 15th. Finally, Morgan Stanley dropped their target price on shares of Progressive from $256.00 to $255.00 and set an “overweight” rating on the stock in a report on Monday, June 10th. 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 assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $234.41.

Progressive Stock Performance

PGR opened at $252.20 on Friday. The stock has a market capitalization of $147.71 billion, a price-to-earnings ratio of 25.81, a PEG ratio of 0.79 and a beta of 0.35. The Progressive Co. has a fifty-two week low of $131.87 and a fifty-two week high of $254.35. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.31 and a current ratio of 0.31. The company has a fifty day moving average of $220.40 and a 200 day moving average of $209.96.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $17.54 billion. During the same quarter last year, the business posted $0.57 earnings per share. The business’s quarterly revenue was up 21.6% compared to the same quarter last year. As a group, sell-side analysts forecast that The Progressive Co. will post 12.16 earnings per share 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 0.16%. Progressive’s dividend payout ratio is currently 4.09%.

Insider Activity at Progressive

In related news, insider John Jo Murphy sold 9,512 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $237.50, for a total transaction of $2,259,100.00. Following the sale, the insider now owns 45,787 shares of the company’s stock, valued at $10,874,412.50. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Progressive news, insider John Jo Murphy sold 9,512 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $237.50, for a total transaction 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 the SEC website. Also, CEO Susan Patricia Griffith sold 43,371 shares of Progressive stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total value of $9,281,827.71. Following the completion of the transaction, the chief executive officer now owns 517,105 shares of the company’s stock, valued at approximately $110,665,641.05. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 103,984 shares of company stock valued at $22,564,766. 0.34% of the stock is owned by corporate insiders.

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.