The Progressive Co. (NYSE:PGR) Shares Bought by Farmers & Merchants Investments Inc.

Farmers & Merchants Investments Inc. grew its position in The Progressive Co. (NYSE:PGR) by 10.4% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 509 shares of the insurance provider’s stock after buying an additional 48 shares during the quarter. Farmers & Merchants Investments Inc.’s holdings in Progressive were worth $106,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of PGR. Sachetta LLC acquired a new stake in Progressive during the 4th quarter worth approximately $25,000. Northwest Bank & Trust Co acquired a new stake in shares of Progressive in the fourth quarter valued at $25,000. WR Wealth Planners LLC boosted its holdings in Progressive by 119.6% in the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after purchasing an additional 67 shares during the period. Indiana Trust & Investment Management CO acquired a new position in Progressive during the 1st quarter worth $32,000. Finally, Hilltop National Bank increased its holdings in Progressive by 126.0% during the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 92 shares during the period. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insider Buying and Selling at Progressive

In other news, CAO Mariann Wojtkun Marshall sold 650 shares of the company’s stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $208.11, for a total transaction of $135,271.50. Following the completion of the sale, the chief accounting officer now owns 3,981 shares in the company, valued at $828,485.91. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CAO Mariann Wojtkun Marshall sold 650 shares of the business’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $208.11, for a total transaction of $135,271.50. Following the transaction, the chief accounting officer now directly owns 3,981 shares in the company, valued at $828,485.91. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Philip Bleser sold 2,129 shares of the firm’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $219.08, for a total transaction of $466,421.32. Following the completion of the sale, the director now owns 974 shares of the company’s stock, valued at approximately $213,383.92. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 147,354 shares of company stock worth $33,502,680. 0.34% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Piper Sandler lifted their price objective on Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a research note on Thursday, August 15th. Bank of America boosted their price target on shares of Progressive from $294.00 to $312.00 and gave the stock a “buy” rating in a report on Tuesday, September 3rd. Citigroup reduced their price objective on shares of Progressive from $232.00 to $225.00 and set a “neutral” rating on the stock in a report on Wednesday, July 17th. Roth Mkm increased their target price on Progressive from $235.00 to $270.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Finally, Morgan Stanley decreased their price target on Progressive from $256.00 to $255.00 and set an “overweight” rating for the company in a report on Monday, June 10th. Six equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $252.24.

Progressive Stock Performance

Shares of Progressive stock opened at $248.69 on Friday. The firm’s fifty day simple moving average is $225.47 and its 200-day simple moving average is $212.83. The Progressive Co. has a 12 month low of $134.34 and a 12 month high of $254.83. The stock has a market capitalization of $145.66 billion, a price-to-earnings ratio of 25.45, a PEG ratio of 0.83 and a beta of 0.35. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.31 and a quick ratio of 0.31.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 EPS for the quarter, beating analysts’ consensus estimates of $2.04 by $0.61. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The company had revenue of $17.90 billion for the quarter, compared to analyst estimates of $17.54 billion. During the same period in the previous year, the business posted $0.57 earnings per share. Progressive’s quarterly revenue was up 21.6% on a year-over-year basis. As a group, equities analysts forecast that The Progressive Co. will post 12.2 earnings per share for the current year.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Thursday, October 3rd will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, October 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.16%. Progressive’s payout ratio is 4.09%.

Progressive 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.