SkyView Investment Advisors LLC Acquires 787 Shares of The Progressive Co. (NYSE:PGR)

SkyView Investment Advisors LLC increased its stake in shares of The Progressive Co. (NYSE:PGR) by 11.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,883 shares of the insurance provider’s stock after buying an additional 787 shares during the quarter. SkyView Investment Advisors LLC’s holdings in Progressive were worth $1,637,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in PGR. Whittier Trust Co. of Nevada Inc. grew its holdings in shares of Progressive by 11.8% during 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. raised its position in shares of Progressive by 10.4% in the 2nd quarter. Farmers & Merchants Investments Inc. now owns 509 shares of the insurance provider’s stock valued at $106,000 after buying an additional 48 shares in the last quarter. Graypoint LLC raised its position in shares of Progressive by 1.2% in the 2nd quarter. Graypoint LLC now owns 4,202 shares of the insurance provider’s stock valued at $873,000 after buying an additional 49 shares in the last quarter. City State Bank boosted its position in shares of Progressive by 8.2% during the 2nd quarter. City State Bank now owns 661 shares of the insurance provider’s stock worth $137,000 after acquiring an additional 50 shares in the last quarter. Finally, GYL Financial Synergies LLC increased its stake in Progressive by 4.0% in the second quarter. GYL Financial Synergies LLC now owns 1,302 shares of the insurance provider’s stock valued at $270,000 after acquiring an additional 50 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

Insider Buying and Selling at Progressive

In other news, insider Andrew J. Quigg sold 3,975 shares of the business’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $214.01, for a total value of $850,689.75. Following the transaction, the insider now directly owns 32,780 shares of the company’s stock, valued at approximately $7,015,247.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Progressive news, insider Andrew J. Quigg sold 3,975 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 $850,689.75. Following the completion of the sale, the insider now directly owns 32,780 shares in the company, valued at $7,015,247.80. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Steven Broz sold 2,982 shares of the stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $260.00, for a total value of $775,320.00. Following the transaction, the insider now owns 29,334 shares in the company, valued at $7,626,840. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 144,332 shares of company stock valued at $33,362,904. 0.34% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

PGR has been the topic of a number of research analyst reports. Hsbc Global Res raised Progressive from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. Jefferies Financial Group raised their price objective on Progressive from $256.00 to $257.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. HSBC raised Progressive from a “hold” rating to a “buy” rating and set a $253.00 target price for the company in a research note on Monday, August 12th. Keefe, Bruyette & Woods lifted their price target on shares of Progressive from $255.00 to $275.00 and gave the company an “outperform” rating in a report on Tuesday, September 3rd. Finally, Morgan Stanley increased their price objective on shares of Progressive from $260.00 to $300.00 and gave the company an “overweight” rating in a research note on Monday, September 16th. Six equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Progressive presently has an average rating of “Moderate Buy” and an average price target of $257.18.

Progressive Stock Down 0.5 %

Shares of PGR opened at $251.10 on Friday. The company has a market capitalization of $147.06 billion, a PE ratio of 25.70, a PEG ratio of 0.72 and a beta of 0.35. The stock’s 50-day moving average price is $237.81 and its two-hundred day moving average price is $219.27. 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.

Progressive (NYSE:PGR) last announced its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 EPS for the quarter, beating the consensus estimate of $2.04 by $0.61. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The business had revenue of $17.90 billion for the quarter, compared to analysts’ expectations of $17.54 billion. During the same period in the prior year, the business posted $0.57 earnings per share. The firm’s revenue was up 21.6% on a year-over-year basis. On average, analysts anticipate that The Progressive Co. will post 12.9 EPS for the current year.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Thursday, October 3rd will be issued a $0.10 dividend. The ex-dividend date of this dividend is Thursday, October 3rd. This represents a $0.40 annualized dividend and a yield of 0.16%. 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.