Sycomore Asset Management Raises Position in The Progressive Co. (NYSE:PGR)

Sycomore Asset Management lifted its position in The Progressive Co. (NYSE:PGR) by 9.5% in the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 28,128 shares of the insurance provider’s stock after acquiring an additional 2,450 shares during the period. Progressive accounts for about 1.0% of Sycomore Asset Management’s investment portfolio, making the stock its 29th largest holding. Sycomore Asset Management’s holdings in Progressive were worth $5,856,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in PGR. Sunbelt Securities Inc. raised its holdings in Progressive by 21.3% in the second quarter. Sunbelt Securities Inc. now owns 262 shares of the insurance provider’s stock worth $54,000 after purchasing an additional 46 shares in the last quarter. Whittier Trust Co. of Nevada Inc. increased its stake in shares of Progressive by 11.8% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 455 shares of the insurance provider’s stock worth $95,000 after acquiring an additional 48 shares in the last quarter. Farmers & Merchants Investments Inc. lifted its position in Progressive by 10.4% during the 2nd quarter. Farmers & Merchants Investments Inc. now owns 509 shares of the insurance provider’s stock valued at $106,000 after acquiring an additional 48 shares during the period. Graypoint LLC boosted its stake in Progressive by 1.2% during the second quarter. Graypoint LLC now owns 4,202 shares of the insurance provider’s stock worth $873,000 after acquiring an additional 49 shares in the last quarter. Finally, City State Bank grew its holdings in Progressive by 8.2% in the second quarter. City State Bank now owns 661 shares of the insurance provider’s stock worth $137,000 after purchasing an additional 50 shares during the period. Institutional investors own 85.34% of the company’s stock.

Insider Activity

In related news, Director Philip Bleser sold 2,129 shares of the firm’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $219.08, for a total value of $466,421.32. Following the transaction, the director now directly owns 974 shares of the company’s stock, valued at approximately $213,383.92. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Progressive news, CEO Susan Patricia Griffith sold 43,371 shares of the company’s stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now directly owns 517,105 shares in the company, valued at $110,665,641.05. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Philip Bleser sold 2,129 shares of the firm’s stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $219.08, for a total transaction of $466,421.32. Following the sale, the director now owns 974 shares in the company, valued at $213,383.92. The disclosure for this sale can be found here. Insiders sold a total of 146,512 shares of company stock valued at $33,912,874 in the last 90 days. Company insiders own 0.34% of the company’s stock.

Progressive Stock Performance

Shares of PGR opened at $253.76 on Tuesday. The firm has a market capitalization of $148.63 billion, a P/E ratio of 25.97, a PEG ratio of 0.72 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. The Progressive Co. has a one year low of $137.59 and a one year high of $260.46. The business has a fifty day moving average of $238.56 and a 200 day moving average of $219.77.

Progressive (NYSE:PGR) last released its quarterly earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share (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 the consensus estimate of $17.54 billion. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The business’s quarterly 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. As a group, sell-side analysts anticipate that The Progressive Co. will post 12.9 EPS for the current year.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders 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 dividend yield of 0.16%. The ex-dividend date is Thursday, October 3rd. Progressive’s dividend payout ratio is presently 4.09%.

Analyst Upgrades and Downgrades

PGR has been the topic of a number of analyst reports. Piper Sandler boosted their price target on Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a research report on Thursday, August 15th. HSBC raised Progressive from a “hold” rating to a “buy” rating and set a $253.00 target price on the stock in a research note on Monday, August 12th. JPMorgan Chase & Co. lifted their price target on Progressive from $210.00 to $239.00 and gave the stock an “overweight” rating in a research report on Thursday, July 11th. Citigroup cut their price objective on shares of Progressive from $232.00 to $225.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 17th. Finally, Wells Fargo & Company lifted their target price on shares of Progressive from $281.00 to $282.00 and gave the stock an “overweight” rating in a report on Tuesday, September 10th. Six research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $257.18.

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.