SG Americas Securities LLC Buys 590,235 Shares of The Progressive Co. (NYSE:PGR)

SG Americas Securities LLC lifted its stake in The Progressive Co. (NYSE:PGR) by 206.8% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 875,660 shares of the insurance provider’s stock after buying an additional 590,235 shares during the quarter. Progressive comprises 0.8% of SG Americas Securities LLC’s portfolio, making the stock its 11th biggest holding. SG Americas Securities LLC owned 0.15% of Progressive worth $222,207,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Northwest Bank & Trust Co bought a new position in Progressive in the 4th quarter worth $25,000. Davis Capital Management bought a new position in shares of Progressive in the third quarter worth about $25,000. WR Wealth Planners LLC grew its position in shares of Progressive by 119.6% during the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after purchasing an additional 67 shares in the last quarter. Indiana Trust & Investment Management CO bought a new stake in Progressive during the 1st quarter valued at approximately $32,000. Finally, Hilltop National Bank lifted its holdings in Progressive by 126.0% in 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 in the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Stock Down 0.8 %

Shares of PGR opened at $252.27 on Friday. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.30. The Progressive Co. has a 52-week low of $138.69 and a 52-week high of $260.46. The company has a market cap of $147.75 billion, a PE ratio of 25.82, a P/E/G ratio of 0.70 and a beta of 0.35. The business has a fifty day moving average of $240.90 and a 200 day moving average of $220.58.

Progressive (NYSE:PGR) last released its quarterly earnings results on Tuesday, July 16th. The insurance provider reported $2.65 EPS for the quarter, topping 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 firm had revenue of $17.90 billion during the quarter, compared to analysts’ expectations of $17.54 billion. During the same period in the previous year, the company earned $0.57 EPS. The firm’s revenue for the quarter was up 21.6% compared to the same quarter last year. On average, sell-side analysts expect that The Progressive Co. will post 13.02 EPS for the current year.

Progressive Announces Dividend

The firm also recently announced 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. 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 4.09%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on PGR shares. Keefe, Bruyette & Woods increased their price objective on shares of Progressive from $255.00 to $275.00 and gave the company an “outperform” rating in a report on Tuesday, September 3rd. Hsbc Global Res raised shares of Progressive from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 12th. Wells Fargo & Company boosted their price target on shares of Progressive from $281.00 to $282.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 10th. Morgan Stanley raised their price objective on Progressive from $260.00 to $300.00 and gave the company an “overweight” rating in a research report on Monday, September 16th. Finally, BMO Capital Markets decreased their target price on Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Six equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $257.18.

Insider Transactions at Progressive

In related news, insider Andrew J. Quigg sold 3,975 shares of the business’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total transaction of $850,689.75. Following the completion of the transaction, the insider now owns 32,780 shares in the company, valued at approximately $7,015,247.80. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, Director Philip Bleser sold 2,129 shares of the firm’s stock in a transaction that occurred 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 transaction, the director now directly owns 974 shares of the company’s stock, valued at $213,383.92. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Andrew J. Quigg sold 3,975 shares of the business’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 $850,689.75. Following the completion of the sale, the insider now owns 32,780 shares of the company’s stock, valued at approximately $7,015,247.80. The disclosure for this sale can be found here. Over the last three months, insiders have sold 146,512 shares of company stock worth $33,912,874. 0.34% of the stock is currently owned by company insiders.

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.