The Progressive Co. (NYSE:PGR) Shares Acquired by Gateway Investment Advisers LLC

Gateway Investment Advisers LLC raised its position in shares of The Progressive Co. (NYSE:PGR) by 33.6% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,407 shares of the insurance provider’s stock after acquiring an additional 605 shares during the quarter. Gateway Investment Advisers LLC’s holdings in Progressive were worth $611,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PGR. Northwest Bank & Trust Co purchased a new stake in Progressive in the fourth quarter valued at approximately $25,000. Davis Capital Management acquired a new position in shares of Progressive in the third quarter worth $25,000. WR Wealth Planners LLC increased its holdings in Progressive by 119.6% during the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after purchasing an additional 67 shares during the period. Indiana Trust & Investment Management CO acquired a new stake in Progressive in the 1st quarter valued at about $32,000. Finally, Hilltop National Bank increased its position in shares of Progressive by 126.0% in 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 last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Bank of America increased their price target on shares of Progressive from $309.00 to $319.00 and gave the stock a “buy” rating in a research note on Thursday. Barclays initiated coverage on Progressive in a research note on Wednesday, September 4th. They issued an “equal weight” rating and a $367.00 price objective for the company. Roth Mkm increased their price objective on Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a research note on Monday, September 16th. Morgan Stanley lifted their price target on shares of Progressive from $260.00 to $300.00 and gave the stock an “overweight” rating in a report on Monday, September 16th. Finally, HSBC raised shares of 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. Six investment 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 data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $260.53.

Progressive Trading Up 0.9 %

Shares of Progressive stock opened at $254.09 on Monday. The Progressive Co. has a 52-week low of $142.87 and a 52-week high of $260.46. 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 firm has a market capitalization of $148.82 billion, a PE ratio of 26.01, a price-to-earnings-growth ratio of 0.69 and a beta of 0.35. The company’s fifty day moving average price is $245.20 and its two-hundred day moving average price is $222.71.

Progressive (NYSE:PGR) last released its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.04 by $0.61. The firm had revenue of $17.90 billion during the quarter, compared to analyst estimates of $17.54 billion. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The business’s revenue for the quarter was up 21.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.57 earnings per share. On average, analysts expect that The Progressive Co. will post 13.07 EPS for the current year.

Progressive Dividend Announcement

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

Insider Transactions at Progressive

In other Progressive news, Director Dyke Kahina Van sold 2,180 shares of the company’s stock in a transaction on Friday, September 27th. The shares were sold at an average price of $252.28, for a total transaction of $549,970.40. Following the completion of the sale, the director now owns 13,723 shares in the company, valued at approximately $3,462,038.44. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, Director Dyke Kahina Van sold 2,180 shares of the business’s stock in a transaction on Friday, September 27th. The shares were sold at an average price of $252.28, for a total value of $549,970.40. Following the completion of the transaction, the director now owns 13,723 shares of the company’s stock, valued at $3,462,038.44. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Susan Patricia Griffith sold 43,371 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at approximately $110,665,641.05. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 146,512 shares of company stock worth $33,912,874 over the last 90 days. 0.34% of the stock is owned by 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.