Arkfeld Wealth Strategies L.L.C. Takes Position in The Progressive Co. (NYSE:PGR)

Arkfeld Wealth Strategies L.L.C. bought a new stake in The Progressive Co. (NYSE:PGR) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 1,001 shares of the insurance provider’s stock, valued at approximately $206,000.

A number of other institutional investors also recently modified their holdings of the company. Balentine LLC raised its position in shares of Progressive by 0.3% during the 4th quarter. Balentine LLC now owns 22,162 shares of the insurance provider’s stock valued at $3,530,000 after acquiring an additional 58 shares during the last quarter. Compass Ion Advisors LLC raised its position in shares of Progressive by 0.8% during the 4th quarter. Compass Ion Advisors LLC now owns 7,443 shares of the insurance provider’s stock valued at $1,186,000 after acquiring an additional 59 shares during the last quarter. Cary Street Partners Investment Advisory LLC raised its position in shares of Progressive by 10.2% during the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 670 shares of the insurance provider’s stock valued at $93,000 after acquiring an additional 62 shares during the last quarter. Independent Advisor Alliance raised its position in shares of Progressive by 1.9% during the 4th quarter. Independent Advisor Alliance now owns 3,438 shares of the insurance provider’s stock valued at $548,000 after acquiring an additional 64 shares during the last quarter. Finally, Winslow Asset Management Inc. raised its position in shares of Progressive by 0.8% during the 4th quarter. Winslow Asset Management Inc. now owns 8,579 shares of the insurance provider’s stock valued at $1,366,000 after acquiring an additional 67 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on PGR. Morgan Stanley decreased their price target on shares of Progressive from $256.00 to $255.00 and set an “overweight” rating for the company in a report on Monday, June 10th. Citigroup boosted their price target on shares of Progressive from $230.00 to $232.00 and gave the company a “neutral” rating in a report on Monday, June 17th. Wells Fargo & Company boosted their price target on shares of Progressive from $243.00 to $254.00 and gave the company an “overweight” rating in a report on Monday, June 17th. Keefe, Bruyette & Woods upped their target price on shares of Progressive from $190.00 to $200.00 and gave the stock a “market perform” rating in a research note on Wednesday, April 10th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $240.00 target price on shares of Progressive in a research note on Monday, April 1st. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $216.81.

Insider Activity

In other news, insider Steven Broz sold 7,361 shares of Progressive stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $207.25, for a total value of $1,525,567.25. Following the completion of the sale, the insider now directly owns 35,503 shares in the company, valued at $7,357,996.75. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, insider Steven Broz sold 7,361 shares of Progressive stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $207.25, for a total value of $1,525,567.25. Following the transaction, the insider now directly owns 35,503 shares of the company’s stock, valued at $7,357,996.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO John P. Sauerland sold 12,457 shares of Progressive stock in a transaction that occurred on Wednesday, May 29th. The shares were sold at an average price of $204.43, for a total transaction of $2,546,584.51. Following the completion of the transaction, the chief financial officer now directly owns 312,958 shares in the company, valued at $63,978,003.94. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 24,518 shares of company stock worth $5,055,674. Corporate insiders own 0.34% of the company’s stock.

Progressive Stock Performance

Shares of PGR stock traded down $0.09 on Wednesday, reaching $208.19. The stock had a trading volume of 2,588,507 shares, compared to its average volume of 2,583,778. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 0.32. The firm’s 50-day moving average is $209.62 and its two-hundred day moving average is $192.86. The firm has a market capitalization of $121.94 billion, a price-to-earnings ratio of 21.31, a P/E/G ratio of 0.80 and a beta of 0.35. The Progressive Co. has a 12 month low of $111.41 and a 12 month high of $217.77.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Friday, April 12th. The insurance provider reported $3.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.20 by $0.74. The firm had revenue of $18.96 billion during the quarter, compared to the consensus estimate of $16.88 billion. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The business’s revenue for the quarter was up 17.7% compared to the same quarter last year. During the same period last year, the business posted $0.65 earnings per share. On average, research analysts expect that The Progressive Co. will post 11.34 EPS for the current fiscal year.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Wednesday, July 3rd will be given a $0.10 dividend. The ex-dividend date is Wednesday, July 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.19%. Progressive’s payout ratio is 4.09%.

About Progressive

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.