The Progressive Co. (NYSE:PGR) Shares Sold by Bamco Inc. NY

Bamco Inc. NY cut its stake in The Progressive Co. (NYSE:PGR) by 4.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 12,400 shares of the insurance provider’s stock after selling 600 shares during the quarter. Bamco Inc. NY’s holdings in Progressive were worth $2,565,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Indiana Trust & Investment Management CO purchased a new position in Progressive during the 1st quarter valued at about $32,000. Sachetta LLC acquired a new position in Progressive during the fourth quarter worth approximately $25,000. Northwest Bank & Trust Co acquired a new position in Progressive during the fourth quarter worth approximately $25,000. Register Financial Advisors LLC acquired a new position in shares of Progressive in the first quarter valued at approximately $35,000. Finally, RiverPark Advisors LLC acquired a new position in shares of Progressive in the first quarter valued at approximately $38,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Progressive

In other news, Director Philip Bleser sold 2,129 shares of the firm’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $219.08, for a total value of $466,421.32. Following the completion of the sale, the director now directly owns 974 shares of the company’s stock, valued at approximately $213,383.92. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Progressive news, Director Philip Bleser sold 2,129 shares of Progressive 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 owns 974 shares of the company’s stock, valued at $213,383.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Steven Broz sold 7,361 shares of the business’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $207.25, for a total transaction of $1,525,567.25. Following the completion of the transaction, the insider now directly owns 35,503 shares in the company, valued at approximately $7,357,996.75. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 108,168 shares of company stock valued at $22,937,984. Insiders own 0.34% of the company’s stock.

Progressive Trading Down 0.4 %

PGR stock traded down $0.91 during midday trading on Monday, hitting $214.77. The stock had a trading volume of 585,201 shares, compared to its average volume of 2,582,289. The business has a fifty day moving average price of $210.37 and a two-hundred day moving average price of $201.48. The Progressive Co. has a 1-year low of $124.06 and a 1-year high of $229.00. The firm has a market cap of $125.79 billion, a P/E ratio of 22.08, a price-to-earnings-growth ratio of 0.75 and a beta of 0.35. The company has a current ratio of 0.33, a quick ratio of 0.32 and a debt-to-equity ratio of 0.30.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share (EPS) for the quarter, topping 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 net margin of 10.17% and a return on equity of 33.01%. The firm’s quarterly revenue was up 21.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.57 EPS. On average, sell-side analysts predict that The Progressive Co. will post 12.02 earnings per share for the current fiscal year.

Progressive Dividend Announcement

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

Wall Street Analysts Forecast Growth

PGR has been the topic of a number of analyst reports. Bank of America lifted their price target on Progressive from $276.00 to $293.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. Piper Sandler reaffirmed an “overweight” rating and issued a $240.00 target price on shares of Progressive in a research report on Monday, April 1st. Wells Fargo & Company increased their price target on Progressive from $243.00 to $254.00 and gave the company an “overweight” rating in a report on Monday, June 17th. Citigroup reduced their target price on Progressive from $232.00 to $225.00 and set a “neutral” rating on the stock in a report on Wednesday, July 17th. Finally, Morgan Stanley reduced their target price on Progressive from $256.00 to $255.00 and set an “overweight” rating on the stock in a report on Monday, June 10th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $222.94.

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.