Advisor OS LLC Increases Holdings in The Progressive Co. (NYSE:PGR)

Advisor OS LLC increased its holdings in shares of The Progressive Co. (NYSE:PGR) by 21.6% in the 2nd quarter, HoldingsChannel reports. The firm owned 6,541 shares of the insurance provider’s stock after acquiring an additional 1,163 shares during the quarter. Advisor OS LLC’s holdings in Progressive were worth $1,359,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also modified their holdings of the company. Norges Bank purchased a new stake in Progressive in the 4th quarter worth $1,078,831,000. 1832 Asset Management L.P. boosted its stake in Progressive by 237.8% during the 4th quarter. 1832 Asset Management L.P. now owns 1,485,750 shares of the insurance provider’s stock worth $236,650,000 after purchasing an additional 1,045,883 shares during the last quarter. Confluence Investment Management LLC acquired a new stake in Progressive during the 1st quarter worth $188,642,000. SG Americas Securities LLC boosted its position in shares of Progressive by 4,545.0% during the 1st quarter. SG Americas Securities LLC now owns 705,243 shares of the insurance provider’s stock valued at $145,858,000 after acquiring an additional 690,060 shares during the last quarter. Finally, Canada Pension Plan Investment Board boosted its position in shares of Progressive by 548.2% during the first quarter. Canada Pension Plan Investment Board now owns 811,653 shares of the insurance provider’s stock worth $167,866,000 after buying an additional 686,433 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Buying and Selling

In other Progressive news, CEO Susan Patricia Griffith sold 43,371 shares of Progressive 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 sale, 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CAO Mariann Wojtkun Marshall sold 650 shares of the business’s stock in a transaction on Monday, June 17th. The shares were sold at an average price of $208.11, for a total transaction of $135,271.50. Following the transaction, the chief accounting officer now owns 3,981 shares of the company’s stock, valued at $828,485.91. The sale was disclosed in a legal 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 on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total transaction of $9,281,827.71. Following the transaction, the chief executive officer now directly owns 517,105 shares in the company, valued at approximately $110,665,641.05. The disclosure for this sale can be found here. Over the last three months, insiders sold 147,354 shares of company stock worth $33,502,680. 0.34% of the stock is owned by company insiders.

Analyst Ratings Changes

PGR has been the subject of several recent analyst reports. Roth Mkm boosted their target price on Progressive from $235.00 to $270.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. BMO Capital Markets dropped their price target on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. JPMorgan Chase & Co. upped their target price on shares of Progressive from $210.00 to $239.00 and gave the stock an “overweight” rating in a research report on Thursday, July 11th. Jefferies Financial Group increased their price target on shares of Progressive from $256.00 to $257.00 and gave the company a “buy” rating in a research report on Wednesday, July 17th. Finally, Barclays assumed coverage on shares of Progressive in a research report on Wednesday. They issued an “equal weight” rating and a $367.00 price target on the stock. Six equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Progressive presently has an average rating of “Moderate Buy” and a consensus target price of $252.24.

Progressive Trading Down 0.3 %

Shares of NYSE:PGR opened at $248.75 on Friday. The Progressive Co. has a fifty-two week low of $134.34 and a fifty-two week high of $254.83. The company has a market cap of $145.69 billion, a PE ratio of 25.46, a P/E/G ratio of 0.83 and a beta of 0.35. The company’s 50-day moving average price is $225.47 and its 200 day moving average price is $212.67. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.30.

Progressive (NYSE:PGR) last released its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share for the quarter, topping the consensus estimate of $2.04 by $0.61. The business had revenue of $17.90 billion for 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 last year, the firm posted $0.57 earnings per share. Sell-side analysts anticipate that The Progressive Co. will post 12.2 earnings per share for the current year.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Thursday, October 3rd will be issued 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 of this dividend is Thursday, October 3rd. Progressive’s dividend payout ratio is currently 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.