Stratos Wealth Advisors LLC Decreases Stock Holdings in The Progressive Co. (NYSE:PGR)

Stratos Wealth Advisors LLC cut its stake in The Progressive Co. (NYSE:PGR) by 0.5% in the third quarter, Holdings Channel.com reports. The firm owned 9,031 shares of the insurance provider’s stock after selling 42 shares during the quarter. Stratos Wealth Advisors LLC’s holdings in Progressive were worth $2,292,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in Progressive by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 51,751,851 shares of the insurance provider’s stock valued at $10,703,318,000 after buying an additional 285,070 shares in the last quarter. Capital International Investors boosted its position in shares of Progressive by 15.7% during the 1st quarter. Capital International Investors now owns 4,925,019 shares of the insurance provider’s stock valued at $1,018,592,000 after acquiring an additional 670,006 shares during the last quarter. Legal & General Group Plc grew its holdings in shares of Progressive by 1.9% in the second quarter. Legal & General Group Plc now owns 4,922,743 shares of the insurance provider’s stock valued at $1,022,507,000 after purchasing an additional 92,212 shares during the period. American Century Companies Inc. increased its position in Progressive by 3.0% during the second quarter. American Century Companies Inc. now owns 2,392,773 shares of the insurance provider’s stock worth $497,003,000 after purchasing an additional 69,709 shares during the last quarter. Finally, TD Asset Management Inc raised its stake in Progressive by 16.8% during the first quarter. TD Asset Management Inc now owns 1,698,526 shares of the insurance provider’s stock worth $351,289,000 after purchasing an additional 244,541 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on PGR. Piper Sandler increased their price target on shares of Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a research note on Thursday, August 15th. Roth Mkm increased their price objective on Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. Bank of America lifted their target price on Progressive from $319.00 to $331.00 and gave the company a “buy” rating in a research report on Wednesday. Evercore ISI increased their price target on Progressive from $243.00 to $246.00 and gave the stock an “outperform” rating in a report on Wednesday, August 7th. Finally, Morgan Stanley raised their price objective on Progressive from $300.00 to $310.00 and gave the stock an “overweight” rating in a research report on Friday. Seven equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Progressive has an average rating of “Moderate Buy” and a consensus price target of $268.81.

Insider Activity at Progressive

In other Progressive news, insider Steven Broz sold 2,982 shares of the stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $260.00, for a total value of $775,320.00. Following the sale, the insider now owns 29,334 shares of the company’s stock, valued at $7,626,840. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related 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 transaction of $549,970.40. Following the completion of the transaction, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Steven Broz sold 2,982 shares of the stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $260.00, for a total value of $775,320.00. Following the completion of the transaction, the insider now directly owns 29,334 shares in the company, valued at $7,626,840. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 144,383 shares of company stock worth $33,446,453. Company insiders own 0.34% of the company’s stock.

Progressive Price Performance

Progressive stock opened at $251.12 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 $149.14 and a 52-week high of $260.46. The firm has a market cap of $147.07 billion, a PE ratio of 21.50, a price-to-earnings-growth ratio of 0.70 and a beta of 0.35. The company’s 50 day moving average is $248.81 and its two-hundred day moving average is $224.14.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Thursday, October 3rd were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.16%. The ex-dividend date was Thursday, October 3rd. Progressive’s payout ratio is currently 3.42%.

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.