Coldstream Capital Management Inc. Raises Holdings in The Progressive Co. (NYSE:PGR)

Coldstream Capital Management Inc. boosted its holdings in shares of The Progressive Co. (NYSE:PGR) by 9.6% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 10,908 shares of the insurance provider’s stock after acquiring an additional 951 shares during the quarter. Coldstream Capital Management Inc.’s holdings in Progressive were worth $2,775,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of PGR. Davis Capital Management purchased a new position in Progressive in the third quarter worth $25,000. WR Wealth Planners LLC grew its holdings in Progressive by 119.6% in the second 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 last quarter. DiNuzzo Private Wealth Inc. grew its holdings in Progressive by 114.1% in the third quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after purchasing an additional 73 shares during the last quarter. Kimelman & Baird LLC acquired a new stake in shares of Progressive during the second quarter worth $36,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Progressive during the third quarter worth $49,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Stock Down 0.2 %

PGR opened at $247.30 on Wednesday. The Progressive Co. has a twelve month low of $149.14 and a twelve month high of $270.62. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.25. The company has a 50-day moving average price of $254.52 and a 200 day moving average price of $235.83. The company has a market cap of $144.87 billion, a PE ratio of 17.97, a price-to-earnings-growth ratio of 0.70 and a beta of 0.38.

Progressive (NYSE:PGR) last released its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, topping the consensus estimate of $3.40 by $0.18. Progressive had a net margin of 11.27% and a return on equity of 33.10%. The firm had revenue of $19.43 billion during the quarter, compared to the consensus estimate of $18.95 billion. Sell-side analysts expect that The Progressive Co. will post 13.2 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 16th. Shareholders of record on Thursday, January 9th will be issued a $0.10 dividend. The ex-dividend date is Thursday, January 9th. This represents a $0.40 dividend on an annualized basis and a yield of 0.16%. Progressive’s payout ratio is 2.91%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on PGR. Piper Sandler lifted their price objective on shares of Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a research note on Thursday, August 15th. JPMorgan Chase & Co. lifted their price objective on shares of Progressive from $242.00 to $251.00 and gave the stock an “overweight” rating in a research note on Thursday, October 10th. HSBC downgraded shares of Progressive from a “buy” rating to a “hold” rating and set a $267.00 price objective for the company. in a research note on Tuesday. Bank of America lifted their price objective on shares of Progressive from $331.00 to $335.00 and gave the stock a “buy” rating in a research note on Monday, November 18th. Finally, Morgan Stanley lifted their price objective on shares of Progressive from $300.00 to $310.00 and gave the stock an “overweight” rating in a research note on Friday, October 18th. Six analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $270.69.

Insider Buying and Selling at Progressive

In other news, insider Steven Broz sold 2,982 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $260.00, for a total transaction of $775,320.00. Following the completion of the sale, the insider now owns 29,334 shares in the company, valued at $7,626,840. This trade represents a 9.23 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO John P. Sauerland sold 10,000 shares of the stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $268.09, for a total transaction of $2,680,900.00. Following the transaction, the chief financial officer now directly owns 292,958 shares of the company’s stock, valued at $78,539,110.22. The trade was a 3.30 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 25,839 shares of company stock worth $6,718,965. Insiders own 0.34% of the company’s stock.

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.