Toroso Investments LLC Grows Stock Position in The Progressive Co. (NYSE:PGR)

Toroso Investments LLC raised its stake in shares of The Progressive Co. (NYSE:PGR) by 422.7% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 17,186 shares of the insurance provider’s stock after acquiring an additional 13,898 shares during the period. Toroso Investments LLC’s holdings in The Progressive were worth $1,688,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Hexagon Capital Partners LLC raised its stake in shares of The Progressive by 57.6% during the 1st quarter. Hexagon Capital Partners LLC now owns 279 shares of the insurance provider’s stock valued at $26,000 after buying an additional 102 shares during the last quarter. Concord Wealth Partners purchased a new position in shares of The Progressive during the 1st quarter valued at about $27,000. Liberty Wealth Management LLC raised its stake in shares of The Progressive by 9,732.1% during the 2nd quarter. Liberty Wealth Management LLC now owns 2,753 shares of the insurance provider’s stock valued at $28,000 after buying an additional 2,725 shares during the last quarter. Strategic Blueprint LLC purchased a new position in shares of The Progressive in the 2nd quarter valued at about $34,000. Finally, Eudaimonia Partners LLC increased its stake in shares of The Progressive by 35.7% in the 1st quarter. Eudaimonia Partners LLC now owns 369 shares of the insurance provider’s stock valued at $35,000 after purchasing an additional 97 shares in the last quarter. Institutional investors and hedge funds own 82.14% of the company’s stock.

In related news, insider Lori A. Niederst sold 9,126 shares of the stock in a transaction dated Monday, July 19th. The stock was sold at an average price of $95.29, for a total value of $869,616.54. Following the completion of the transaction, the insider now owns 18,085 shares of the company’s stock, valued at $1,723,319.65. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Susan Patricia Griffith sold 45,000 shares of the stock in a transaction dated Friday, September 17th. The shares were sold at an average price of $92.60, for a total value of $4,167,000.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 89,063 shares of company stock worth $8,373,977. 0.37% of the stock is owned by company insiders.

Several equities research analysts recently issued reports on PGR shares. Wolfe Research began coverage on The Progressive in a report on Monday, August 16th. They issued an “underperform” rating and a $85.00 price objective on the stock. Bank of America lowered their target price on The Progressive from $127.00 to $123.00 and set a “buy” rating on the stock in a report on Thursday, June 17th. lowered their target price on The Progressive from $97.00 to $95.00 and set a “neutral” rating on the stock in a report on Monday, June 21st. Wells Fargo & Company restated a “sell” rating on shares of The Progressive in a report on Thursday, June 17th. Finally, Evercore ISI decreased their price objective on The Progressive from $93.00 to $90.00 and set an “in-line” rating on the stock in a report on Tuesday, August 17th. Six research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $95.21.

Shares of The Progressive stock opened at $90.82 on Thursday. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.30. The company has a 50-day moving average of $94.04 and a two-hundred day moving average of $96.70. The Progressive Co. has a 12-month low of $84.89 and a 12-month high of $107.58. The stock has a market cap of $53.14 billion, a PE ratio of 9.78, a price-to-earnings-growth ratio of 3.51 and a beta of 0.46.

The Progressive (NYSE:PGR) last announced its earnings results on Tuesday, August 3rd. The insurance provider reported $0.72 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.08 by ($0.36). The Progressive had a return on equity of 23.52% and a net margin of 12.00%. On average, sell-side analysts forecast that The Progressive Co. will post 4.42 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, October 15th. Shareholders of record on Thursday, October 7th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Wednesday, October 6th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.44%. The Progressive’s dividend payout ratio (DPR) is presently 5.35%.

The Progressive Company Profile

Progressive Corp. is an insurance holding company, which engages in the provision of personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services. It operates through the following segments: Personal Lines, Commercial Lines and Property.

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Institutional Ownership by Quarter for The Progressive (NYSE:PGR)

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