The Progressive Co. (NYSE:PGR) Shares Acquired by Procyon Advisors LLC

Procyon Advisors LLC boosted its stake in The Progressive Co. (NYSE:PGR) by 14.4% in the 4th quarter, Holdings Channel reports. The firm owned 6,388 shares of the insurance provider’s stock after buying an additional 803 shares during the quarter. Procyon Advisors LLC’s holdings in Progressive were worth $1,017,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Markel Corp lifted its position in shares of Progressive by 4.1% during the first quarter. Markel Corp now owns 750,750 shares of the insurance provider’s stock worth $85,578,000 after purchasing an additional 29,750 shares during the last quarter. Roundview Capital LLC raised its stake in Progressive by 0.8% during the first quarter. Roundview Capital LLC now owns 49,086 shares of the insurance provider’s stock worth $5,595,000 after acquiring an additional 381 shares during the period. Cibc World Market Inc. raised its stake in Progressive by 3.9% during the first quarter. Cibc World Market Inc. now owns 6,693 shares of the insurance provider’s stock worth $763,000 after acquiring an additional 254 shares during the period. Moors & Cabot Inc. increased its stake in shares of Progressive by 8.0% in the first quarter. Moors & Cabot Inc. now owns 3,081 shares of the insurance provider’s stock valued at $351,000 after purchasing an additional 228 shares during the period. Finally, Sequoia Financial Advisors LLC increased its stake in shares of Progressive by 103.5% in the first quarter. Sequoia Financial Advisors LLC now owns 7,022 shares of the insurance provider’s stock valued at $800,000 after purchasing an additional 3,571 shares during the period. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Price Performance

NYSE:PGR traded up $1.45 on Thursday, reaching $207.60. The stock had a trading volume of 216,119 shares, compared to its average volume of 2,457,925. The company has a market capitalization of $121.59 billion, a P/E ratio of 31.33, a price-to-earnings-growth ratio of 0.93 and a beta of 0.34. The Progressive Co. has a 1-year low of $111.41 and a 1-year high of $208.19. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.35. The stock has a fifty day moving average price of $188.82 and a 200-day moving average price of $167.00.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, January 24th. The insurance provider reported $2.96 EPS for the quarter, beating analysts’ consensus estimates of $2.43 by $0.53. The firm had revenue of $16.89 billion for the quarter, compared to analyst estimates of $16.10 billion. Progressive had a net margin of 6.28% and a return on equity of 21.25%. During the same period in the previous year, the business earned $1.52 earnings per share. Research analysts forecast that The Progressive Co. will post 9.82 EPS for the current year.

Progressive Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 12th. Shareholders of record on Thursday, April 4th will be paid 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 is Wednesday, April 3rd. Progressive’s dividend payout ratio is presently 12.92%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. Raymond James lowered shares of Progressive from an “outperform” rating to a “market perform” rating in a research note on Tuesday, December 12th. Piper Sandler raised their target price on shares of Progressive from $188.00 to $207.00 and gave the stock an “overweight” rating in a report on Thursday, January 25th. Keefe, Bruyette & Woods raised their price objective on shares of Progressive from $185.00 to $190.00 and gave the stock a “market perform” rating in a research note on Monday, March 18th. Morgan Stanley raised shares of Progressive from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $185.00 to $227.00 in a research note on Wednesday, March 6th. Finally, TD Cowen assumed coverage on shares of Progressive in a research note on Wednesday, January 10th. They issued a “market perform” rating and a $174.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Progressive presently has an average rating of “Hold” and an average target price of $184.50.

Insiders Place Their Bets

In other Progressive news, CEO Susan Patricia Griffith sold 13,110 shares of the business’s stock in a transaction dated Wednesday, January 3rd. The shares were sold at an average price of $162.26, for a total value of $2,127,228.60. Following the completion of the transaction, the chief executive officer now directly owns 465,737 shares of the company’s stock, valued at $75,570,485.62. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, insider Patrick K. Callahan sold 29,675 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $190.26, for a total transaction of $5,645,965.50. Following the completion of the sale, the insider now directly owns 15,189 shares of the company’s stock, valued at $2,889,859.14. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Susan Patricia Griffith sold 13,110 shares of the business’s stock in a transaction that occurred on Wednesday, January 3rd. The stock was sold at an average price of $162.26, for a total transaction of $2,127,228.60. Following the sale, the chief executive officer now directly owns 465,737 shares of the company’s stock, valued at $75,570,485.62. The disclosure for this sale can be found here. Over the last three months, insiders sold 58,949 shares of company stock valued at $10,671,740. Insiders own 0.34% of the company’s stock.

Progressive Company 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.