Terra Nova Asset Management LLC Makes New Investment in The Progressive Co. (NYSE:PGR)

Terra Nova Asset Management LLC bought a new stake in The Progressive Co. (NYSE:PGR) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 7,790 shares of the insurance provider’s stock, valued at approximately $1,977,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Davis Capital Management purchased a new stake in Progressive in the third quarter valued at $25,000. WR Wealth Planners LLC increased its holdings in Progressive by 119.6% during the 2nd 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 period. Indiana Trust & Investment Management CO purchased a new stake in Progressive during the 1st quarter worth about $32,000. Hilltop National Bank increased its holdings in Progressive by 126.0% during the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 92 shares during the period. Finally, Register Financial Advisors LLC purchased a new stake in Progressive during the 1st quarter worth about $35,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insider Transactions at Progressive

In other news, insider Andrew J. Quigg sold 3,975 shares of the stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total transaction of $850,689.75. Following the completion of the transaction, the insider now directly owns 32,780 shares of the company’s stock, valued at approximately $7,015,247.80. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, insider Andrew J. Quigg sold 3,975 shares of the stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total transaction of $850,689.75. Following the completion of the transaction, the insider now directly owns 32,780 shares of the company’s stock, valued at approximately $7,015,247.80. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Susan Patricia Griffith sold 43,371 shares of the firm’s 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 transaction, the chief executive officer now directly owns 517,105 shares of the company’s stock, valued at $110,665,641.05. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 144,383 shares of company stock valued at $33,446,453. Corporate insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

PGR has been the topic of several recent research reports. Morgan Stanley upped their price target on Progressive from $260.00 to $300.00 and gave the stock an “overweight” rating in a report on Monday, September 16th. Evercore ISI upped their price objective on Progressive from $243.00 to $246.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 7th. BMO Capital Markets lowered their price objective on Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Citigroup lowered their price objective on Progressive from $232.00 to $225.00 and set a “neutral” rating for the company in a research report on Wednesday, July 17th. Finally, Piper Sandler upped their price objective on Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a research report on Thursday, August 15th. Six investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $262.12.

Progressive Stock Performance

PGR traded up $0.76 on Wednesday, hitting $252.36. 335,714 shares of the company traded hands, compared to its average volume of 2,486,644. The company has a 50 day moving average of $246.77 and a 200-day moving average of $223.34. 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 stock has a market capitalization of $147.81 billion, a PE ratio of 25.92, a PEG ratio of 0.69 and a beta of 0.35. The Progressive Co. has a 12-month low of $149.14 and a 12-month high of $260.46.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 EPS for the quarter, beating the consensus estimate of $2.04 by $0.61. The firm had revenue of $17.90 billion during the quarter, compared to the consensus estimate of $17.54 billion. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The firm’s revenue was up 21.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.57 EPS. Sell-side analysts anticipate that The Progressive Co. will post 13.07 earnings per share for the current year.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Thursday, October 3rd were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.16%. The ex-dividend date was Thursday, October 3rd. Progressive’s dividend payout ratio (DPR) is 4.09%.

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.