New York Life Investment Management LLC Acquires 924 Shares of The Progressive Co. (NYSE:PGR)

New York Life Investment Management LLC raised its holdings in shares of The Progressive Co. (NYSE:PGR) by 1.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 89,228 shares of the insurance provider’s stock after buying an additional 924 shares during the period. New York Life Investment Management LLC’s holdings in Progressive were worth $18,534,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Sachetta LLC purchased a new stake in shares of Progressive in the 4th quarter worth $25,000. Northwest Bank & Trust Co bought a new position in shares of Progressive in the fourth quarter worth about $25,000. WR Wealth Planners LLC lifted its position in shares of Progressive by 119.6% during the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after buying an additional 67 shares in the last quarter. Indiana Trust & Investment Management CO bought a new position in shares of Progressive during the 1st quarter valued at approximately $32,000. Finally, Hilltop National Bank grew its stake in shares of Progressive by 126.0% during the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after acquiring an additional 92 shares during the period. 85.34% of the stock is currently owned by institutional investors.

Insider Activity at Progressive

In related news, CEO Susan Patricia Griffith sold 43,371 shares of Progressive stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $214.01, for a total transaction 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 approximately $110,665,641.05. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CEO Susan Patricia Griffith sold 43,371 shares of the firm’s 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 $9,281,827.71. Following the completion of the sale, the chief executive officer now directly owns 517,105 shares of the company’s stock, valued at approximately $110,665,641.05. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Mariann Wojtkun Marshall sold 650 shares of the company’s stock in a transaction on Monday, June 17th. The shares were sold at an average price of $208.11, for a total value of $135,271.50. Following the completion of the transaction, the chief accounting officer now directly owns 3,981 shares in the company, valued at approximately $828,485.91. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 147,354 shares of company stock worth $33,502,680. Company insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

PGR has been the topic of several analyst reports. Hsbc Global Res raised shares of Progressive from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. Jefferies Financial Group upped their target price on shares of Progressive from $256.00 to $257.00 and gave the stock a “buy” rating in a report on Wednesday, July 17th. Citigroup decreased their price target on Progressive from $232.00 to $225.00 and set a “neutral” rating on the stock in a report on Wednesday, July 17th. Wells Fargo & Company upped their price objective on Progressive from $262.00 to $281.00 and gave the stock an “overweight” rating in a research note on Thursday, August 15th. Finally, The Goldman Sachs Group upgraded Progressive from a “neutral” rating to a “buy” rating and increased their target price for the stock from $230.00 to $262.00 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. According to MarketBeat.com, Progressive currently has a consensus rating of “Moderate Buy” and a consensus price target of $252.24.

Progressive Price Performance

PGR stock opened at $248.75 on Friday. The Progressive Co. has a 52 week low of $134.34 and a 52 week high of $254.83. The firm has a market capitalization of $145.69 billion, a P/E ratio of 25.46, a price-to-earnings-growth ratio of 0.83 and a beta of 0.35. The company has a fifty day simple moving average of $225.47 and a two-hundred day simple moving average of $212.67. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.30.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Tuesday, July 16th. The insurance provider reported $2.65 EPS for the quarter, beating analysts’ consensus estimates of $2.04 by $0.61. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The firm had revenue of $17.90 billion during the quarter, compared to the consensus estimate of $17.54 billion. During the same quarter last year, the firm earned $0.57 EPS. The firm’s revenue for the quarter was up 21.6% compared to the same quarter last year. Analysts anticipate that The Progressive Co. will post 12.2 earnings per share for the current fiscal year.

Progressive Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Thursday, October 3rd will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.16%. The ex-dividend date of this dividend is Thursday, October 3rd. Progressive’s dividend payout ratio is currently 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.