Albion Financial Group UT Takes $274,000 Position in The Progressive Co. (NYSE:PGR)

Albion Financial Group UT acquired a new position in shares of The Progressive Co. (NYSE:PGR) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 1,080 shares of the insurance provider’s stock, valued at approximately $274,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in PGR. SG Americas Securities LLC grew its holdings in shares of Progressive by 4,545.0% during the first quarter. SG Americas Securities LLC now owns 705,243 shares of the insurance provider’s stock worth $145,858,000 after purchasing an additional 690,060 shares during the last quarter. Canada Pension Plan Investment Board raised its stake in shares of Progressive by 548.2% during the first quarter. Canada Pension Plan Investment Board now owns 811,653 shares of the insurance provider’s stock valued at $167,866,000 after acquiring an additional 686,433 shares during the last quarter. Capital International Investors grew its stake in shares of Progressive by 15.7% in the first quarter. Capital International Investors now owns 4,925,019 shares of the insurance provider’s stock worth $1,018,592,000 after purchasing an additional 670,006 shares during the last quarter. Swedbank AB acquired a new stake in Progressive in the first quarter valued at $116,852,000. Finally, Skandinaviska Enskilda Banken AB publ raised its position in Progressive by 457.2% during the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 651,707 shares of the insurance provider’s stock worth $135,366,000 after purchasing an additional 534,754 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

Insider Buying and Selling

In other 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 value of $9,281,827.71. Following the completion of the transaction, the chief executive officer now owns 517,105 shares in the company, valued at $110,665,641.05. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Progressive news, Director Dyke Kahina Van sold 2,180 shares of the firm’s stock in a transaction on Friday, September 27th. The shares were sold at an average price of $252.28, for a total value of $549,970.40. Following the completion of the transaction, the director now directly owns 13,723 shares of the company’s stock, valued at $3,462,038.44. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Susan Patricia Griffith sold 43,371 shares of the stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total value of $9,281,827.71. Following the completion of the sale, the chief executive officer now owns 517,105 shares in the company, valued at $110,665,641.05. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 146,512 shares of company stock valued at $33,912,874. 0.34% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

PGR has been the topic of a number of recent analyst reports. Citigroup cut their price objective on Progressive from $232.00 to $225.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 17th. The Goldman Sachs Group boosted their price target on shares of Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Evercore ISI increased their price objective on shares of Progressive from $243.00 to $246.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 7th. Piper Sandler boosted their target price on shares of Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a report on Thursday, August 15th. Finally, Roth Mkm upped their price target on shares of Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a research report on Monday, September 16th. Six research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $260.53.

Progressive Price Performance

PGR opened at $251.72 on Friday. The firm’s fifty day moving average price is $244.46 and its two-hundred day moving average price is $222.14. The company has a market capitalization of $147.42 billion, a price-to-earnings ratio of 21.55, a P/E/G ratio of 0.69 and a beta of 0.35. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.31 and a quick ratio of 0.31. The Progressive Co. has a 1 year low of $142.07 and a 1 year 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. 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 analyst estimates of $17.54 billion. During the same quarter last year, the business posted $0.57 EPS. The company’s revenue for the quarter was up 21.6% on a year-over-year basis. As a group, analysts anticipate that The Progressive Co. will post 13.07 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Thursday, October 3rd will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.16%. The ex-dividend date of this dividend is Thursday, October 3rd. Progressive’s dividend payout ratio is 3.42%.

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.