Stratos Wealth Partners LTD. Boosts Holdings in The Progressive Co. (NYSE:PGR)

Stratos Wealth Partners LTD. grew its position in shares of The Progressive Co. (NYSE:PGR) by 6.4% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 63,975 shares of the insurance provider’s stock after buying an additional 3,852 shares during the quarter. Stratos Wealth Partners LTD.’s holdings in Progressive were worth $16,235,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the company. Davis Capital Management purchased a new position in Progressive during the third quarter worth about $25,000. WR Wealth Planners LLC boosted its stake in shares of Progressive by 119.6% in the second 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. DiNuzzo Private Wealth Inc. raised its position in Progressive by 114.1% in the third quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after acquiring an additional 73 shares in the last quarter. Indiana Trust & Investment Management CO purchased a new stake in shares of Progressive during the 1st quarter worth $32,000. Finally, Hilltop National Bank lifted its stake in shares of Progressive by 126.0% in the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 92 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently weighed in on PGR. Evercore ISI upped their price target on Progressive from $243.00 to $246.00 and gave the stock an “outperform” rating in a report on Wednesday, August 7th. Bank of America raised their price target on Progressive from $319.00 to $331.00 and gave the company a “buy” rating in a research report on Wednesday. Piper Sandler boosted their price objective on shares of Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a research report on Thursday, August 15th. Barclays began coverage on shares of Progressive in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $367.00 target price for the company. Finally, BMO Capital Markets lowered their price target on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Seven analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Progressive presently has an average rating of “Moderate Buy” and a consensus target price of $268.81.

Insider Buying and Selling at Progressive

In other news, insider Andrew J. Quigg sold 3,975 shares of the firm’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $214.01, for a total value of $850,689.75. Following the transaction, the insider now owns 32,780 shares of the company’s stock, valued at approximately $7,015,247.80. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, insider Andrew J. Quigg sold 3,975 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 $850,689.75. Following the completion of the sale, the insider now directly owns 32,780 shares in the company, valued at approximately $7,015,247.80. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider John Jo Murphy sold 9,512 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $237.50, for a total value of $2,259,100.00. Following the completion of the transaction, the insider now directly owns 45,787 shares in the company, valued at $10,874,412.50. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 144,383 shares of company stock valued at $33,446,453 over the last ninety days. Corporate insiders own 0.34% of the company’s stock.

Progressive Trading Down 0.1 %

NYSE PGR opened at $251.08 on Friday. The company has a 50-day moving average of $248.81 and a 200-day moving average of $224.05. 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 12 month low of $149.14 and a 12 month high of $260.46. The company has a market cap of $147.05 billion, a P/E ratio of 21.50, a P/E/G ratio of 0.70 and a beta of 0.35.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share (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 company had revenue of $17.90 billion during the quarter, compared to analysts’ expectations of $17.54 billion. During the same period in the previous year, the company earned $0.57 EPS. The business’s quarterly revenue was up 21.6% compared to the same quarter last year. As a group, equities analysts predict that The Progressive Co. will post 12.97 earnings per share for the current year.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Thursday, October 3rd were issued a $0.10 dividend. The ex-dividend date was Thursday, October 3rd. This represents a $0.40 annualized dividend and a yield of 0.16%. Progressive’s payout ratio is 3.42%.

About Progressive

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.