Smith Salley Wealth Management Purchases 149 Shares of The Progressive Co. (NYSE:PGR)

Smith Salley Wealth Management raised its holdings in shares of The Progressive Co. (NYSE:PGR) by 2.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,423 shares of the insurance provider’s stock after acquiring an additional 149 shares during the period. Smith Salley Wealth Management’s holdings in Progressive were worth $1,630,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Aviance Capital Partners LLC purchased a new position in Progressive in the 1st quarter worth $3,628,000. Concurrent Investment Advisors LLC increased its holdings in shares of Progressive by 66.4% in the first quarter. Concurrent Investment Advisors LLC now owns 6,814 shares of the insurance provider’s stock worth $1,409,000 after buying an additional 2,719 shares during the period. Diversified Trust Co lifted its stake in shares of Progressive by 84.3% in the 3rd quarter. Diversified Trust Co now owns 25,738 shares of the insurance provider’s stock valued at $6,531,000 after acquiring an additional 11,770 shares during the last quarter. Councilmark Asset Management LLC purchased a new stake in Progressive during the 1st quarter valued at about $1,890,000. Finally, Sycomore Asset Management grew its position in Progressive by 9.5% during the 2nd quarter. Sycomore Asset Management now owns 28,128 shares of the insurance provider’s stock worth $5,856,000 after acquiring an additional 2,450 shares during the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Trading Down 1.3 %

NYSE:PGR opened at $243.78 on Friday. The firm has a market capitalization of $142.77 billion, a P/E ratio of 17.72, a PEG ratio of 0.68 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 one year low of $149.14 and a one year high of $260.46. The company’s 50-day simple moving average is $250.50 and its 200 day simple moving average is $225.48.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Thursday, October 3rd were given a $0.10 dividend. The ex-dividend date of this dividend was Thursday, October 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.16%. Progressive’s dividend payout ratio is currently 2.91%.

Insider Buying and Selling

In other Progressive news, CEO Susan Patricia Griffith sold 43,370 shares of Progressive stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the completion of the transaction, the chief executive officer now owns 473,735 shares in the company, valued at approximately $119,475,967. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Susan Patricia Griffith sold 43,370 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the sale, the chief executive officer now directly owns 473,735 shares of the company’s stock, valued at approximately $119,475,967. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Dyke Kahina Van sold 2,180 shares of Progressive stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $252.28, for a total transaction 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 74,843 shares of company stock worth $18,674,912 in the last 90 days. Insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

PGR has been the subject of a number of analyst reports. HSBC raised Progressive from a “hold” rating to a “buy” rating and set a $253.00 price objective for the company in a research note on Monday, August 12th. Hsbc Global Res raised shares of Progressive from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. StockNews.com upgraded shares of Progressive from a “hold” rating to a “buy” rating in a research report on Thursday. Morgan Stanley increased their target price on shares of Progressive from $300.00 to $310.00 and gave the stock an “overweight” rating in a report on Friday, October 18th. Finally, Piper Sandler upped their price target on Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a research report on Thursday, August 15th. Six research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Progressive currently has a consensus rating of “Moderate Buy” and an average price target of $263.19.

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.