The Progressive Corporation $PGR Shares Acquired by Focus Partners Advisor Solutions LLC

Focus Partners Advisor Solutions LLC lifted its holdings in shares of The Progressive Corporation (NYSE:PGR) by 57.6% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 9,473 shares of the insurance provider’s stock after purchasing an additional 3,462 shares during the quarter. Focus Partners Advisor Solutions LLC’s holdings in Progressive were worth $2,157,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in PGR. Westerkirk Capital Inc. acquired a new stake in Progressive in the fourth quarter valued at approximately $2,414,000. BLI Banque de Luxembourg Investments acquired a new stake in Progressive in the fourth quarter valued at approximately $2,990,000. Waddell & Associates LLC raised its holdings in Progressive by 30.9% in the fourth quarter. Waddell & Associates LLC now owns 3,614 shares of the insurance provider’s stock valued at $823,000 after acquiring an additional 853 shares in the last quarter. Cerity Partners LLC raised its holdings in Progressive by 11.1% in the fourth quarter. Cerity Partners LLC now owns 213,865 shares of the insurance provider’s stock valued at $48,701,000 after acquiring an additional 21,307 shares in the last quarter. Finally, 1776 Wealth LLC raised its holdings in Progressive by 3.6% in the fourth quarter. 1776 Wealth LLC now owns 2,381 shares of the insurance provider’s stock valued at $542,000 after acquiring an additional 83 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Stock Performance

Shares of Progressive stock opened at $204.12 on Thursday. The firm has a market capitalization of $119.27 billion, a P/E ratio of 10.38, a P/E/G ratio of 5.80 and a beta of 0.28. The Progressive Corporation has a 52 week low of $189.20 and a 52 week high of $269.84. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.26. The firm’s 50 day moving average is $198.93 and its two-hundred day moving average is $208.26.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, beating the consensus estimate of $4.67 by $0.13. The company had revenue of $22.19 billion for the quarter, compared to analyst estimates of $23.51 billion. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The firm’s revenue was up 6.5% on a year-over-year basis. During the same period in the prior year, the firm posted $4.37 earnings per share. Research analysts forecast that The Progressive Corporation will post 16.35 EPS for the current fiscal year.

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd will be given a dividend of $0.10 per share. The ex-dividend date is Thursday, July 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive’s dividend payout ratio (DPR) is 2.03%.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on PGR shares. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $225.00 target price on shares of Progressive in a report on Monday, February 23rd. Evercore reaffirmed a “negative” rating on shares of Progressive in a report on Wednesday, March 18th. Roth Mkm set a $235.00 target price on shares of Progressive in a report on Thursday, February 19th. Mizuho reduced their target price on shares of Progressive from $235.00 to $223.00 and set a “neutral” rating on the stock in a report on Friday, March 20th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $259.00 target price on shares of Progressive in a report on Monday, March 2nd. Six analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $238.11.

Insider Transactions at Progressive

In other news, insider Steven Broz sold 1,157 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $200.00, for a total transaction of $231,400.00. Following the transaction, the insider directly owned 28,668 shares in the company, valued at approximately $5,733,600. This trade represents a 3.88% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Carl G. Joyce sold 270 shares of the firm’s stock in a transaction that occurred on Friday, March 20th. The stock was sold at an average price of $206.50, for a total transaction of $55,755.00. Following the transaction, the chief accounting officer owned 558 shares in the company, valued at approximately $115,227. This trade represents a 32.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 7,343 shares of company stock worth $1,470,355. Insiders own 0.32% of the company’s stock.

About Progressive

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.