Allworth Financial LP Purchases 1,382 Shares of The Progressive Co. (NYSE:PGR)

Posted by Defense World Staff on Jul 1st, 2023

Allworth Financial LP increased its position in The Progressive Co. (NYSE:PGR – Free Report) by 29.9% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 6,005 shares of the insurance provider’s stock after buying an additional 1,382 shares during the period. Allworth Financial LP’s holdings in Progressive were worth $859,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Commerce Bank boosted its holdings in Progressive by 1.9% in the 4th quarter. Commerce Bank now owns 41,781 shares of the insurance provider’s stock worth $5,419,000 after buying an additional 767 shares during the period. Kentucky Retirement Systems boosted its holdings in Progressive by 5.5% in the 3rd quarter. Kentucky Retirement Systems now owns 45,786 shares of the insurance provider’s stock worth $5,321,000 after buying an additional 2,377 shares during the period. Summit Trail Advisors LLC boosted its holdings in Progressive by 19.8% in the 4th quarter. Summit Trail Advisors LLC now owns 2,141 shares of the insurance provider’s stock worth $278,000 after buying an additional 354 shares during the period. HighTower Advisors LLC lifted its stake in Progressive by 14.5% in the 4th quarter. HighTower Advisors LLC now owns 82,242 shares of the insurance provider’s stock worth $10,689,000 after purchasing an additional 10,427 shares in the last quarter. Finally, Ieq Capital LLC lifted its stake in Progressive by 7.1% in the 4th quarter. Ieq Capital LLC now owns 25,308 shares of the insurance provider’s stock worth $3,283,000 after purchasing an additional 1,688 shares in the last quarter. Institutional investors own 83.72% of the company’s stock.

Progressive Stock Performance

Progressive stock opened at $132.37 on Friday. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.37 and a quick ratio of 0.37. The Progressive Co. has a 1-year low of $109.42 and a 1-year high of $149.87. The firm has a market capitalization of $77.48 billion, a P/E ratio of 93.88, a price-to-earnings-growth ratio of 1.01 and a beta of 0.50. The company’s 50-day moving average is $131.52 and its 200 day moving average is $135.22.

Progressive (NYSE:PGR – Free Report) last issued its earnings results on Thursday, April 13th. The insurance provider reported $0.65 EPS for the quarter, missing analysts’ consensus estimates of $1.44 by ($0.79). The company had revenue of $14.23 billion during the quarter, compared to the consensus estimate of $14.12 billion. Progressive had a return on equity of 13.95% and a net margin of 1.64%. Research analysts forecast that The Progressive Co. will post 5.21 EPS for the current year.

Progressive Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 14th. Shareholders of record on Friday, July 7th will be paid a $0.10 dividend. The ex-dividend date of this dividend is Thursday, July 6th. This represents a $0.40 dividend on an annualized basis and a yield of 0.30%. Progressive’s dividend payout ratio is currently 28.37%.

Insiders Place Their Bets

In other Progressive news, CFO John P. Sauerland sold 12,000 shares of the company’s stock in a transaction dated Wednesday, May 31st. The shares were sold at an average price of $127.55, for a total value of $1,530,600.00. Following the transaction, the chief financial officer now directly owns 333,507 shares in the company, valued at approximately $42,538,817.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Philip Bleser sold 2,000 shares of the stock in a transaction that occurred on Wednesday, April 19th. The shares were sold at an average price of $139.86, for a total transaction of $279,720.00. Following the transaction, the director now directly owns 2,129 shares in the company, valued at $297,761.94. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO John P. Sauerland sold 12,000 shares of the stock in a transaction that occurred on Wednesday, May 31st. The shares were sold at an average price of $127.55, for a total transaction of $1,530,600.00. Following the transaction, the chief financial officer now owns 333,507 shares in the company, valued at $42,538,817.85. The disclosure for this sale can be found here. Insiders have sold 26,930 shares of company stock worth $3,520,185 in the last three months. Corporate insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

PGR has been the topic of several research analyst reports. Morgan Stanley initiated coverage on shares of Progressive in a research note on Tuesday, June 20th. They issued an “equal weight” rating and a $135.00 price target on the stock. JPMorgan Chase & Co. boosted their price target on shares of Progressive from $130.00 to $132.00 and gave the stock a “neutral” rating in a research note on Friday, March 31st. Credit Suisse Group reiterated a “neutral” rating and issued a $143.00 price target on shares of Progressive in a research note on Friday, April 14th. Jefferies Financial Group boosted their price target on shares of Progressive from $159.00 to $168.00 and gave the stock a “buy” rating in a research note on Monday, April 10th. Finally, Barclays decreased their target price on shares of Progressive from $123.00 to $120.00 in a research report on Thursday, June 15th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $147.87.

Progressive Company Profile

(Free Report)

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, 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.