RFG Advisory LLC Boosts Holdings in The Progressive Co. (NYSE:PGR)

RFG Advisory LLC increased its holdings in shares of The Progressive Co. (NYSE:PGR) by 251.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 12,743 shares of the insurance provider’s stock after buying an additional 9,118 shares during the period. RFG Advisory LLC’s holdings in Progressive were worth $3,234,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the business. Sunbelt Securities Inc. lifted its holdings in shares of Progressive by 21.3% during the second quarter. Sunbelt Securities Inc. now owns 262 shares of the insurance provider’s stock worth $54,000 after purchasing an additional 46 shares during the period. Whittier Trust Co. of Nevada Inc. lifted its stake in shares of Progressive by 11.8% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 455 shares of the insurance provider’s stock worth $95,000 after acquiring an additional 48 shares during the period. Farmers & Merchants Investments Inc. boosted its holdings in shares of Progressive by 10.4% in the second quarter. Farmers & Merchants Investments Inc. now owns 509 shares of the insurance provider’s stock valued at $106,000 after acquiring an additional 48 shares in the last quarter. Graypoint LLC increased its stake in shares of Progressive by 1.2% during the second quarter. Graypoint LLC now owns 4,202 shares of the insurance provider’s stock worth $873,000 after acquiring an additional 49 shares during the period. Finally, Regent Peak Wealth Advisors LLC raised its holdings in Progressive by 0.3% during the third quarter. Regent Peak Wealth Advisors LLC now owns 18,556 shares of the insurance provider’s stock worth $4,709,000 after purchasing an additional 49 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on PGR shares. Jefferies Financial Group boosted their target price on Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. BMO Capital Markets cut their price objective on Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Barclays started 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 on the stock. Roth Mkm increased their price target on shares of Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a report on Monday, September 16th. Finally, Wells Fargo & Company boosted their price objective on shares of Progressive from $281.00 to $282.00 and gave the stock an “overweight” rating in a report on Tuesday, September 10th. Seven equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $268.81.

Progressive Trading Down 0.1 %

Shares of Progressive stock opened at $251.08 on Friday. The Progressive Co. has a 1 year low of $149.14 and a 1 year high of $260.46. The company has a market capitalization 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. The business has a 50 day moving average price of $248.81 and a 200 day moving average price 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.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 EPS for the quarter, topping analysts’ consensus estimates of $2.04 by $0.61. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The firm had revenue of $17.90 billion during the quarter, compared to analysts’ expectations of $17.54 billion. During the same quarter last year, the business posted $0.57 EPS. The firm’s quarterly revenue was up 21.6% compared to the same quarter last year. Sell-side analysts anticipate that The Progressive Co. will post 12.97 EPS for the current fiscal year.

Progressive Announces Dividend

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

Insider Buying and Selling at Progressive

In other news, insider Andrew J. Quigg sold 3,975 shares of Progressive 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 owns 32,780 shares of the company’s stock, valued at $7,015,247.80. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Progressive news, insider Andrew J. Quigg sold 3,975 shares of the firm’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $214.01, for a total value of $850,689.75. Following the sale, the insider now directly 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Susan Patricia Griffith sold 43,371 shares of the company’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $214.01, for a total transaction of $9,281,827.71. Following the transaction, the chief executive officer now directly owns 517,105 shares of the company’s stock, valued at approximately $110,665,641.05. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 144,383 shares of company stock worth $33,446,453. Insiders own 0.34% of the company’s stock.

Progressive 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.