Atria Wealth Solutions Inc. Acquires 3,439 Shares of The Progressive Corporation $PGR

Atria Wealth Solutions Inc. grew its holdings in shares of The Progressive Corporation (NYSE:PGR) by 19.0% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 21,549 shares of the insurance provider’s stock after buying an additional 3,439 shares during the period. Atria Wealth Solutions Inc.’s holdings in Progressive were worth $5,734,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Baron Silver Stevens Financial Advisors LLC purchased a new position in shares of Progressive in the 2nd quarter worth about $306,000. State of Alaska Department of Revenue raised its position in shares of Progressive by 2.7% in the 1st quarter. State of Alaska Department of Revenue now owns 68,644 shares of the insurance provider’s stock worth $19,426,000 after purchasing an additional 1,800 shares during the last quarter. Trust Co. of Oklahoma purchased a new position in shares of Progressive in the 2nd quarter worth about $439,000. Belmont Capital LLC purchased a new position in shares of Progressive in the 1st quarter worth about $580,000. Finally, Zurich Insurance Group Ltd FI raised its position in shares of Progressive by 87.9% in the 1st quarter. Zurich Insurance Group Ltd FI now owns 414,183 shares of the insurance provider’s stock worth $117,218,000 after purchasing an additional 193,800 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Morgan Stanley lowered their price target on Progressive from $267.00 to $265.00 and set an “equal weight” rating for the company in a research report on Monday, September 22nd. JPMorgan Chase & Co. boosted their target price on Progressive from $301.00 to $303.00 and gave the stock an “overweight” rating in a research report on Thursday, October 9th. Citigroup reissued a “buy” rating on shares of Progressive in a research report on Friday, August 29th. Keefe, Bruyette & Woods boosted their target price on Progressive from $268.00 to $270.00 and gave the stock a “market perform” rating in a research report on Thursday, September 18th. Finally, Wall Street Zen lowered Progressive from a “buy” rating to a “hold” rating in a research report on Sunday, September 21st. Seven research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $279.63.

Progressive Price Performance

NYSE PGR opened at $236.27 on Tuesday. The Progressive Corporation has a 52 week low of $228.54 and a 52 week high of $292.99. The firm has a market capitalization of $138.50 billion, a P/E ratio of 13.31, a PEG ratio of 1.33 and a beta of 0.32. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.21. The company has a 50-day moving average price of $245.09 and a 200-day moving average price of $259.24.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, beating the consensus estimate of $4.43 by $0.45. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The firm had revenue of $20.08 billion during the quarter, compared to analyst estimates of $20.39 billion. During the same quarter in the prior year, the firm earned $2.48 EPS. The business’s revenue for the quarter was up 12.1% compared to the same quarter last year. Equities research analysts anticipate that The Progressive Corporation will post 14.68 earnings per share for the current year.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, October 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive’s dividend payout ratio is presently 2.25%.

Insider Activity

In related news, CEO Susan Patricia Griffith sold 30,659 shares of the business’s stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $246.06, for a total transaction of $7,543,953.54. Following the completion of the transaction, the chief executive officer directly owned 476,286 shares in the company, valued at approximately $117,194,933.16. The trade was a 6.05% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider John Jo Murphy sold 2,218 shares of the business’s stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $242.10, for a total value of $536,977.80. Following the transaction, the insider owned 43,506 shares of the company’s stock, valued at approximately $10,532,802.60. This trade represents a 4.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 130,045 shares of company stock worth $31,997,390. Company insiders own 0.33% of the company’s stock.

Progressive Company 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.