Carret Asset Management LLC Has $6.42 Million Stock Holdings in The Progressive Corporation $PGR

Carret Asset Management LLC lifted its stake in shares of The Progressive Corporation (NYSE:PGR) by 1.1% during the second quarter, Holdings Channel reports. The firm owned 24,050 shares of the insurance provider’s stock after purchasing an additional 250 shares during the quarter. Carret Asset Management LLC’s holdings in Progressive were worth $6,418,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Savvy Advisors Inc. raised its position in shares of Progressive by 25.0% during the second quarter. Savvy Advisors Inc. now owns 6,385 shares of the insurance provider’s stock worth $1,704,000 after purchasing an additional 1,277 shares during the period. Assetmark Inc. grew its holdings in shares of Progressive by 50.6% during the second quarter. Assetmark Inc. now owns 121,930 shares of the insurance provider’s stock valued at $32,538,000 after buying an additional 40,969 shares in the last quarter. Keybank National Association OH grew its holdings in shares of Progressive by 33.9% during the second quarter. Keybank National Association OH now owns 98,676 shares of the insurance provider’s stock valued at $26,333,000 after buying an additional 24,993 shares in the last quarter. Premier Path Wealth Partners LLC grew its holdings in shares of Progressive by 2.7% during the second quarter. Premier Path Wealth Partners LLC now owns 3,989 shares of the insurance provider’s stock valued at $1,065,000 after buying an additional 103 shares in the last quarter. Finally, Arkadios Wealth Advisors grew its holdings in shares of Progressive by 21.7% during the second quarter. Arkadios Wealth Advisors now owns 3,938 shares of the insurance provider’s stock valued at $1,051,000 after buying an additional 703 shares in the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Progressive Stock Performance

Shares of NYSE PGR opened at $207.84 on Thursday. The business’s 50-day moving average price is $238.82 and its two-hundred day moving average price is $255.00. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.32 and a quick ratio of 0.31. The Progressive Corporation has a one year low of $206.58 and a one year high of $292.99. The company has a market capitalization of $121.84 billion, a P/E ratio of 11.40, a price-to-earnings-growth ratio of 1.22 and a beta of 0.32.

Progressive (NYSE:PGR) last issued its earnings results on Wednesday, October 15th. The insurance provider reported $4.45 EPS for the quarter, missing analysts’ consensus estimates of $5.04 by ($0.59). Progressive had a net margin of 12.57% and a return on equity of 33.88%. The firm had revenue of $21.38 billion during the quarter, compared to analysts’ expectations of $21.64 billion. During the same quarter last year, the firm earned $3.58 EPS. Analysts anticipate that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Investors of record on Thursday, October 2nd were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend was Thursday, October 2nd. Progressive’s payout ratio is currently 2.19%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on PGR. Zacks Research downgraded Progressive from a “strong-buy” rating to a “hold” rating in a report on Friday, October 10th. Barclays lowered their price target on Progressive from $271.00 to $257.00 and set an “equal weight” rating on the stock in a report on Monday, October 20th. Morgan Stanley set a $214.00 price target on Progressive and gave the company an “underweight” rating in a report on Monday, October 20th. JPMorgan Chase & Co. lifted their price target on Progressive from $301.00 to $303.00 and gave the company an “overweight” rating in a report on Thursday, October 9th. Finally, Evercore ISI lowered their price target on Progressive from $275.00 to $273.00 and set an “in-line” rating on the stock in a report on Wednesday, October 1st. Eight research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $268.90.

Insider Buying and Selling at Progressive

In related news, CEO Susan Patricia Griffith sold 30,659 shares of the business’s stock in a transaction dated 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 owned 476,286 shares of the company’s stock, valued at approximately $117,194,933.16. The trade was a 6.05% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Lori A. Niederst sold 8,063 shares of the business’s stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $250.18, for a total value of $2,017,201.34. Following the transaction, the insider directly owned 39,040 shares of the company’s stock, valued at $9,767,027.20. This represents a 17.12% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 58,500 shares of company stock worth $14,430,089 in the last ninety days. 0.34% of the stock is owned by insiders.

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.