Argent Capital Management LLC Sells 5,566 Shares of The Progressive Co. (NYSE:PGR)

Argent Capital Management LLC cut its position in The Progressive Co. (NYSE:PGR) by 2.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 254,481 shares of the insurance provider’s stock after selling 5,566 shares during the quarter. Progressive comprises approximately 1.8% of Argent Capital Management LLC’s holdings, making the stock its 22nd biggest position. Argent Capital Management LLC’s holdings in Progressive were worth $64,577,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Davis Capital Management acquired a new stake in Progressive in the 3rd quarter valued at about $25,000. WR Wealth Planners LLC raised its stake in Progressive by 119.6% in the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after acquiring an additional 67 shares during the period. Indiana Trust & Investment Management CO acquired a new stake in Progressive during the 1st quarter valued at $32,000. Hilltop National Bank boosted its position in Progressive by 126.0% during the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 92 shares during the period. Finally, Register Financial Advisors LLC acquired a new position in shares of Progressive in the first quarter valued at $35,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PGR has been the subject of several research analyst reports. HSBC raised shares of Progressive from a “hold” rating to a “buy” rating and set a $253.00 target price for the company in a report on Monday, August 12th. Bank of America increased their target price on Progressive from $319.00 to $331.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. Morgan Stanley upped their price objective on Progressive from $300.00 to $310.00 and gave the company an “overweight” rating in a report on Friday, October 18th. BMO Capital Markets reduced their target price on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Finally, Piper Sandler raised their price target on shares of Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a research report on Thursday, August 15th. Six equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $263.19.

Progressive Price Performance

NYSE:PGR traded up $0.86 on Thursday, hitting $248.11. The company had a trading volume of 230,935 shares, compared to its average volume of 2,476,129. The firm has a 50 day moving average of $250.14 and a two-hundred day moving average of $224.95. The stock has a market capitalization of $145.31 billion, a price-to-earnings ratio of 18.06, a PEG ratio of 0.69 and a beta of 0.35. The Progressive Co. has a 52 week low of $149.14 and a 52 week high of $260.46. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.30.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Thursday, October 3rd were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, October 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.16%. Progressive’s dividend payout ratio is currently 2.91%.

Insider Buying and Selling at Progressive

In related news, insider Steven Broz sold 2,982 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $260.00, for a total value of $775,320.00. Following the completion of the transaction, the insider now owns 29,334 shares in the company, valued at $7,626,840. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Progressive news, insider Steven Broz sold 2,982 shares of Progressive stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $260.00, for a total transaction of $775,320.00. Following the transaction, the insider now directly owns 29,334 shares of the company’s stock, valued at approximately $7,626,840. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider John Jo Murphy sold 9,512 shares of Progressive stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $237.50, for a total value of $2,259,100.00. Following the completion of the transaction, the insider now directly owns 45,787 shares in the company, valued at approximately $10,874,412.50. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 74,843 shares of company stock worth $18,674,912. 0.34% of the stock is currently 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.