The Progressive Corporation $PGR Shares Acquired by LPL Financial LLC

LPL Financial LLC boosted its position in The Progressive Corporation (NYSE:PGR) by 4.9% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 589,891 shares of the insurance provider’s stock after purchasing an additional 27,622 shares during the quarter. LPL Financial LLC’s holdings in Progressive were worth $134,330,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Dagco Inc. acquired a new position in Progressive in the 4th quarter valued at about $28,000. Ameriflex Group Inc. raised its stake in Progressive by 106.6% in the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock valued at $31,000 after purchasing an additional 65 shares during the last quarter. Entrust Financial LLC acquired a new position in Progressive in the 4th quarter valued at about $33,000. Kingdom Financial Group LLC. acquired a new position in Progressive in the 4th quarter valued at about $34,000. Finally, Bangor Savings Bank raised its stake in Progressive by 60.4% in the 4th quarter. Bangor Savings Bank now owns 154 shares of the insurance provider’s stock valued at $35,000 after purchasing an additional 58 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Trading Up 2.0%

NYSE PGR opened at $204.12 on Thursday. The Progressive Corporation has a 12 month low of $189.20 and a 12 month high of $269.84. The company has a 50-day moving average of $198.93 and a 200-day moving average of $208.26. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.27 and a quick ratio of 0.27. The company has a market cap of $119.27 billion, a P/E ratio of 10.38, a P/E/G ratio of 5.80 and a beta of 0.28.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, beating analysts’ consensus estimates of $4.67 by $0.13. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The company had revenue of $22.19 billion during the quarter, compared to the consensus estimate of $23.51 billion. During the same quarter in the prior year, the company posted $4.37 EPS. The company’s quarterly revenue was up 6.5% compared to the same quarter last year. As a group, equities analysts predict that The Progressive Corporation will post 16.35 earnings per share for the current year.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, July 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive’s dividend payout ratio is currently 2.03%.

Insider Activity

In other news, CAO Carl G. Joyce sold 270 shares of the business’s stock in a transaction dated Friday, March 20th. The stock was sold at an average price of $206.50, for a total transaction of $55,755.00. Following the completion of the sale, the chief accounting officer owned 558 shares in the company, valued at approximately $115,227. The trade was a 32.61% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider John Jo Murphy sold 5,916 shares of the business’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $200.00, for a total value of $1,183,200.00. Following the sale, the insider owned 41,290 shares of the company’s stock, valued at $8,258,000. The trade was a 12.53% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 7,343 shares of company stock valued at $1,470,355 in the last 90 days. 0.32% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on PGR. Evercore reissued a “negative” rating on shares of Progressive in a research note on Wednesday, March 18th. Piper Sandler reissued an “overweight” rating and issued a $259.00 target price on shares of Progressive in a research note on Monday, March 2nd. Barclays set a $247.00 target price on shares of Progressive in a research note on Wednesday, March 18th. Morgan Stanley cut their target price on shares of Progressive from $205.00 to $190.00 and set an “underweight” rating for the company in a research note on Tuesday, March 31st. Finally, Keefe, Bruyette & Woods reissued a “market perform” rating on shares of Progressive in a research note on Friday, May 22nd. Six equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $238.11.

Progressive Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.