The Progressive Co. (NYSE:PGR) Shares Sold by Nvest Financial LLC

Nvest Financial LLC cut its holdings in The Progressive Co. (NYSE:PGR) by 4.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,912 shares of the insurance provider’s stock after selling 502 shares during the quarter. Progressive makes up approximately 1.4% of Nvest Financial LLC’s portfolio, making the stock its 25th largest holding. Nvest Financial LLC’s holdings in Progressive were worth $2,050,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the business. Capital Advisors Ltd. LLC grew its position in shares of Progressive by 56.8% in the first quarter. Capital Advisors Ltd. LLC now owns 483 shares of the insurance provider’s stock valued at $100,000 after purchasing an additional 175 shares during the last quarter. Woodmont Investment Counsel LLC lifted its stake in shares of Progressive by 41.2% during the first quarter. Woodmont Investment Counsel LLC now owns 4,764 shares of the insurance provider’s stock valued at $985,000 after buying an additional 1,390 shares during the period. Financial Strategies Group Inc. lifted its stake in shares of Progressive by 13.5% during the first quarter. Financial Strategies Group Inc. now owns 26,929 shares of the insurance provider’s stock valued at $5,515,000 after buying an additional 3,205 shares during the period. Park Place Capital Corp lifted its stake in shares of Progressive by 67.4% during the first quarter. Park Place Capital Corp now owns 1,990 shares of the insurance provider’s stock valued at $412,000 after buying an additional 801 shares during the period. Finally, Diversified Trust Co lifted its stake in shares of Progressive by 1.5% during the first quarter. Diversified Trust Co now owns 8,045 shares of the insurance provider’s stock valued at $1,664,000 after buying an additional 121 shares during the period. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on PGR shares. Keefe, Bruyette & Woods upped their price objective on shares of Progressive from $190.00 to $200.00 and gave the company a “market perform” rating in a research note on Wednesday, April 10th. Citigroup upped their price objective on shares of Progressive from $230.00 to $232.00 and gave the company a “neutral” rating in a research note on Monday, June 17th. The Goldman Sachs Group upped their price objective on shares of Progressive from $161.00 to $216.00 and gave the company a “neutral” rating in a research note on Monday, March 25th. Piper Sandler reaffirmed an “overweight” rating and set a $240.00 price target on shares of Progressive in a research note on Monday, April 1st. Finally, JPMorgan Chase & Co. increased their price target on shares of Progressive from $171.00 to $202.00 and gave the stock an “overweight” rating in a research note on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $216.81.

Progressive Trading Up 0.8 %

Shares of PGR stock traded up $1.66 during mid-day trading on Tuesday, reaching $211.12. The company’s stock had a trading volume of 2,076,327 shares, compared to its average volume of 2,589,321. The company’s 50 day simple moving average is $209.42 and its 200-day simple moving average is $194.23. The Progressive Co. has a 12-month low of $111.41 and a 12-month high of $217.77. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 0.32. The firm has a market capitalization of $123.65 billion, a PE ratio of 21.52, a price-to-earnings-growth ratio of 0.80 and a beta of 0.35.

Progressive (NYSE:PGR) last issued its earnings results on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, beating analysts’ consensus estimates of $3.20 by $0.74. The business had revenue of $18.96 billion for the quarter, compared to the consensus estimate of $16.88 billion. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The business’s revenue for the quarter was up 17.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.65 EPS. On average, research analysts predict that The Progressive Co. will post 11.27 EPS for the current fiscal year.

Progressive Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Wednesday, July 3rd will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.19%. The ex-dividend date of this dividend is Wednesday, July 3rd. Progressive’s payout ratio is 4.09%.

Insider Activity at Progressive

In related news, insider Steven Broz sold 7,361 shares of the firm’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $207.25, for a total transaction of $1,525,567.25. Following the completion of the sale, the insider now directly owns 35,503 shares of the company’s stock, valued at approximately $7,357,996.75. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Progressive news, Director Devin C. Johnson sold 1,000 shares of the firm’s stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total transaction of $208,330.00. Following the completion of the transaction, the director now directly owns 7,176 shares of the company’s stock, valued at approximately $1,494,976.08. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Steven Broz sold 7,361 shares of the firm’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $207.25, for a total transaction of $1,525,567.25. Following the transaction, the insider now directly owns 35,503 shares of the company’s stock, valued at $7,357,996.75. The disclosure for this sale can be found here. In the last three months, insiders sold 34,518 shares of company stock valued at $7,159,674. Corporate insiders own 0.34% of the company’s stock.

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.