The Progressive Co. (NYSE:PGR) Shares Purchased by Focus Financial Network Inc.

Focus Financial Network Inc. lifted its holdings in The Progressive Co. (NYSE:PGR) by 4.3% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,885 shares of the insurance provider’s stock after purchasing an additional 78 shares during the quarter. Focus Financial Network Inc.’s holdings in Progressive were worth $417,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of the business. Aviance Capital Partners LLC bought a new stake in shares of Progressive during the 1st quarter worth about $3,628,000. TCW Group Inc. acquired a new position in shares of Progressive during the fourth quarter valued at approximately $1,988,000. Brevan Howard Capital Management LP bought a new stake in Progressive during the fourth quarter worth approximately $3,090,000. Concurrent Investment Advisors LLC lifted its position in Progressive by 66.4% in the first quarter. Concurrent Investment Advisors LLC now owns 6,814 shares of the insurance provider’s stock worth $1,409,000 after purchasing an additional 2,719 shares during the period. Finally, Banque Cantonale Vaudoise boosted its stake in Progressive by 90.4% during the 1st quarter. Banque Cantonale Vaudoise now owns 21,056 shares of the insurance provider’s stock valued at $4,354,000 after purchasing an additional 10,000 shares in the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on PGR. Roth Mkm upped their price objective on Progressive from $235.00 to $270.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Evercore ISI upped their price target on shares of Progressive from $243.00 to $246.00 and gave the company an “outperform” rating in a report on Wednesday, August 7th. Piper Sandler lifted their price objective on shares of Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a research note on Thursday, August 15th. Jefferies Financial Group increased their target price on shares of Progressive from $256.00 to $257.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. Finally, Hsbc Global Res upgraded shares of Progressive from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 12th. One analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $234.41.

Progressive Stock Down 1.1 %

PGR traded down $2.51 on Wednesday, reaching $236.24. 613,193 shares of the company traded hands, compared to its average volume of 2,544,124. The company has a market cap of $138.37 billion, a price-to-earnings ratio of 24.44, a PEG ratio of 0.82 and a beta of 0.35. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.31 and a quick ratio of 0.31. The stock’s 50 day moving average price is $215.30 and its 200-day moving average price is $207.32. The Progressive Co. has a 52-week low of $129.31 and a 52-week high of $240.80.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Tuesday, July 16th. The insurance provider reported $2.65 EPS for the quarter, beating the consensus estimate of $2.04 by $0.61. The business had revenue of $17.90 billion for the quarter, compared to analysts’ expectations of $17.54 billion. Progressive had a net margin of 10.17% and a return on equity of 33.01%. Progressive’s revenue was up 21.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.57 EPS. On average, sell-side analysts expect that The Progressive Co. will post 12.03 EPS for the current fiscal year.

Progressive Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Thursday, October 3rd will be paid a $0.10 dividend. The ex-dividend date is Thursday, October 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.17%. Progressive’s payout ratio is 4.09%.

Insider Buying and Selling

In other news, insider Steven Broz sold 3,050 shares of the stock in a transaction on Monday, June 24th. The shares were sold at an average price of $209.81, for a total transaction of $639,920.50. Following the transaction, the insider now owns 32,453 shares in the company, valued at approximately $6,808,963.93. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Progressive news, insider John Jo Murphy sold 9,512 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $237.50, for a total transaction of $2,259,100.00. Following the completion of the sale, the insider now owns 45,787 shares of the company’s stock, valued at $10,874,412.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Steven Broz sold 3,050 shares of the company’s stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $209.81, for a total transaction of $639,920.50. Following the sale, the insider now owns 32,453 shares of the company’s stock, valued at $6,808,963.93. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 116,441 shares of company stock worth $25,111,350. 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.