Stillwater Capital Advisors LLC Purchases Shares of 843 The Progressive Co. (NYSE:PGR)

Stillwater Capital Advisors LLC purchased a new stake in The Progressive Co. (NYSE:PGR) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 843 shares of the insurance provider’s stock, valued at approximately $214,000.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Sunbelt Securities Inc. raised its holdings in shares of Progressive by 21.3% during the second quarter. Sunbelt Securities Inc. now owns 262 shares of the insurance provider’s stock worth $54,000 after purchasing an additional 46 shares during the period. Whittier Trust Co. of Nevada Inc. raised its holdings in shares of Progressive by 11.8% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 455 shares of the insurance provider’s stock worth $95,000 after purchasing an additional 48 shares during the period. Farmers & Merchants Investments Inc. raised its holdings in shares of Progressive by 10.4% during the second quarter. Farmers & Merchants Investments Inc. now owns 509 shares of the insurance provider’s stock worth $106,000 after purchasing an additional 48 shares during the period. Graypoint LLC increased its holdings in shares of Progressive by 1.2% in the 2nd quarter. Graypoint LLC now owns 4,202 shares of the insurance provider’s stock worth $873,000 after acquiring an additional 49 shares during the period. Finally, City State Bank increased its holdings in shares of Progressive by 8.2% in the 2nd quarter. City State Bank now owns 661 shares of the insurance provider’s stock worth $137,000 after acquiring an additional 50 shares during the period. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Stock Performance

NYSE:PGR opened at $251.60 on Wednesday. The Progressive Co. has a twelve month low of $149.14 and a twelve month 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. The company has a 50-day moving average of $246.77 and a 200-day moving average of $223.34. The firm has a market cap of $147.36 billion, a price-to-earnings ratio of 25.75, a price-to-earnings-growth ratio of 0.69 and a beta of 0.35.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share for the quarter, beating the consensus estimate of $2.04 by $0.61. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The company had revenue of $17.90 billion during the quarter, compared to analyst estimates of $17.54 billion. During the same quarter last year, the firm posted $0.57 EPS. The business’s revenue for the quarter was up 21.6% on a year-over-year basis. Analysts forecast that The Progressive Co. will post 13.07 earnings per share for the current fiscal year.

Progressive Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Thursday, October 3rd were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.16%. The ex-dividend date of this dividend was Thursday, October 3rd. Progressive’s payout ratio is 4.09%.

Analysts Set New Price Targets

A number of research firms recently weighed in on PGR. The Goldman Sachs Group increased their price objective on shares of Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Piper Sandler increased their price objective on shares of Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a report on Thursday, August 15th. Roth Mkm increased their price objective on shares of Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a report on Monday, September 16th. BMO Capital Markets dropped their price objective on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Finally, Barclays initiated coverage on shares of Progressive in a report on Wednesday, September 4th. They issued an “equal weight” rating and a $367.00 price objective on the stock. Six equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Progressive currently has an average rating of “Moderate Buy” and an average target price of $260.53.

Insiders Place Their Bets

In other Progressive news, insider Andrew J. Quigg sold 3,975 shares of the firm’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $214.01, for a total value of $850,689.75. Following the completion of the transaction, the insider now directly owns 32,780 shares in the company, valued at $7,015,247.80. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. In other Progressive news, CFO John P. Sauerland sold 22,708 shares of the firm’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $214.01, for a total value of $4,859,739.08. Following the completion of the transaction, the chief financial officer now directly owns 302,958 shares in the company, valued at $64,836,041.58. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Andrew J. Quigg sold 3,975 shares of the firm’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total transaction of $850,689.75. Following the sale, the insider now owns 32,780 shares of the company’s stock, valued at approximately $7,015,247.80. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 144,383 shares of company stock worth $33,446,453 over the last ninety days. 0.34% of the stock is currently owned by company insiders.

Progressive Profile

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.