Fairway Wealth LLC Grows Position in The Progressive Co. (NYSE:PGR)

Fairway Wealth LLC raised its position in The Progressive Co. (NYSE:PGR) by 2.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,683 shares of the insurance provider’s stock after buying an additional 83 shares during the quarter. Fairway Wealth LLC’s holdings in Progressive were worth $765,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. 1832 Asset Management L.P. grew its holdings in shares of Progressive by 237.8% during the fourth quarter. 1832 Asset Management L.P. now owns 1,485,750 shares of the insurance provider’s stock worth $236,650,000 after buying an additional 1,045,883 shares during the last quarter. SG Americas Securities LLC grew its stake in shares of Progressive by 4,545.0% in the 1st quarter. SG Americas Securities LLC now owns 705,243 shares of the insurance provider’s stock valued at $145,858,000 after purchasing an additional 690,060 shares during the last quarter. Canada Pension Plan Investment Board grew its stake in shares of Progressive by 548.2% in the 1st quarter. Canada Pension Plan Investment Board now owns 811,653 shares of the insurance provider’s stock valued at $167,866,000 after purchasing an additional 686,433 shares during the last quarter. Capital International Investors raised its stake in shares of Progressive by 15.7% during the first quarter. Capital International Investors now owns 4,925,019 shares of the insurance provider’s stock worth $1,018,592,000 after purchasing an additional 670,006 shares during the last quarter. Finally, Swedbank AB purchased a new stake in shares of Progressive during the first quarter worth approximately $116,852,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on PGR shares. Bank of America boosted their price objective on shares of Progressive from $294.00 to $312.00 and gave the company a “buy” rating in a research note on Tuesday, September 3rd. Evercore ISI boosted their price target on shares of Progressive from $243.00 to $246.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 7th. Roth Mkm increased their price target on shares of Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a report on Monday. Piper Sandler lifted their price objective on Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a report on Thursday, August 15th. Finally, Hsbc Global Res raised Progressive from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 12th. 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 stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $256.12.

Insider Buying and Selling at Progressive

In other news, insider Steven Broz sold 3,050 shares of the business’s stock in a transaction on Monday, June 24th. The stock was sold at an average price of $209.81, for a total value of $639,920.50. Following the completion of the transaction, the insider now directly owns 32,453 shares of the company’s stock, valued at $6,808,963.93. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, insider Steven Broz sold 3,050 shares of Progressive 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 completion of the sale, the insider now directly owns 32,453 shares in the company, valued at $6,808,963.93. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Susan Patricia Griffith sold 43,370 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the transaction, the chief executive officer now directly owns 473,735 shares in the company, valued at approximately $119,475,967. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 146,704 shares of company stock worth $33,367,408. 0.34% of the stock is owned by insiders.

Progressive Stock Up 0.3 %

Progressive stock opened at $256.31 on Tuesday. The Progressive Co. has a fifty-two week low of $137.59 and a fifty-two week high of $260.46. The firm has a market capitalization of $150.12 billion, a price-to-earnings ratio of 26.23, a price-to-earnings-growth ratio of 0.82 and a beta of 0.35. The stock’s fifty day moving average is $230.47 and its two-hundred day moving average is $215.53. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.31 and a current ratio of 0.31.

Progressive (NYSE:PGR) last posted its earnings results 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 firm had revenue of $17.90 billion during the quarter, compared to the consensus estimate of $17.54 billion. During the same period last year, the firm posted $0.57 EPS. The firm’s revenue for the quarter was up 21.6% on a year-over-year basis. Analysts predict that The Progressive Co. will post 12.29 EPS for the current fiscal year.

Progressive Announces Dividend

The business also recently announced 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. This represents a $0.40 dividend on an annualized basis and a yield of 0.16%. The ex-dividend date of this dividend is Thursday, October 3rd. Progressive’s payout ratio is currently 4.09%.

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.