Advisor OS LLC Has $1.36 Million Position in The Progressive Co. (NYSE:PGR)

Advisor OS LLC boosted its stake in shares of The Progressive Co. (NYSE:PGR) by 21.6% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,541 shares of the insurance provider’s stock after buying an additional 1,163 shares during the quarter. Advisor OS LLC’s holdings in Progressive were worth $1,359,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PGR. Norges Bank acquired a new position in shares of Progressive in the 4th quarter valued at about $1,078,831,000. 1832 Asset Management L.P. lifted its stake in shares of Progressive by 237.8% in the 4th quarter. 1832 Asset Management L.P. now owns 1,485,750 shares of the insurance provider’s stock valued at $236,650,000 after purchasing an additional 1,045,883 shares during the period. Confluence Investment Management LLC acquired a new position in shares of Progressive in the 1st quarter valued at about $188,642,000. SG Americas Securities LLC lifted 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 period. Finally, Canada Pension Plan Investment Board lifted 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 period. 85.34% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on PGR shares. Bank of America boosted their price objective on Progressive from $294.00 to $312.00 and gave the company a “buy” rating in a research note on Tuesday. BMO Capital Markets dropped their price target on Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Wells Fargo & Company upped their price target on Progressive from $262.00 to $281.00 and gave the stock an “overweight” rating in a research note on Thursday, August 15th. Evercore ISI upped their price target on Progressive from $243.00 to $246.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 7th. Finally, Keefe, Bruyette & Woods upped their price target on Progressive from $255.00 to $275.00 and gave the stock an “outperform” rating in a research note on Tuesday. Six investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Progressive presently has an average rating of “Moderate Buy” and an average price target of $252.24.

Progressive Price Performance

Shares of NYSE PGR opened at $248.75 on Friday. The firm has a market cap of $145.69 billion, a price-to-earnings ratio of 25.46, a price-to-earnings-growth ratio of 0.83 and a beta of 0.35. The stock has a fifty day simple moving average of $225.47 and a two-hundred day simple moving average of $212.67. The Progressive Co. has a 1-year low of $134.34 and a 1-year high of $254.83. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.30.

Progressive (NYSE:PGR) last released its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 EPS for the quarter, beating analysts’ consensus estimates of $2.04 by $0.61. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The business had revenue of $17.90 billion for the quarter, compared to analysts’ expectations of $17.54 billion. During the same quarter in the prior year, the firm earned $0.57 earnings per share. The firm’s revenue was up 21.6% on a year-over-year basis. Analysts anticipate that The Progressive Co. will post 12.2 earnings per share for the current year.

Progressive Dividend Announcement

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

Insider Buying and Selling

In other Progressive news, CAO Mariann Wojtkun Marshall sold 650 shares of the stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $208.11, for a total transaction of $135,271.50. Following the completion of the transaction, the chief accounting officer now owns 3,981 shares of the company’s stock, valued at approximately $828,485.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Steven Broz sold 3,050 shares of the business’s stock in a transaction that occurred on Monday, June 24th. The shares were 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 owns 32,453 shares of the company’s stock, valued at $6,808,963.93. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Mariann Wojtkun Marshall sold 650 shares of the business’s stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $208.11, for a total transaction of $135,271.50. Following the completion of the transaction, the chief accounting officer now directly owns 3,981 shares of the company’s stock, valued at approximately $828,485.91. The disclosure for this sale can be found here. Insiders sold a total of 147,354 shares of company stock worth $33,502,680 in the last three months. 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.