Coldstream Capital Management Inc. Raises Stock Position in The Progressive Co. (NYSE:PGR)

Coldstream Capital Management Inc. boosted its holdings in The Progressive Co. (NYSE:PGR) by 9.6% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 10,908 shares of the insurance provider’s stock after buying an additional 951 shares during the period. Coldstream Capital Management Inc.’s holdings in Progressive were worth $2,775,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Davis Capital Management purchased a new position in shares of Progressive during the third quarter valued at about $25,000. WR Wealth Planners LLC grew its position in shares of Progressive by 119.6% during the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after purchasing an additional 67 shares in the last quarter. DiNuzzo Private Wealth Inc. grew its position in shares of Progressive by 114.1% during the third quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock valued at $35,000 after purchasing an additional 73 shares in the last quarter. Kimelman & Baird LLC purchased a new position in shares of Progressive during the second quarter valued at about $36,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Progressive during the third quarter valued at about $49,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on PGR. TD Cowen raised their price objective on Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a research report on Friday, November 8th. Morgan Stanley raised their price objective on Progressive from $300.00 to $310.00 and gave the company an “overweight” rating in a research report on Friday, October 18th. Wells Fargo & Company increased their price target on shares of Progressive from $281.00 to $282.00 and gave the company an “overweight” rating in a report on Tuesday, September 10th. Jefferies Financial Group increased their price target on shares of Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Finally, Piper Sandler increased their price target on shares of Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a report on Thursday, August 15th. Six analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $270.69.

Progressive Stock Down 0.2 %

Shares of NYSE PGR opened at $247.30 on Wednesday. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.30. The company has a market cap of $144.87 billion, a P/E ratio of 17.97, a PEG ratio of 0.70 and a beta of 0.38. The Progressive Co. has a 1 year low of $149.14 and a 1 year high of $270.62. The firm has a 50-day simple moving average of $254.52 and a two-hundred day simple moving average of $235.83.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, beating the consensus estimate of $3.40 by $0.18. Progressive had a net margin of 11.27% and a return on equity of 33.10%. The firm had revenue of $19.43 billion during the quarter, compared to the consensus estimate of $18.95 billion. Research analysts anticipate that The Progressive Co. will post 13.2 earnings per share for the current year.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.16%. The ex-dividend date is Thursday, January 9th. Progressive’s dividend payout ratio is presently 2.91%.

Insider Activity

In other news, insider Steven Broz sold 2,982 shares of Progressive stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $260.00, for a total transaction of $775,320.00. Following the completion of the sale, the insider now owns 29,334 shares of the company’s stock, valued at approximately $7,626,840. The trade was a 9.23 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Dyke Kahina Van sold 2,180 shares of Progressive stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $252.28, for a total transaction of $549,970.40. Following the sale, the director now directly owns 13,723 shares of the company’s stock, valued at $3,462,038.44. This represents a 13.71 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 25,839 shares of company stock valued at $6,718,965. Corporate insiders own 0.34% of the company’s stock.

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.