Forbes J M & Co. LLP Has $9.65 Million Stake in The Progressive Co. (NYSE:PGR)

Forbes J M & Co. LLP increased its stake in shares of The Progressive Co. (NYSE:PGRFree Report) by 0.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 46,678 shares of the insurance provider’s stock after acquiring an additional 63 shares during the period. Forbes J M & Co. LLP’s holdings in Progressive were worth $9,654,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PGR. &PARTNERS acquired a new position in shares of Progressive during the 1st quarter worth about $412,000. Tuttle Capital Management LLC acquired a new position in shares of Progressive during the 1st quarter worth about $214,000. MJP Associates Inc. ADV acquired a new position in shares of Progressive during the 1st quarter worth about $556,000. Gulf International Bank UK Ltd increased its stake in shares of Progressive by 5.5% during the 1st quarter. Gulf International Bank UK Ltd now owns 50,757 shares of the insurance provider’s stock worth $10,497,000 after purchasing an additional 2,662 shares during the last quarter. Finally, First Affirmative Financial Network increased its stake in shares of Progressive by 4.4% during the 1st quarter. First Affirmative Financial Network now owns 1,935 shares of the insurance provider’s stock worth $400,000 after purchasing an additional 81 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Bank of America boosted their price objective on shares of Progressive from $279.00 to $286.00 and gave the stock a “buy” rating in a research note on Thursday, May 16th. Wells Fargo & Company boosted their price objective on shares of Progressive from $243.00 to $254.00 and gave the company an “overweight” rating in a report on Monday, June 17th. Piper Sandler reissued an “overweight” rating and issued a $240.00 price objective on shares of Progressive in a report on Monday, April 1st. HSBC boosted their price objective on shares of Progressive from $174.00 to $200.00 and gave the company a “hold” rating in a report on Thursday, March 28th. Finally, The Goldman Sachs Group boosted their price objective on shares of Progressive from $161.00 to $216.00 and gave the company a “neutral” rating in a report on Monday, March 25th. One analyst has rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $216.81.

Check Out Our Latest Research Report on PGR

Progressive Price Performance

Shares of PGR traded down $1.66 during midday trading on Friday, hitting $209.19. The company’s stock had a trading volume of 3,950,714 shares, compared to its average volume of 2,324,754. The Progressive Co. has a one year low of $111.41 and a one year high of $217.77. The company’s fifty day simple moving average is $209.54 and its two-hundred day simple moving average is $191.97. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $122.52 billion, a price-to-earnings ratio of 21.41, a price-to-earnings-growth ratio of 0.81 and a beta of 0.35.

Progressive (NYSE:PGRGet Free Report) last released its quarterly earnings data on Friday, April 12th. The insurance provider reported $3.94 earnings per share for the quarter, beating the consensus estimate of $3.20 by $0.74. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The company had revenue of $18.96 billion for the quarter, compared to the consensus estimate of $16.88 billion. During the same quarter last year, the business posted $0.65 EPS. Progressive’s revenue for the quarter was up 17.7% on a year-over-year basis. As a group, equities analysts expect that The Progressive Co. will post 11.33 earnings per share for the current fiscal year.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Wednesday, July 3rd will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.19%. The ex-dividend date is Wednesday, July 3rd. Progressive’s dividend payout ratio (DPR) is 4.09%.

Insiders Place Their Bets

In other Progressive news, CFO John P. Sauerland sold 12,457 shares of Progressive stock in a transaction dated Wednesday, May 29th. The stock was sold at an average price of $204.43, for a total transaction of $2,546,584.51. Following the transaction, the chief financial officer now directly owns 312,958 shares of the company’s stock, valued at approximately $63,978,003.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Progressive news, CFO John P. Sauerland sold 12,457 shares of Progressive stock in a transaction dated Wednesday, May 29th. The stock was sold at an average price of $204.43, for a total transaction of $2,546,584.51. Following the transaction, the chief financial officer now directly owns 312,958 shares of the company’s stock, valued at approximately $63,978,003.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Steven Broz sold 7,361 shares of Progressive stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $207.25, for a total value of $1,525,567.25. Following the transaction, the insider now directly owns 35,503 shares in the company, valued at $7,357,996.75. The disclosure for this sale can be found here. In the last three months, insiders have sold 21,468 shares of company stock valued at $4,415,753. 0.34% of the stock is currently owned by company insiders.

Progressive Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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