Relyea Zuckerberg Hanson LLC Raises Stock Holdings in The Progressive Corporation $PGR

Relyea Zuckerberg Hanson LLC grew its position in The Progressive Corporation (NYSE:PGR) by 2.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,829 shares of the insurance provider’s stock after purchasing an additional 75 shares during the quarter. Relyea Zuckerberg Hanson LLC’s holdings in Progressive were worth $755,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Integrated Advisors Network LLC raised its holdings in shares of Progressive by 1.0% during the first quarter. Integrated Advisors Network LLC now owns 3,808 shares of the insurance provider’s stock worth $1,078,000 after purchasing an additional 36 shares during the last quarter. Rise Advisors LLC lifted its holdings in Progressive by 7.4% in the 1st quarter. Rise Advisors LLC now owns 521 shares of the insurance provider’s stock valued at $147,000 after purchasing an additional 36 shares in the last quarter. Pines Wealth Management LLC increased its holdings in shares of Progressive by 3.0% in the first quarter. Pines Wealth Management LLC now owns 1,287 shares of the insurance provider’s stock valued at $335,000 after purchasing an additional 37 shares during the last quarter. Pinnacle Wealth Management Advisory Group LLC grew its holdings in shares of Progressive by 2.1% in the first quarter. Pinnacle Wealth Management Advisory Group LLC now owns 1,927 shares of the insurance provider’s stock valued at $545,000 after purchasing an additional 39 shares during the period. Finally, True North Advisors LLC grew its position in Progressive by 4.0% in the first quarter. True North Advisors LLC now owns 1,055 shares of the insurance provider’s stock worth $299,000 after acquiring an additional 41 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on PGR shares. Morgan Stanley dropped their price objective on Progressive from $267.00 to $265.00 and set an “equal weight” rating for the company in a research note on Monday, September 22nd. Wall Street Zen cut shares of Progressive from a “buy” rating to a “hold” rating in a research note on Sunday, September 21st. BMO Capital Markets set a $252.00 price target on shares of Progressive in a report on Thursday, September 18th. Bank of America raised their price objective on Progressive from $343.00 to $350.00 and gave the company a “buy” rating in a research note on Monday, September 29th. Finally, Wells Fargo & Company reiterated an “equal weight” rating and set a $265.00 price objective (down previously from $327.00) on shares of Progressive in a research report on Thursday, September 18th. Seven equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $279.63.

Progressive Stock Up 1.1%

Shares of NYSE PGR opened at $246.10 on Monday. The firm has a market cap of $144.27 billion, a price-to-earnings ratio of 13.86, a PEG ratio of 1.37 and a beta of 0.32. The stock’s 50-day simple moving average is $245.14 and its 200-day simple moving average is $260.66. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.31 and a current ratio of 0.31. The Progressive Corporation has a 1 year low of $228.54 and a 1 year high of $292.99.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, topping the consensus estimate of $4.43 by $0.45. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The business had revenue of $20.08 billion for the quarter, compared to analysts’ expectations of $20.39 billion. During the same quarter last year, the company posted $2.48 earnings per share. The company’s quarterly revenue was up 12.1% compared to the same quarter last year. As a group, equities analysts anticipate that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Thursday, October 2nd will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date is Thursday, October 2nd. Progressive’s dividend payout ratio (DPR) is currently 2.25%.

Insider Activity

In other Progressive news, insider John Jo Murphy sold 2,218 shares of the company’s stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $242.10, for a total value of $536,977.80. Following the completion of the sale, the insider directly owned 43,506 shares in the company, valued at $10,532,802.60. This represents a 4.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Susan Patricia Griffith sold 30,659 shares of the business’s stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $246.06, for a total transaction of $7,543,953.54. Following the completion of the sale, the chief executive officer owned 476,286 shares in the company, valued at $117,194,933.16. The trade was a 6.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 130,045 shares of company stock valued at $31,997,390 over the last 90 days. Corporate insiders own 0.33% 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.