846 Shares in The Progressive Corporation $PGR Purchased by Cypress Wealth Services LLC

Cypress Wealth Services LLC acquired a new position in shares of The Progressive Corporation (NYSE:PGR) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 846 shares of the insurance provider’s stock, valued at approximately $226,000.

Other institutional investors have also added to or reduced their stakes in the company. TruNorth Capital Management LLC lifted its holdings in Progressive by 210.0% during the 1st quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider’s stock worth $26,000 after purchasing an additional 63 shares in the last quarter. HWG Holdings LP purchased a new stake in shares of Progressive in the 1st quarter valued at about $28,000. Garde Capital Inc. purchased a new stake in shares of Progressive in the 1st quarter valued at about $33,000. Ransom Advisory Ltd purchased a new stake in shares of Progressive in the 1st quarter valued at about $35,000. Finally, Activest Wealth Management raised its holdings in shares of Progressive by 6,350.0% in the 1st quarter. Activest Wealth Management now owns 129 shares of the insurance provider’s stock valued at $37,000 after acquiring an additional 127 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on PGR shares. Zacks Research cut Progressive from a “strong-buy” rating to a “hold” rating in a report on Friday, October 10th. Bank of America raised their price target on Progressive from $343.00 to $350.00 and gave the company a “buy” rating in a report on Monday, September 29th. Jefferies Financial Group lowered their price target on Progressive from $309.00 to $287.00 and set a “buy” rating on the stock in a report on Monday, August 11th. Morgan Stanley reduced their price objective on Progressive from $267.00 to $265.00 and set an “equal weight” rating on the stock in a research report on Monday, September 22nd. Finally, Wells Fargo & Company increased their price objective on Progressive from $265.00 to $266.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 8th. Seven equities research analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $279.63.

Insider Buying and Selling at Progressive

In related news, insider Patrick K. Callahan sold 6,420 shares of the firm’s stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $242.22, for a total transaction of $1,555,052.40. Following the transaction, the insider directly owned 15,192 shares in the company, valued at $3,679,806.24. This trade represents a 29.71% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Karen Bailo sold 8,922 shares of the firm’s stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $249.24, for a total value of $2,223,719.28. Following the transaction, the insider owned 32,346 shares in the company, valued at approximately $8,061,917.04. The trade was a 21.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 130,045 shares of company stock worth $31,997,390 over the last quarter. Company insiders own 0.33% of the company’s stock.

Progressive Price Performance

Shares of Progressive stock opened at $240.54 on Wednesday. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.21. The firm has a market capitalization of $141.01 billion, a PE ratio of 13.55, a price-to-earnings-growth ratio of 1.31 and a beta of 0.32. The business’s 50-day moving average price is $245.05 and its 200-day moving average price is $259.11. The Progressive Corporation has a 12 month low of $228.54 and a 12 month high of $292.99.

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

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 10th. Investors of record on Thursday, October 2nd were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date was Thursday, October 2nd. Progressive’s dividend payout ratio (DPR) is presently 2.25%.

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.