Savvy Advisors Inc. Grows Stock Holdings in The Progressive Corporation $PGR

Savvy Advisors Inc. boosted its stake in shares of The Progressive Corporation (NYSE:PGR) by 25.0% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,385 shares of the insurance provider’s stock after acquiring an additional 1,277 shares during the quarter. Savvy Advisors Inc.’s holdings in Progressive were worth $1,704,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. TruNorth Capital Management LLC lifted its holdings in shares of Progressive by 210.0% during the first quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider’s stock worth $26,000 after purchasing an additional 63 shares during the period. Ransom Advisory Ltd acquired a new position in Progressive in the 1st quarter valued at $35,000. Activest Wealth Management raised its position in Progressive by 6,350.0% during the 1st quarter. Activest Wealth Management now owns 129 shares of the insurance provider’s stock worth $37,000 after buying an additional 127 shares during the last quarter. Richardson Financial Services Inc. lifted its stake in shares of Progressive by 1,885.7% in the 2nd quarter. Richardson Financial Services Inc. now owns 139 shares of the insurance provider’s stock worth $37,000 after acquiring an additional 132 shares during the period. Finally, Accent Capital Management LLC purchased a new stake in shares of Progressive in the first quarter valued at about $39,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Stock Down 0.6%

PGR opened at $206.71 on Friday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.31 and a current ratio of 0.32. The company has a market cap of $121.18 billion, a price-to-earnings ratio of 11.34, a PEG ratio of 1.19 and a beta of 0.32. The Progressive Corporation has a one year low of $206.41 and a one year high of $292.99. The business’s fifty day moving average is $237.97 and its two-hundred day moving average is $254.67.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.04 by ($0.59). Progressive had a return on equity of 33.88% and a net margin of 12.57%.The firm had revenue of $21.38 billion for the quarter, compared to analyst estimates of $21.64 billion. During the same period last year, the firm earned $3.58 EPS. Analysts anticipate that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 10th. Shareholders of record on Thursday, October 2nd were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend was Thursday, October 2nd. Progressive’s dividend payout ratio is 2.19%.

Insiders Place Their Bets

In other news, insider John Jo Murphy sold 2,218 shares of the firm’s stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $242.10, for a total transaction of $536,977.80. Following the completion of the transaction, the insider directly owned 43,506 shares of the company’s stock, valued at $10,532,802.60. This trade represents a 4.85% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Lori A. Niederst sold 8,063 shares of Progressive stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $250.18, for a total value of $2,017,201.34. Following the transaction, the insider owned 39,040 shares of the company’s stock, valued at $9,767,027.20. This represents a 17.12% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 58,500 shares of company stock valued at $14,430,089. Corporate insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. JPMorgan Chase & Co. increased their price target on shares of Progressive from $301.00 to $303.00 and gave the stock an “overweight” rating in a report on Thursday, October 9th. Barclays dropped their target price on Progressive from $271.00 to $257.00 and set an “equal weight” rating on the stock in a research report on Monday, October 20th. The Goldman Sachs Group reduced their price target on Progressive from $276.00 to $245.00 and set a “buy” rating for the company in a report on Monday. Weiss Ratings restated a “buy (b)” rating on shares of Progressive in a research note on Wednesday, October 8th. Finally, Evercore ISI cut their price objective on Progressive from $275.00 to $273.00 and set an “in-line” rating for the company in a research report on Wednesday, October 1st. Eight investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $268.90.

Progressive Company 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.