Atria Wealth Solutions Inc. Buys 3,439 Shares of The Progressive Corporation $PGR

Atria Wealth Solutions Inc. lifted its stake in shares of The Progressive Corporation (NYSE:PGR) by 19.0% in the second quarter, HoldingsChannel reports. The fund owned 21,549 shares of the insurance provider’s stock after acquiring an additional 3,439 shares during the period. Atria Wealth Solutions Inc.’s holdings in Progressive were worth $5,734,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Baron Silver Stevens Financial Advisors LLC bought a new position in Progressive in the 2nd quarter worth approximately $306,000. State of Alaska Department of Revenue boosted its stake in Progressive by 2.7% in the 1st quarter. State of Alaska Department of Revenue now owns 68,644 shares of the insurance provider’s stock worth $19,426,000 after purchasing an additional 1,800 shares during the period. Trust Co. of Oklahoma bought a new position in Progressive in the 2nd quarter worth approximately $439,000. Belmont Capital LLC bought a new position in Progressive in the 1st quarter worth approximately $580,000. Finally, Zurich Insurance Group Ltd FI boosted its stake in Progressive by 87.9% in the 1st quarter. Zurich Insurance Group Ltd FI now owns 414,183 shares of the insurance provider’s stock worth $117,218,000 after purchasing an additional 193,800 shares during the period. 85.34% of the stock is currently owned by institutional investors.

Progressive Stock Performance

NYSE:PGR opened at $236.27 on Tuesday. The stock’s fifty day moving average is $245.09 and its 200 day moving average is $259.24. The Progressive Corporation has a fifty-two week low of $228.54 and a fifty-two week high of $292.99. The firm has a market capitalization of $138.50 billion, a PE ratio of 13.31, a PEG ratio of 1.33 and a beta of 0.32. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.31 and a current ratio of 0.31.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share for the quarter, beating 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 company had revenue of $20.08 billion for the quarter, compared to analyst estimates of $20.39 billion. During the same quarter in the prior year, the firm posted $2.48 EPS. Progressive’s quarterly revenue was up 12.1% compared to the same quarter last year. On average, sell-side analysts anticipate that The Progressive Corporation will post 14.68 earnings per share for the current year.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 10th. Investors of record on Thursday, October 2nd were issued 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 is presently 2.25%.

Insider Activity at Progressive

In related news, insider Steven Broz sold 1,345 shares of the stock in a transaction on Friday, September 19th. The stock was sold at an average price of $242.10, for a total transaction of $325,624.50. Following the sale, the insider owned 30,388 shares in the company, valued at approximately $7,356,934.80. This represents a 4.24% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Lori A. Niederst sold 8,063 shares of the stock in a transaction 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 completion of the sale, the insider owned 39,040 shares in the company, valued at approximately $9,767,027.20. The trade was a 17.12% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 130,045 shares of company stock worth $31,997,390 in the last ninety days. Corporate insiders own 0.33% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Cantor Fitzgerald upgraded Progressive to a “hold” rating in a research note on Wednesday, August 13th. Morgan Stanley dropped their price target 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. BMO Capital Markets set a $252.00 price objective on Progressive in a report on Thursday, September 18th. Keefe, Bruyette & Woods upped their price objective on Progressive from $268.00 to $270.00 and gave the stock a “market perform” rating in a report on Thursday, September 18th. Finally, Wells Fargo & Company upped their price objective on Progressive from $265.00 to $266.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 8th. Seven analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. Based on data from MarketBeat.com, Progressive presently has a consensus rating of “Hold” and an average price target of $279.63.

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.