Resonant Capital Advisors LLC Has $3.96 Million Stake in The Progressive Co. (NYSE:PGR)

Resonant Capital Advisors LLC decreased its position in The Progressive Co. (NYSE:PGR) by 3.5% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 24,881 shares of the insurance provider’s stock after selling 910 shares during the period. Resonant Capital Advisors LLC’s holdings in Progressive were worth $3,963,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Markel Corp boosted its stake in shares of Progressive by 4.1% during the 1st quarter. Markel Corp now owns 750,750 shares of the insurance provider’s stock valued at $85,578,000 after buying an additional 29,750 shares during the period. Roundview Capital LLC boosted its stake in shares of Progressive by 0.8% during the 1st quarter. Roundview Capital LLC now owns 49,086 shares of the insurance provider’s stock valued at $5,595,000 after buying an additional 381 shares during the period. Cibc World Market Inc. boosted its stake in shares of Progressive by 3.9% during the 1st quarter. Cibc World Market Inc. now owns 6,693 shares of the insurance provider’s stock valued at $763,000 after buying an additional 254 shares during the period. Moors & Cabot Inc. boosted its stake in shares of Progressive by 8.0% during the 1st quarter. Moors & Cabot Inc. now owns 3,081 shares of the insurance provider’s stock valued at $351,000 after buying an additional 228 shares during the period. Finally, Sequoia Financial Advisors LLC boosted its stake in shares of Progressive by 103.5% during the 1st quarter. Sequoia Financial Advisors LLC now owns 7,022 shares of the insurance provider’s stock valued at $800,000 after buying an additional 3,571 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Activity

In related news, Director Devin C. Johnson sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total transaction of $208,330.00. Following the transaction, the director now directly owns 7,176 shares of the company’s stock, valued at $1,494,976.08. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Progressive news, insider Karen Bailo sold 8,464 shares of the stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $189.49, for a total transaction of $1,603,843.36. Following the sale, the insider now directly owns 32,342 shares in the company, valued at $6,128,485.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Devin C. Johnson sold 1,000 shares of the stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $208.33, for a total transaction of $208,330.00. Following the sale, the director now owns 7,176 shares in the company, valued at $1,494,976.08. The disclosure for this sale can be found here. Insiders have sold 39,139 shares of company stock valued at $7,458,139 over the last ninety days. 0.34% of the stock is currently owned by company insiders.

Progressive Stock Up 2.2 %

PGR traded up $4.65 during trading hours on Friday, hitting $214.40. 2,705,608 shares of the company’s stock were exchanged, compared to its average volume of 2,597,054. The Progressive Co. has a 1-year low of $111.41 and a 1-year high of $215.18. The stock’s 50-day moving average is $199.28 and its two-hundred day moving average is $174.57. The stock has a market cap of $125.57 billion, a price-to-earnings ratio of 21.96, a PEG ratio of 0.83 and a beta of 0.35. The company has a quick ratio of 0.31, a current ratio of 0.36 and a debt-to-equity ratio of 0.32.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Friday, April 12th. The insurance provider reported $3.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.20 by $0.74. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The firm had revenue of $18.96 billion for the quarter, compared to analyst estimates of $16.88 billion. During the same period in the prior year, the firm posted $0.65 earnings per share. The company’s quarterly revenue was up 17.7% compared to the same quarter last year. Sell-side analysts predict that The Progressive Co. will post 11.16 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Thursday, April 4th were given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.19%. The ex-dividend date was Wednesday, April 3rd. Progressive’s payout ratio is presently 4.09%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on PGR. Piper Sandler restated an “overweight” rating and set a $240.00 price target on shares of Progressive in a report on Monday, April 1st. Jefferies Financial Group lifted their target price on shares of Progressive from $241.00 to $245.00 and gave the company a “buy” rating in a research report on Monday. Roth Mkm lifted their target price on shares of Progressive from $215.00 to $235.00 and gave the company a “buy” rating in a research report on Monday, March 18th. Bank of America reduced their price target on shares of Progressive from $279.00 to $273.00 and set a “buy” rating on the stock in a research report on Wednesday. Finally, Morgan Stanley boosted their target price on shares of Progressive from $228.00 to $247.00 and gave the stock an “overweight” rating in a research note on Thursday, April 11th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, Progressive has an average rating of “Hold” and a consensus price target of $211.88.

About Progressive

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.