Balentine LLC Grows Stock Position in The Progressive Co. (NYSE:PGR)

Balentine LLC increased its stake in shares of The Progressive Co. (NYSE:PGR) by 0.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 22,162 shares of the insurance provider’s stock after acquiring an additional 58 shares during the quarter. Balentine LLC’s holdings in Progressive were worth $3,530,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently bought and sold shares of PGR. Valley National Advisers Inc. grew its holdings in Progressive by 143.6% in the 4th quarter. Valley National Advisers Inc. now owns 190 shares of the insurance provider’s stock worth $30,000 after acquiring an additional 112 shares during the last quarter. Pinnacle Bancorp Inc. bought a new stake in shares of Progressive in the 4th quarter worth approximately $39,000. Criterion Capital Advisors LLC bought a new stake in Progressive in the fourth quarter valued at $47,000. BOK Financial Private Wealth Inc. bought a new stake in Progressive in the fourth quarter valued at $48,000. Finally, Webster Bank N. A. purchased a new position in Progressive during the 4th quarter valued at $53,000. Institutional investors own 85.34% of the company’s stock.

Insider Buying and Selling at Progressive

In related news, Director Devin C. Johnson sold 1,000 shares of the stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total value of $208,330.00. Following the completion of the transaction, the director now directly owns 7,176 shares of the company’s stock, valued at approximately $1,494,976.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Devin C. Johnson sold 1,000 shares of the firm’s stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total transaction of $208,330.00. Following the completion of the transaction, the director now owns 7,176 shares of the company’s stock, valued at $1,494,976.08. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Patrick K. Callahan sold 29,675 shares of Progressive stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $190.26, for a total value of $5,645,965.50. Following the transaction, the insider now owns 15,189 shares of the company’s stock, valued at approximately $2,889,859.14. The disclosure for this sale can be found here. Insiders have sold 46,500 shares of company stock worth $8,983,706 over the last quarter. Insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. HSBC upped their target price on shares of Progressive from $174.00 to $200.00 and gave the stock a “hold” rating in a research report on Thursday, March 28th. Piper Sandler reiterated an “overweight” rating and set a $240.00 target price on shares of Progressive in a research note on Monday, April 1st. JPMorgan Chase & Co. increased their target price on Progressive from $171.00 to $202.00 and gave the company an “overweight” rating in a report on Monday, April 8th. Roth Mkm raised their price objective on shares of Progressive from $215.00 to $235.00 and gave the stock a “buy” rating in a report on Monday, March 18th. Finally, Morgan Stanley upped their target price on shares of Progressive from $228.00 to $247.00 and gave the company an “overweight” rating in a report 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 given a buy rating to the stock. According to MarketBeat.com, Progressive presently has an average rating of “Hold” and a consensus target price of $215.19.

Progressive Trading Up 1.7 %

Shares of Progressive stock traded up $3.44 on Tuesday, hitting $210.42. 755,070 shares of the company traded hands, compared to its average volume of 2,558,438. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.32. The company has a market cap of $123.24 billion, a PE ratio of 21.19, a PEG ratio of 0.81 and a beta of 0.34. The stock’s 50 day moving average price is $208.57 and its 200-day moving average price is $184.25. The Progressive Co. has a 52 week low of $111.41 and a 52 week high of $217.77.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, beating the consensus estimate of $3.20 by $0.74. The business had revenue of $18.96 billion during the quarter, compared to analyst estimates of $16.88 billion. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The company’s quarterly revenue was up 17.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.65 EPS. Equities research analysts predict that The Progressive Co. will post 11.53 EPS for the current year.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Wednesday, July 3rd will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.19%. The ex-dividend date of this dividend is Wednesday, July 3rd. Progressive’s payout ratio is currently 4.09%.

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.