Diversify Wealth Management LLC Makes New Investment in The Progressive Co. (NYSE:PGR)

Diversify Wealth Management LLC purchased a new position in The Progressive Co. (NYSE:PGR) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 13,148 shares of the insurance provider’s stock, valued at approximately $3,251,000.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Norden Group LLC acquired a new position in shares of Progressive in the 1st quarter valued at $987,000. First Trust Direct Indexing L.P. raised its stake in shares of Progressive by 4.3% in the 1st quarter. First Trust Direct Indexing L.P. now owns 20,292 shares of the insurance provider’s stock valued at $4,197,000 after acquiring an additional 833 shares in the last quarter. New Century Financial Group LLC acquired a new stake in Progressive in the 1st quarter valued at approximately $249,000. Maryland State Retirement & Pension System grew its holdings in Progressive by 0.9% in the 1st quarter. Maryland State Retirement & Pension System now owns 45,887 shares of the insurance provider’s stock valued at $9,530,000 after buying an additional 389 shares during the last quarter. Finally, Hartline Investment Corp acquired a new stake in shares of Progressive during the 1st quarter worth approximately $265,000. Institutional investors own 85.34% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on PGR shares. JPMorgan Chase & Co. lifted their price objective on Progressive from $242.00 to $251.00 and gave the company an “overweight” rating in a research report on Thursday, October 10th. Citigroup decreased their target price on Progressive from $232.00 to $225.00 and set a “neutral” rating for the company in a research note on Wednesday, July 17th. Wells Fargo & Company upped their price objective on Progressive from $281.00 to $282.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 10th. Jefferies Financial Group upped their target price on Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Finally, Piper Sandler upped their target price on Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a report on Thursday, August 15th. Six analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $263.19.

Progressive Price Performance

PGR traded up $0.98 during trading on Wednesday, reaching $242.66. The stock had a trading volume of 414,300 shares, compared to its average volume of 2,456,808. The stock has a market cap of $142.12 billion, a PE ratio of 17.63, a PEG ratio of 0.67 and a beta of 0.35. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.31 and a current ratio of 0.31. The Progressive Co. has a one year low of $149.14 and a one year high of $260.46. The business has a 50-day moving average of $250.69 and a 200-day moving average of $226.17.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Thursday, October 3rd were issued a dividend of $0.10 per share. The ex-dividend date was Thursday, October 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.16%. Progressive’s dividend payout ratio is currently 2.91%.

Insider Transactions at Progressive

In other Progressive news, insider Steven Broz sold 2,981 shares of the firm’s stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $251.15, for a total value of $748,678.15. Following the completion of the sale, the insider now directly owns 26,353 shares in the company, valued at $6,618,555.95. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, insider Steven Broz sold 2,981 shares of Progressive stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $251.15, for a total transaction of $748,678.15. Following the completion of the transaction, the insider now directly owns 26,353 shares in the company, valued at approximately $6,618,555.95. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Susan Patricia Griffith sold 43,370 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the sale, the chief executive officer now directly owns 473,735 shares of the company’s stock, valued at $119,475,967. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 74,843 shares of company stock worth $18,674,912. Company insiders own 0.34% of the company’s stock.

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.