OneAscent Investment Solutions LLC Buys New Holdings in The Progressive Corporation (NYSE:PGR)

OneAscent Investment Solutions LLC bought a new stake in The Progressive Corporation (NYSE:PGR) during the first quarter, HoldingsChannel reports. The fund bought 1,538 shares of the insurance provider’s stock, valued at approximately $435,000.

A number of other large investors have also recently bought and sold shares of PGR. Highline Wealth Partners LLC boosted its position in Progressive by 114.0% in the first quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider’s stock valued at $26,000 after buying an additional 49 shares during the last quarter. TruNorth Capital Management LLC lifted its holdings in Progressive by 210.0% in the first quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider’s stock valued at $26,000 after acquiring an additional 63 shares during the period. Minot DeBlois Advisors LLC acquired a new position in Progressive in the fourth quarter valued at approximately $28,000. HWG Holdings LP acquired a new position in Progressive in the first quarter valued at approximately $28,000. Finally, Garde Capital Inc. acquired a new position in Progressive in the first quarter valued at approximately $33,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on PGR shares. Evercore ISI downgraded Progressive from an “outperform” rating to an “in-line” rating and set a $275.00 price target for the company. in a report on Thursday, July 17th. Wells Fargo & Company upped their target price on Progressive from $328.00 to $333.00 and gave the stock an “overweight” rating in a research note on Friday, June 20th. Keefe, Bruyette & Woods reduced their target price on Progressive from $290.00 to $268.00 and set a “market perform” rating for the company in a research note on Thursday, July 17th. BMO Capital Markets reduced their target price on Progressive from $288.00 to $281.00 and set an “outperform” rating for the company in a research note on Friday, July 18th. Finally, Bank of America reduced their target price on Progressive from $337.00 to $336.00 and set a “buy” rating for the company in a research note on Thursday, July 17th. Ten equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $283.06.

Insider Buying and Selling

In other news, insider John Jo Murphy sold 2,218 shares of the company’s stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $249.24, for a total value of $552,814.32. Following the completion of the sale, the insider owned 47,942 shares of the company’s stock, valued at $11,949,064.08. This represents a 4.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Susan Patricia Griffith sold 30,660 shares of the business’s stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $242.12, for a total value of $7,423,399.20. Following the completion of the transaction, the chief executive officer owned 506,945 shares in the company, valued at approximately $122,741,523.40. This trade represents a 5.70% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 104,250 shares of company stock valued at $26,332,348. 0.34% of the stock is owned by insiders.

Progressive Price Performance

Shares of NYSE:PGR opened at $249.06 on Thursday. The company has a market cap of $146.00 billion, a P/E ratio of 14.03, a P/E/G ratio of 1.43 and a beta of 0.33. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.21. The Progressive Corporation has a 52 week low of $226.52 and a 52 week high of $292.99. The business has a fifty day simple moving average of $254.36 and a 200-day simple moving average of $266.21.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.43 by $0.45. Progressive had a return on equity of 35.37% and a net margin of 12.66%. The firm had revenue of $20.08 billion during the quarter, compared to the consensus estimate of $20.39 billion. During the same quarter in the previous year, the business earned $2.48 earnings per share. The firm’s quarterly revenue was up 12.1% compared to the same quarter last year. Equities research analysts forecast that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive’s payout ratio is 2.25%.

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.