NewEdge Wealth LLC Has $11.52 Million Holdings in The Progressive Corporation $PGR

NewEdge Wealth LLC raised its position in The Progressive Corporation (NYSE:PGR) by 12.7% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 50,604 shares of the insurance provider’s stock after acquiring an additional 5,722 shares during the period. NewEdge Wealth LLC’s holdings in Progressive were worth $11,524,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in PGR. Dagco Inc. purchased a new position in shares of Progressive during the fourth quarter valued at approximately $28,000. Ameriflex Group Inc. boosted its position in shares of Progressive by 106.6% during the third quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock valued at $31,000 after buying an additional 65 shares during the last quarter. Bangor Savings Bank boosted its position in shares of Progressive by 60.4% during the fourth quarter. Bangor Savings Bank now owns 154 shares of the insurance provider’s stock valued at $35,000 after buying an additional 58 shares during the last quarter. Riverview Trust Co boosted its position in shares of Progressive by 48.6% during the fourth quarter. Riverview Trust Co now owns 162 shares of the insurance provider’s stock valued at $37,000 after buying an additional 53 shares during the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. boosted its position in shares of Progressive by 833.3% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 168 shares of the insurance provider’s stock valued at $38,000 after buying an additional 150 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on PGR. Bank of America lifted their target price on Progressive from $295.00 to $298.00 and gave the company a “buy” rating in a research report on Tuesday, April 14th. Argus raised Progressive to a “hold” rating in a research report on Thursday, March 5th. Piper Sandler reaffirmed an “overweight” rating and set a $259.00 target price on shares of Progressive in a research report on Monday, March 2nd. Evercore reaffirmed a “negative” rating on shares of Progressive in a research report on Wednesday, March 18th. Finally, Wells Fargo & Company lifted their target price on Progressive from $215.00 to $218.00 and gave the company an “equal weight” rating in a research report on Thursday, April 16th. Six analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Progressive has an average rating of “Hold” and an average target price of $238.39.

Progressive Stock Down 0.1%

PGR stock opened at $193.85 on Monday. The stock’s fifty day simple moving average is $202.73 and its two-hundred day simple moving average is $211.43. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.26. The Progressive Corporation has a 1-year low of $191.75 and a 1-year high of $289.96. The stock has a market cap of $113.27 billion, a P/E ratio of 9.86, a P/E/G ratio of 5.61 and a beta of 0.31.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share for the quarter, topping the consensus estimate of $4.67 by $0.13. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The business had revenue of $22.19 billion for the quarter, compared to analysts’ expectations of $23.51 billion. During the same quarter in the previous year, the firm earned $4.37 earnings per share. The business’s revenue was up 6.5% on a year-over-year basis. Analysts expect that The Progressive Corporation will post 16.39 EPS for the current year.

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 10th. Shareholders of record on Thursday, April 2nd were given a $0.10 dividend. The ex-dividend date of this dividend was Thursday, April 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s payout ratio is currently 2.03%.

Insiders Place Their Bets

In other Progressive news, CAO Carl G. Joyce sold 270 shares of the business’s stock in a transaction on Friday, March 20th. The stock was sold at an average price of $206.50, for a total value of $55,755.00. Following the transaction, the chief accounting officer owned 558 shares of the company’s stock, valued at approximately $115,227. The trade was a 32.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Maribel Pumarejo sold 739 shares of the business’s stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $203.25, for a total value of $150,201.75. The SEC filing for this sale provides additional information. Insiders sold a total of 6,933 shares of company stock worth $1,441,564 in the last ninety days. Company insiders own 0.32% of the company’s stock.

Progressive Company Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.