Procyon Advisors LLC Has $1.02 Million Stake in The Progressive Co. (NYSE:PGR)

Procyon Advisors LLC increased its holdings in shares of The Progressive Co. (NYSE:PGR) by 14.4% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 6,388 shares of the insurance provider’s stock after acquiring an additional 803 shares during the period. Procyon Advisors LLC’s holdings in Progressive were worth $1,017,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in PGR. Cary Street Partners Investment Advisory LLC boosted its position in Progressive by 10.2% in the third quarter. Cary Street Partners Investment Advisory LLC now owns 670 shares of the insurance provider’s stock valued at $93,000 after buying an additional 62 shares in the last quarter. IFP Advisors Inc raised its stake in shares of Progressive by 1.2% in the third quarter. IFP Advisors Inc now owns 5,860 shares of the insurance provider’s stock worth $816,000 after acquiring an additional 71 shares during the last quarter. Aaron Wealth Advisors LLC raised its stake in shares of Progressive by 1.3% in the third quarter. Aaron Wealth Advisors LLC now owns 5,430 shares of the insurance provider’s stock worth $756,000 after acquiring an additional 71 shares during the last quarter. Steward Financial Group LLC raised its stake in shares of Progressive by 20.3% in the third quarter. Steward Financial Group LLC now owns 421 shares of the insurance provider’s stock worth $58,000 after acquiring an additional 71 shares during the last quarter. Finally, Chesley Taft & Associates LLC raised its stake in shares of Progressive by 0.4% in the third quarter. Chesley Taft & Associates LLC now owns 18,960 shares of the insurance provider’s stock worth $2,641,000 after acquiring an additional 75 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Piper Sandler boosted their target price on shares of Progressive from $188.00 to $207.00 and gave the stock an “overweight” rating in a research note on Thursday, January 25th. Bank of America boosted their target price on shares of Progressive from $256.00 to $261.00 and gave the stock a “buy” rating in a research note on Monday, March 4th. UBS Group boosted their price target on shares of Progressive from $159.00 to $170.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 10th. Citigroup boosted their price target on shares of Progressive from $192.00 to $202.00 and gave the stock a “neutral” rating in a research note on Monday, March 18th. Finally, Raymond James downgraded shares of Progressive from an “outperform” rating to a “market perform” rating in a research note on Tuesday, December 12th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $184.50.

Insiders Place Their Bets

In other Progressive news, CEO Susan Patricia Griffith sold 13,110 shares of the company’s stock in a transaction on Wednesday, January 3rd. The shares were sold at an average price of $162.26, for a total transaction of $2,127,228.60. Following the sale, the chief executive officer now directly owns 465,737 shares of the company’s stock, valued at $75,570,485.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Andrew J. Quigg sold 1,210 shares of the stock in a transaction dated Wednesday, January 3rd. The shares were sold at an average price of $162.26, for a total value of $196,334.60. Following the transaction, the insider now directly owns 27,247 shares of the company’s stock, valued at $4,421,098.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Susan Patricia Griffith sold 13,110 shares of the stock in a transaction dated Wednesday, January 3rd. The shares were sold at an average price of $162.26, for a total transaction of $2,127,228.60. Following the completion of the transaction, the chief executive officer now directly owns 465,737 shares in the company, valued at $75,570,485.62. The disclosure for this sale can be found here. Over the last three months, insiders have sold 58,949 shares of company stock valued at $10,671,740. 0.34% of the stock is currently owned by corporate insiders.

Progressive Stock Up 0.7 %

PGR traded up $1.45 during trading hours on Thursday, hitting $207.60. 216,119 shares of the company’s stock were exchanged, compared to its average volume of 2,457,925. The Progressive Co. has a 1-year low of $111.41 and a 1-year high of $208.19. The stock’s 50-day moving average is $188.82 and its two-hundred day moving average is $167.00. The stock has a market cap of $121.59 billion, a price-to-earnings ratio of 31.33, a PEG ratio of 0.93 and a beta of 0.34. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.35.

Progressive (NYSE:PGR) last announced its earnings results on Wednesday, January 24th. The insurance provider reported $2.96 EPS for the quarter, topping the consensus estimate of $2.43 by $0.53. Progressive had a net margin of 6.28% and a return on equity of 21.25%. The business had revenue of $16.89 billion during the quarter, compared to analysts’ expectations of $16.10 billion. During the same quarter in the prior year, the company posted $1.52 earnings per share. Sell-side analysts predict that The Progressive Co. will post 9.82 earnings per share for the current fiscal year.

Progressive Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 12th. Shareholders of record on Thursday, April 4th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.19%. The ex-dividend date of this dividend is Wednesday, April 3rd. Progressive’s dividend payout ratio (DPR) is currently 12.92%.

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.