TCTC Holdings LLC Acquires 2,498 Shares of The Progressive Corporation $PGR

TCTC Holdings LLC increased its stake in The Progressive Corporation (NYSE:PGR) by 29.7% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 10,914 shares of the insurance provider’s stock after purchasing an additional 2,498 shares during the quarter. TCTC Holdings LLC’s holdings in Progressive were worth $2,485,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Brighton Jones LLC grew its position in shares of Progressive by 15.6% during the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock valued at $813,000 after purchasing an additional 457 shares in the last quarter. Revolve Wealth Partners LLC bought a new position in shares of Progressive during the 4th quarter valued at about $269,000. Bison Wealth LLC raised its stake in shares of Progressive by 3.2% during the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock worth $615,000 after acquiring an additional 80 shares in the last quarter. HUB Investment Partners LLC increased its holdings in shares of Progressive by 7.8% in the second quarter. HUB Investment Partners LLC now owns 2,282 shares of the insurance provider’s stock worth $609,000 after buying an additional 166 shares during the period. Finally, Diversify Wealth Management LLC increased its stake in shares of Progressive by 12.0% in the second quarter. Diversify Wealth Management LLC now owns 15,146 shares of the insurance provider’s stock worth $3,681,000 after buying an additional 1,622 shares during the period. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Stock Performance

NYSE:PGR opened at $202.41 on Friday. The stock has a market capitalization of $118.27 billion, a P/E ratio of 10.29, a P/E/G ratio of 5.92 and a beta of 0.28. 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 12-month low of $189.20 and a 12-month high of $269.84. The stock has a 50-day moving average price of $199.01 and a 200 day moving average price of $208.09.

Progressive (NYSE:PGR) last released its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, topping the consensus estimate of $4.67 by $0.13. The firm had revenue of $22.19 billion for the quarter, compared to the consensus estimate of $23.51 billion. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The company’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $4.37 earnings per share. Equities research analysts forecast that The Progressive Corporation will post 16.35 EPS for the current fiscal year.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Thursday, July 2nd will be paid a $0.10 dividend. The ex-dividend date of this dividend is Thursday, July 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive’s payout ratio is presently 2.03%.

Insider Buying and Selling

In related news, CAO Carl G. Joyce sold 270 shares of the company’s stock in a transaction on Friday, March 20th. The shares were sold at an average price of $206.50, for a total transaction of $55,755.00. Following the sale, the chief accounting officer owned 558 shares of the company’s stock, valued at $115,227. This represents 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 available through this link. Also, insider Steven Broz sold 1,157 shares of the company’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $200.00, for a total transaction of $231,400.00. Following the sale, the insider owned 28,668 shares in the company, valued at $5,733,600. This represents a 3.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 7,343 shares of company stock worth $1,470,355. Insiders own 0.32% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on PGR. Piper Sandler restated an “overweight” rating and issued a $259.00 price objective on shares of Progressive in a report on Monday, March 2nd. Bank of America reduced their price objective on shares of Progressive from $325.00 to $320.00 and set a “buy” rating for the company in a research note on Wednesday, May 20th. BMO Capital Markets restated a “market perform” rating and issued a $220.00 price target on shares of Progressive in a research note on Wednesday, May 20th. Morgan Stanley lowered their price objective on shares of Progressive from $205.00 to $190.00 and set an “underweight” rating on the stock in a research report on Tuesday, March 31st. Finally, Royal Bank Of Canada set a $208.00 target price on Progressive in a research report on Friday, May 22nd. Six analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Progressive currently has an average rating of “Hold” and an average price target of $238.11.

Progressive 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.