NEOS Investment Management LLC Has $21.11 Million Holdings in The Progressive Corporation $PGR

NEOS Investment Management LLC raised its stake in shares of The Progressive Corporation (NYSE:PGR) by 15.0% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 96,651 shares of the insurance provider’s stock after acquiring an additional 12,575 shares during the quarter. NEOS Investment Management LLC’s holdings in Progressive were worth $21,113,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in PGR. Brighton Jones LLC raised its stake in shares of Progressive by 15.6% in the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock valued at $813,000 after buying an additional 457 shares in the last quarter. Revolve Wealth Partners LLC bought a new position in Progressive during the fourth quarter worth about $269,000. Bison Wealth LLC grew its stake in shares of Progressive by 3.2% in the 4th quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock valued at $615,000 after purchasing an additional 80 shares during the period. HUB Investment Partners LLC raised its holdings in shares of Progressive by 7.8% in the 2nd 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 in the last quarter. Finally, Diversify Wealth Management LLC lifted its position in shares of Progressive by 12.0% during the 2nd 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. Institutional investors own 85.34% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have issued reports on PGR shares. Jefferies Financial Group reissued a “hold” rating and set a $228.00 price objective on shares of Progressive in a report on Wednesday, August 19th. Royal Bank Of Canada set a $208.00 target price on shares of Progressive in a research note on Friday, May 22nd. Cantor Fitzgerald decreased their price target on Progressive from $220.00 to $200.00 and set a “neutral” rating on the stock in a research report on Monday, August 17th. Roth Capital reiterated a “buy” rating and issued a $245.00 price objective on shares of Progressive in a research report on Thursday, August 20th. Finally, The Goldman Sachs Group restated a “buy” rating and issued a $230.00 target price on shares of Progressive in a research note on Wednesday, August 19th. Seven investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $236.26.

Progressive Stock Performance

Shares of NYSE:PGR opened at $218.41 on Friday. The Progressive Corporation has a 1 year low of $189.20 and a 1 year high of $249.71. The company’s 50 day simple moving average is $217.56 and its 200 day simple moving average is $207.79. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29. The stock has a market capitalization of $126.98 billion, a price-to-earnings ratio of 10.95, a price-to-earnings-growth ratio of 2.98 and a beta of 0.27.

Progressive (NYSE:PGR) last released its quarterly earnings data on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share for the quarter, beating the consensus estimate of $4.64 by $1.03. The business had revenue of $23.61 billion for the quarter, compared to analyst estimates of $19.49 billion. Progressive had a return on equity of 32.92% and a net margin of 12.84%.Progressive’s revenue was up 5.0% compared to the same quarter last year. During the same period last year, the firm posted $5.40 earnings per share. As a group, research analysts predict that The Progressive Corporation will post 17.74 EPS for the current fiscal year.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Thursday, October 1st will be given a dividend of $0.10 per share. The ex-dividend date is Thursday, October 1st. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive’s payout ratio is currently 2.01%.

Insiders Place Their Bets

In other news, insider Lori A. Niederst sold 7,339 shares of the company’s stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $209.29, for a total value of $1,535,979.31. Following the completion of the transaction, the insider owned 42,567 shares of the company’s stock, valued at $8,908,847.43. This represents a 14.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Susan Griffith sold 37,338 shares of the firm’s stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $219.50, for a total transaction of $8,195,691.00. Following the completion of the transaction, the chief executive officer owned 485,438 shares of the company’s stock, valued at approximately $106,553,641. This trade represents a 7.14% decrease in their position. 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 quarter, insiders have sold 113,714 shares of company stock worth $24,466,294. Company insiders own 0.32% of the company’s stock.

About Progressive

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.