Nvest Financial LLC Has $2.05 Million Stock Position in The Progressive Co. (NYSE:PGR)

Nvest Financial LLC trimmed its position in The Progressive Co. (NYSE:PGR) by 4.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 9,912 shares of the insurance provider’s stock after selling 502 shares during the quarter. Progressive comprises approximately 1.4% of Nvest Financial LLC’s holdings, making the stock its 25th largest position. Nvest Financial LLC’s holdings in Progressive were worth $2,050,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of PGR. Norges Bank acquired a new stake in shares of Progressive in the fourth quarter worth $1,078,831,000. Wellington Management Group LLP increased its position in Progressive by 14.1% during the third quarter. Wellington Management Group LLP now owns 21,554,503 shares of the insurance provider’s stock worth $3,002,542,000 after acquiring an additional 2,666,449 shares during the period. 1832 Asset Management L.P. increased its position in Progressive by 237.8% during the fourth quarter. 1832 Asset Management L.P. now owns 1,485,750 shares of the insurance provider’s stock worth $236,650,000 after acquiring an additional 1,045,883 shares during the period. Confluence Investment Management LLC bought a new position in Progressive during the first quarter worth $188,642,000. Finally, Los Angeles Capital Management LLC increased its position in Progressive by 279.2% during the fourth quarter. Los Angeles Capital Management LLC now owns 811,381 shares of the insurance provider’s stock worth $129,237,000 after acquiring an additional 597,401 shares during the period. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Piper Sandler reaffirmed an “overweight” rating and set a $240.00 target price on shares of Progressive in a research report on Monday, April 1st. HSBC boosted their price target on shares of Progressive from $174.00 to $200.00 and gave the company a “hold” rating in a report on Thursday, March 28th. The Goldman Sachs Group boosted their price target on shares of Progressive from $161.00 to $216.00 and gave the company a “neutral” rating in a report on Monday, March 25th. Keefe, Bruyette & Woods boosted their price target on shares of Progressive from $190.00 to $200.00 and gave the company a “market perform” rating in a report on Wednesday, April 10th. Finally, Roth Mkm reissued a “buy” rating and issued a $235.00 price target on shares of Progressive in a report on Wednesday, June 26th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $216.81.

Progressive Price Performance

Shares of PGR traded up $1.66 during trading hours on Tuesday, hitting $211.12. The stock had a trading volume of 2,076,327 shares, compared to its average volume of 2,589,321. The company’s fifty day moving average is $209.42 and its two-hundred day moving average is $194.23. The stock has a market capitalization of $123.65 billion, a price-to-earnings ratio of 21.52, a P/E/G ratio of 0.80 and a beta of 0.35. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.32 and a quick ratio of 0.32. The Progressive Co. has a 52 week low of $111.41 and a 52 week high of $217.77.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Friday, April 12th. The insurance provider reported $3.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.20 by $0.74. The business had revenue of $18.96 billion for the quarter, compared to the consensus estimate of $16.88 billion. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The firm’s quarterly revenue was up 17.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.65 EPS. On average, analysts anticipate that The Progressive Co. will post 11.27 EPS for the current year.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Wednesday, July 3rd will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Wednesday, July 3rd. This represents a $0.40 annualized dividend and a yield of 0.19%. Progressive’s dividend payout ratio (DPR) is 4.09%.

Insider Buying and Selling

In other Progressive news, Director Devin C. Johnson sold 1,000 shares of the company’s stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total transaction of $208,330.00. Following the transaction, the director now directly owns 7,176 shares in the company, valued at approximately $1,494,976.08. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, insider Steven Broz sold 7,361 shares of the stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $207.25, for a total value of $1,525,567.25. Following the sale, the insider now directly owns 35,503 shares in the company, valued at approximately $7,357,996.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Devin C. Johnson sold 1,000 shares of the stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total transaction of $208,330.00. Following the completion of the sale, the director now owns 7,176 shares in the company, valued at $1,494,976.08. The disclosure for this sale can be found here. Insiders have sold a total of 34,518 shares of company stock worth $7,159,674 in the last 90 days. Corporate insiders own 0.34% of the company’s stock.

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.