Moss Adams Wealth Advisors LLC Acquires 123 Shares of The Progressive Co. (NYSE:PGR)

Moss Adams Wealth Advisors LLC boosted its holdings in shares of The Progressive Co. (NYSE:PGR) by 8.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,499 shares of the insurance provider’s stock after acquiring an additional 123 shares during the quarter. Moss Adams Wealth Advisors LLC’s holdings in Progressive were worth $380,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in Progressive by 0.6% in the first quarter. Vanguard Group Inc. now owns 51,751,851 shares of the insurance provider’s stock valued at $10,703,318,000 after purchasing an additional 285,070 shares during the period. Capital International Investors grew its position in shares of Progressive by 15.7% in the 1st quarter. Capital International Investors now owns 4,925,019 shares of the insurance provider’s stock valued at $1,018,592,000 after buying an additional 670,006 shares during the last quarter. Legal & General Group Plc increased its stake in shares of Progressive by 1.9% in the second quarter. Legal & General Group Plc now owns 4,922,743 shares of the insurance provider’s stock valued at $1,022,507,000 after buying an additional 92,212 shares during the period. American Century Companies Inc. raised its position in shares of Progressive by 3.0% during the second quarter. American Century Companies Inc. now owns 2,392,773 shares of the insurance provider’s stock worth $497,003,000 after acquiring an additional 69,709 shares during the last quarter. Finally, TD Asset Management Inc lifted its stake in shares of Progressive by 16.8% in the first quarter. TD Asset Management Inc now owns 1,698,526 shares of the insurance provider’s stock worth $351,289,000 after acquiring an additional 244,541 shares during the period. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PGR has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods boosted their price target on shares of Progressive from $280.00 to $290.00 and gave the stock an “outperform” rating in a research report on Wednesday. Piper Sandler upped their price target on shares of Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a research report on Thursday, August 15th. BMO Capital Markets lowered their price objective on Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Bank of America upped their target price on Progressive from $319.00 to $331.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, The Goldman Sachs Group lifted their price objective on shares of Progressive from $262.00 to $280.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Seven equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Progressive has an average rating of “Moderate Buy” and a consensus target price of $268.81.

Insider Activity

In other Progressive news, CFO John P. Sauerland sold 22,708 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total transaction of $4,859,739.08. Following the completion of the transaction, the chief financial officer now owns 302,958 shares in the company, valued at $64,836,041.58. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, insider Andrew J. Quigg sold 3,975 shares of the business’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total value of $850,689.75. Following the completion of the transaction, the insider now directly owns 32,780 shares of the company’s stock, valued at approximately $7,015,247.80. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO John P. Sauerland sold 22,708 shares of the firm’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $214.01, for a total value of $4,859,739.08. Following the sale, the chief financial officer now directly owns 302,958 shares in the company, valued at approximately $64,836,041.58. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 144,383 shares of company stock worth $33,446,453. 0.34% of the stock is currently owned by corporate insiders.

Progressive Stock Down 0.1 %

Shares of PGR stock opened at $251.08 on Friday. The stock has a market cap of $147.05 billion, a P/E ratio of 21.50, a P/E/G ratio of 0.70 and a beta of 0.35. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.30. The company has a 50 day simple moving average of $248.81 and a two-hundred day simple moving average of $224.05. The Progressive Co. has a 12 month low of $149.14 and a 12 month high of $260.46.

Progressive (NYSE:PGR) last released its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share for the quarter, topping analysts’ consensus estimates of $2.04 by $0.61. The firm had revenue of $17.90 billion during the quarter, compared to analyst estimates of $17.54 billion. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The business’s quarterly revenue was up 21.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.57 earnings per share. On average, research analysts expect that The Progressive Co. will post 12.97 earnings per share for the current year.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Thursday, October 3rd were given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.16%. The ex-dividend date was Thursday, October 3rd. Progressive’s dividend payout ratio is presently 3.42%.

Progressive Company 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.