The Progressive Co. (NYSE:PGR) Shares Purchased by Synovus Financial Corp

Synovus Financial Corp boosted its position in The Progressive Co. (NYSE:PGR) by 6.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,069 shares of the insurance provider’s stock after acquiring an additional 124 shares during the quarter. Synovus Financial Corp’s holdings in Progressive were worth $525,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Davis Capital Management acquired a new stake in Progressive during the third quarter worth approximately $25,000. WR Wealth Planners LLC raised its holdings in Progressive by 119.6% during the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after purchasing an additional 67 shares in the last quarter. DiNuzzo Private Wealth Inc. raised its holdings in Progressive by 114.1% during the third quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after purchasing an additional 73 shares in the last quarter. Kimelman & Baird LLC acquired a new stake in Progressive during the second quarter worth approximately $36,000. Finally, Sachetta LLC raised its holdings in Progressive by 34.0% during the second quarter. Sachetta LLC now owns 209 shares of the insurance provider’s stock worth $45,000 after purchasing an additional 53 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insiders Place Their Bets

In related news, insider Steven Broz sold 2,982 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $260.00, for a total value of $775,320.00. Following the sale, the insider now directly owns 29,334 shares in the company, valued at $7,626,840. The trade was a 9.23 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Patrick K. Callahan sold 7,696 shares of the business’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $255.21, for a total transaction of $1,964,096.16. Following the completion of the sale, the insider now owns 15,189 shares in the company, valued at $3,876,384.69. This represents a 33.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 25,839 shares of company stock worth $6,718,965. Corporate insiders own 0.34% of the company’s stock.

Progressive Stock Performance

NYSE:PGR opened at $247.52 on Wednesday. The firm’s fifty day moving average price is $253.97 and its 200 day moving average price is $237.58. The Progressive Co. has a 1-year low of $154.38 and a 1-year high of $270.62. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.30. The firm has a market cap of $145.00 billion, a price-to-earnings ratio of 17.99, a price-to-earnings-growth ratio of 0.70 and a beta of 0.38.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, beating analysts’ consensus estimates of $3.40 by $0.18. Progressive had a net margin of 11.27% and a return on equity of 33.10%. The firm had revenue of $19.43 billion for the quarter, compared to analyst estimates of $18.95 billion. On average, sell-side analysts expect that The Progressive Co. will post 13.2 EPS for the current year.

Progressive Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 16th. Shareholders of record on Thursday, January 9th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, January 9th. This represents a $0.40 annualized dividend and a dividend yield of 0.16%. Progressive’s payout ratio is currently 2.91%.

Analyst Upgrades and Downgrades

PGR has been the topic of a number of research analyst reports. Hsbc Global Res cut shares of Progressive from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 10th. Roth Mkm raised their price objective on shares of Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a report on Monday, September 16th. Evercore ISI lifted their target price on shares of Progressive from $277.00 to $285.00 and gave the company an “outperform” rating in a report on Wednesday, November 6th. HSBC cut shares of Progressive from a “buy” rating to a “hold” rating and set a $267.00 target price on the stock. in a report on Tuesday, December 10th. Finally, Wells Fargo & Company lifted their target price on shares of Progressive from $299.00 to $302.00 and gave the company an “overweight” rating in a report on Monday. Six investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $273.81.

About Progressive

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.