The Progressive Co. (NYSE:PGR) Stake Boosted by Edgestream Partners L.P.

Edgestream Partners L.P. increased its position in shares of The Progressive Co. (NYSE:PGR) by 27.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 44,936 shares of the insurance provider’s stock after acquiring an additional 9,616 shares during the period. Progressive comprises approximately 0.4% of Edgestream Partners L.P.’s portfolio, making the stock its 20th biggest holding. Edgestream Partners L.P.’s holdings in Progressive were worth $9,334,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Sachetta LLC acquired a new position in Progressive in the 4th quarter worth about $25,000. Northwest Bank & Trust Co bought a new stake in shares of Progressive in the 4th quarter valued at approximately $25,000. WR Wealth Planners LLC increased its holdings in Progressive by 119.6% in the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after buying an additional 67 shares during the last quarter. Indiana Trust & Investment Management CO bought a new position in Progressive during the first quarter valued at approximately $32,000. Finally, Hilltop National Bank lifted its stake in Progressive by 126.0% in the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after acquiring an additional 92 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Activity at Progressive

In other Progressive news, insider Steven Broz sold 3,050 shares of the business’s stock in a transaction on Monday, June 24th. The shares were sold at an average price of $209.81, for a total value of $639,920.50. Following the sale, the insider now owns 32,453 shares of the company’s stock, valued at approximately $6,808,963.93. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, insider Steven Broz sold 3,050 shares of Progressive stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $209.81, for a total transaction of $639,920.50. Following the sale, the insider now directly owns 32,453 shares in the company, valued at approximately $6,808,963.93. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Susan Patricia Griffith sold 43,370 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the completion of the transaction, the chief executive officer now directly owns 473,735 shares of the company’s stock, valued at approximately $119,475,967. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 146,704 shares of company stock worth $33,367,408. 0.34% of the stock is owned by corporate insiders.

Analyst Ratings Changes

PGR has been the topic of a number of recent research reports. BMO Capital Markets cut their price target on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. The Goldman Sachs Group upgraded Progressive from a “neutral” rating to a “buy” rating and raised their target price for the company from $230.00 to $262.00 in a report on Thursday, August 15th. Barclays assumed coverage on Progressive in a research note on Wednesday, September 4th. They set an “equal weight” rating and a $367.00 price target for the company. Roth Mkm raised their price objective on Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a research note on Monday. Finally, Bank of America boosted their target price on Progressive from $294.00 to $312.00 and gave the stock a “buy” rating in a report on Tuesday, September 3rd. Six analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $256.12.

Progressive Stock Performance

NYSE PGR opened at $256.31 on Tuesday. The company’s fifty day moving average is $230.47 and its two-hundred day moving average is $215.53. The Progressive Co. has a 52-week low of $137.59 and a 52-week high of $260.46. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.31 and a quick ratio of 0.31. The firm has a market capitalization of $150.12 billion, a price-to-earnings ratio of 26.23, a P/E/G ratio of 0.82 and a beta of 0.35.

Progressive (NYSE:PGR) last released its earnings results 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 business had revenue of $17.90 billion for the quarter, compared to the consensus estimate of $17.54 billion. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The firm’s revenue for the quarter was up 21.6% compared to the same quarter last year. During the same period last year, the business earned $0.57 earnings per share. Equities research analysts forecast that The Progressive Co. will post 12.29 EPS for the current year.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Thursday, October 3rd will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.16%. The ex-dividend date of this dividend is Thursday, October 3rd. Progressive’s dividend payout ratio is presently 4.09%.

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.