Amplius Wealth Advisors LLC Purchases New Shares in The Progressive Co. (NYSE:PGR)

Amplius Wealth Advisors LLC acquired a new position in The Progressive Co. (NYSE:PGR) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 882 shares of the insurance provider’s stock, valued at approximately $250,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PGR. Archer Investment Corp grew its holdings in shares of Progressive by 295.1% in the fourth quarter. Archer Investment Corp now owns 2,102 shares of the insurance provider’s stock valued at $504,000 after acquiring an additional 1,570 shares in the last quarter. Sycomore Asset Management boosted its position in Progressive by 42.8% in the fourth quarter. Sycomore Asset Management now owns 51,770 shares of the insurance provider’s stock worth $13,066,000 after purchasing an additional 15,512 shares during the last quarter. Vivid Wealth Management LLC bought a new position in Progressive in the 4th quarter valued at $2,143,000. Van ECK Associates Corp increased its position in shares of Progressive by 3.4% during the 4th quarter. Van ECK Associates Corp now owns 16,199 shares of the insurance provider’s stock valued at $3,881,000 after purchasing an additional 527 shares during the last quarter. Finally, Paragon Capital Management Inc. bought a new stake in shares of Progressive during the 4th quarter worth $1,519,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insider Activity

In other news, insider Steven Broz sold 1,267 shares of Progressive stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $277.81, for a total transaction of $351,985.27. Following the completion of the sale, the insider now owns 28,888 shares in the company, valued at approximately $8,025,375.28. This trade represents a 4.20% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO John P. Sauerland sold 10,000 shares of the business’s stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $275.37, for a total value of $2,753,700.00. Following the transaction, the chief financial officer now directly owns 238,024 shares of the company’s stock, valued at $65,544,668.88. The trade was a 4.03% decrease in their position. The disclosure for this sale can be found here. Insiders sold 43,651 shares of company stock worth $12,017,780 in the last three months. Corporate insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

PGR has been the subject of several research reports. Morgan Stanley set a $330.00 price target on shares of Progressive and gave the company an “overweight” rating in a research report on Monday, May 19th. BMO Capital Markets increased their target price on shares of Progressive from $282.00 to $288.00 and gave the company an “outperform” rating in a research report on Thursday, April 17th. JPMorgan Chase & Co. raised their price target on shares of Progressive from $267.00 to $287.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 8th. Wall Street Zen downgraded Progressive from a “buy” rating to a “hold” rating in a research note on Wednesday, May 21st. Finally, Roth Mkm raised their target price on Progressive from $290.00 to $315.00 and gave the stock a “buy” rating in a research report on Tuesday, February 25th. Eight research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, Progressive presently has a consensus rating of “Moderate Buy” and a consensus price target of $288.59.

Progressive Stock Down 0.5%

Shares of NYSE PGR opened at $287.37 on Wednesday. The company has a quick ratio of 0.30, a current ratio of 0.31 and a debt-to-equity ratio of 0.27. The company has a market cap of $168.46 billion, a P/E ratio of 19.96, a P/E/G ratio of 1.70 and a beta of 0.40. The Progressive Co. has a 52 week low of $201.34 and a 52 week high of $292.99. The business has a 50-day simple moving average of $276.30 and a two-hundred day simple moving average of $263.98.

Progressive (NYSE:PGR) last released its quarterly earnings data on Wednesday, April 16th. The insurance provider reported $4.65 EPS for the quarter, beating analysts’ consensus estimates of $4.28 by $0.37. The company had revenue of $22.21 billion during the quarter, compared to analyst estimates of $21.87 billion. Progressive had a net margin of 11.25% and a return on equity of 33.79%. Research analysts anticipate that The Progressive Co. will post 14.68 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Thursday, April 3rd were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.14%. The ex-dividend date was Thursday, April 3rd. Progressive’s payout ratio is 2.70%.

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.