Relyea Zuckerberg Hanson LLC Has $755,000 Stock Position in The Progressive Corporation $PGR

Relyea Zuckerberg Hanson LLC raised its stake in shares of The Progressive Corporation (NYSE:PGR) by 2.7% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,829 shares of the insurance provider’s stock after buying an additional 75 shares during the quarter. Relyea Zuckerberg Hanson LLC’s holdings in Progressive were worth $755,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in PGR. Highline Wealth Partners LLC grew its holdings in shares of Progressive by 114.0% in the 1st quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider’s stock valued at $26,000 after acquiring an additional 49 shares in the last quarter. TruNorth Capital Management LLC lifted its position in Progressive by 210.0% during the first quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider’s stock worth $26,000 after purchasing an additional 63 shares during the period. HWG Holdings LP acquired a new position in Progressive during the first quarter worth about $28,000. Garde Capital Inc. acquired a new stake in Progressive in the first quarter valued at approximately $33,000. Finally, Ransom Advisory Ltd acquired a new position in Progressive in the 1st quarter worth about $35,000. Institutional investors own 85.34% of the company’s stock.

Progressive Stock Performance

Shares of PGR opened at $246.10 on Monday. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.31 and a quick ratio of 0.31. The firm has a market capitalization of $144.27 billion, a PE ratio of 13.86, a price-to-earnings-growth ratio of 1.37 and a beta of 0.32. The company has a 50-day simple moving average of $245.14 and a two-hundred day simple moving average of $260.66. The Progressive Corporation has a one year low of $228.54 and a one year high of $292.99.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share for the quarter, beating analysts’ consensus estimates of $4.43 by $0.45. Progressive had a return on equity of 35.37% and a net margin of 12.66%.The company had revenue of $20.08 billion during the quarter, compared to analyst estimates of $20.39 billion. The firm’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same quarter last year, the company earned $2.48 EPS. On average, analysts anticipate that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd will be paid a $0.10 dividend. The ex-dividend date of this dividend is Thursday, October 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive’s dividend payout ratio is 2.25%.

Insider Activity

In other news, CEO Susan Patricia Griffith sold 30,659 shares of Progressive stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $246.06, for a total transaction of $7,543,953.54. Following the sale, the chief executive officer owned 476,286 shares in the company, valued at $117,194,933.16. This trade represents a 6.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Patrick K. Callahan sold 6,420 shares of the company’s stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $242.22, for a total value of $1,555,052.40. Following the sale, the insider directly owned 15,192 shares in the company, valued at $3,679,806.24. This trade represents a 29.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 130,045 shares of company stock valued at $31,997,390 in the last three months. 0.33% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

PGR has been the subject of several research analyst reports. Morgan Stanley decreased their price target on shares of Progressive from $267.00 to $265.00 and set an “equal weight” rating for the company in a research note on Monday, September 22nd. Keefe, Bruyette & Woods upped their price objective on Progressive from $268.00 to $270.00 and gave the company a “market perform” rating in a research note on Thursday, September 18th. UBS Group dropped their price target on shares of Progressive from $280.00 to $268.00 and set a “neutral” rating on the stock in a research note on Monday, July 21st. Bank of America boosted their price objective on shares of Progressive from $343.00 to $350.00 and gave the company a “buy” rating in a research note on Monday, September 29th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Progressive in a report on Saturday, September 27th. Seven research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $279.63.

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.