Cypress Wealth Services LLC Invests $226,000 in The Progressive Corporation $PGR

Cypress Wealth Services LLC acquired a new position in The Progressive Corporation (NYSE:PGR) during the second quarter, according to its most recent filing with the SEC. The firm acquired 846 shares of the insurance provider’s stock, valued at approximately $226,000.

Other large investors have also recently made changes to their positions in the company. TruNorth Capital Management LLC grew its position in shares of Progressive by 210.0% in the 1st quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider’s stock worth $26,000 after buying an additional 63 shares during the last quarter. HWG Holdings LP bought a new stake in shares of Progressive during the first quarter valued at approximately $28,000. Garde Capital Inc. bought a new stake in shares of Progressive during the first quarter valued at approximately $33,000. Ransom Advisory Ltd bought a new position in Progressive in the first quarter worth $35,000. Finally, Activest Wealth Management lifted its position in Progressive by 6,350.0% during the first quarter. Activest Wealth Management now owns 129 shares of the insurance provider’s stock valued at $37,000 after buying an additional 127 shares during the period. 85.34% of the stock is currently owned by institutional investors.

Insider Transactions at Progressive

In other news, CEO Susan Patricia Griffith sold 30,660 shares of the business’s stock in a transaction on Monday, July 28th. The stock was sold at an average price of $242.12, for a total value of $7,423,399.20. Following the completion of the transaction, the chief executive officer owned 506,945 shares in the company, valued at $122,741,523.40. The trade was a 5.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Lori A. Niederst sold 8,063 shares of the business’s stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $250.18, for a total value of $2,017,201.34. Following the completion of the transaction, the insider owned 39,040 shares of the company’s stock, valued at $9,767,027.20. This represents a 17.12% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 130,045 shares of company stock valued at $31,997,390. Insiders own 0.33% of the company’s stock.

Progressive Stock Up 1.8%

Shares of NYSE:PGR opened at $240.54 on Wednesday. The stock has a fifty day simple moving average of $245.05 and a two-hundred day simple moving average of $259.11. The stock has a market capitalization of $141.01 billion, a price-to-earnings ratio of 13.55, a PEG ratio of 1.31 and a beta of 0.32. The Progressive Corporation has a 12-month low of $228.54 and a 12-month high of $292.99. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.21.

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

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd were paid a $0.10 dividend. The ex-dividend date was Thursday, October 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive’s payout ratio is currently 2.25%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. Cantor Fitzgerald raised Progressive to a “hold” rating in a research report on Wednesday, August 13th. BMO Capital Markets set a $252.00 price objective on Progressive in a research report on Thursday, September 18th. Keefe, Bruyette & Woods raised their price objective on Progressive from $268.00 to $270.00 and gave the company a “market perform” rating in a research report on Thursday, September 18th. Wells Fargo & Company raised their price objective on Progressive from $265.00 to $266.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 8th. Finally, JPMorgan Chase & Co. raised their price objective on Progressive from $301.00 to $303.00 and gave the company an “overweight” rating in a research report on Thursday, October 9th. Seven analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $279.63.

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.