Syverson Strege & Co Buys New Position in The Progressive Corporation $PGR

Syverson Strege & Co acquired a new stake in shares of The Progressive Corporation (NYSE:PGR) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 2,272 shares of the insurance provider’s stock, valued at approximately $606,000.

Several other large investors also recently made changes to their positions in the business. Rise Advisors LLC boosted its holdings in Progressive by 7.4% during the first quarter. Rise Advisors LLC now owns 521 shares of the insurance provider’s stock worth $147,000 after buying an additional 36 shares in the last quarter. Pinnacle Wealth Management Advisory Group LLC boosted its holdings in Progressive by 2.1% during the first quarter. Pinnacle Wealth Management Advisory Group LLC now owns 1,927 shares of the insurance provider’s stock worth $545,000 after buying an additional 39 shares in the last quarter. LRI Investments LLC boosted its stake in shares of Progressive by 13.4% during the 2nd quarter. LRI Investments LLC now owns 338 shares of the insurance provider’s stock worth $90,000 after acquiring an additional 40 shares in the last quarter. True North Advisors LLC boosted its stake in shares of Progressive by 4.0% during the 1st quarter. True North Advisors LLC now owns 1,055 shares of the insurance provider’s stock worth $299,000 after acquiring an additional 41 shares in the last quarter. Finally, Prosperity Consulting Group LLC boosted its stake in shares of Progressive by 1.1% during the 1st quarter. Prosperity Consulting Group LLC now owns 3,824 shares of the insurance provider’s stock worth $1,082,000 after acquiring an additional 42 shares in the last quarter. Institutional investors own 85.34% of the company’s stock.

Insider Activity

In related news, insider Lori A. Niederst sold 8,063 shares of the business’s stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $250.18, for a total transaction of $2,017,201.34. Following the completion of the transaction, the insider owned 39,040 shares of the company’s stock, valued at approximately $9,767,027.20. The trade was a 17.12% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Steven Broz sold 1,345 shares of the business’s stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $242.10, for a total value of $325,624.50. Following the transaction, the insider directly owned 30,388 shares of the company’s stock, valued at $7,356,934.80. This represents a 4.24% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 58,500 shares of company stock worth $14,430,089. Insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on PGR shares. Barclays decreased their price target on Progressive from $271.00 to $257.00 and set an “equal weight” rating for the company in a research report on Monday, October 20th. Raymond James Financial decreased their price objective on shares of Progressive from $305.00 to $265.00 and set an “outperform” rating for the company in a research note on Friday, October 17th. Keefe, Bruyette & Woods decreased their target price on Progressive from $270.00 to $262.00 and set a “market perform” rating for the company in a research report on Thursday, October 16th. Wells Fargo & Company decreased their target price on Progressive from $266.00 to $246.00 and set an “equal weight” rating for the company in a research report on Thursday, October 16th. Finally, Zacks Research lowered Progressive from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 10th. Eight equities research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $268.90.

Progressive Price Performance

Shares of NYSE:PGR opened at $205.97 on Friday. The business has a 50-day moving average of $237.11 and a two-hundred day moving average of $254.16. The Progressive Corporation has a fifty-two week low of $205.55 and a fifty-two week high of $292.99. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.32 and a quick ratio of 0.31. The stock has a market capitalization of $120.74 billion, a P/E ratio of 11.30, a P/E/G ratio of 1.19 and a beta of 0.32.

Progressive (NYSE:PGR) last posted its earnings results on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share for the quarter, missing the consensus estimate of $5.04 by ($0.59). Progressive had a return on equity of 33.88% and a net margin of 12.57%.The company had revenue of $21.38 billion during the quarter, compared to analyst estimates of $21.64 billion. During the same quarter last year, the firm posted $3.58 earnings per share. On average, equities research analysts predict that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date was Thursday, October 2nd. Progressive’s payout ratio is presently 2.19%.

Progressive 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.