3,024 Shares in The Progressive Corporation $PGR Bought by Sargent Investment Group LLC

Sargent Investment Group LLC acquired a new position in The Progressive Corporation (NYSE:PGR) in the 4th quarter, Holdings Channel reports. The firm acquired 3,024 shares of the insurance provider’s stock, valued at approximately $689,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Bard Associates Inc. purchased a new stake in Progressive in the fourth quarter worth about $27,000. Dagco Inc. purchased a new stake in Progressive in the fourth quarter worth about $28,000. IFC & Insurance Marketing Inc. purchased a new stake in Progressive in the fourth quarter worth about $29,000. Ameriflex Group Inc. lifted its holdings in Progressive by 106.6% in the third quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock worth $31,000 after buying an additional 65 shares during the period. Finally, Entrust Financial LLC purchased a new stake in Progressive in the fourth quarter worth about $33,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PGR has been the subject of several research analyst reports. Roth Mkm set a $235.00 price objective on shares of Progressive in a report on Thursday, February 19th. Piper Sandler restated an “overweight” rating and issued a $259.00 price objective on shares of Progressive in a report on Monday, March 2nd. Barclays set a $247.00 price objective on shares of Progressive in a report on Wednesday, March 18th. BMO Capital Markets reiterated a “market perform” rating and set a $220.00 target price on shares of Progressive in a report on Wednesday, May 20th. Finally, Morgan Stanley lowered their target price on shares of Progressive from $205.00 to $190.00 and set an “underweight” rating for the company in a report on Tuesday, March 31st. Six research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Progressive currently has an average rating of “Hold” and an average target price of $238.11.

Progressive Price Performance

PGR stock opened at $203.40 on Tuesday. The firm has a 50 day moving average price of $199.37 and a 200-day moving average price of $207.77. The Progressive Corporation has a 52-week low of $189.20 and a 52-week high of $269.78. The firm has a market capitalization of $118.85 billion, a price-to-earnings ratio of 10.34, a PEG ratio of 5.89 and a beta of 0.28. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.27 and a current ratio of 0.27.

Progressive (NYSE:PGR) last released its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.67 by $0.13. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The firm had revenue of $22.19 billion during the quarter, compared to analyst estimates of $23.51 billion. During the same period last year, the business earned $4.37 earnings per share. The business’s revenue was up 6.5% on a year-over-year basis. Equities research analysts forecast that The Progressive Corporation will post 16.35 EPS for the current fiscal year.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date is Thursday, July 2nd. Progressive’s dividend payout ratio (DPR) is presently 2.03%.

Insider Activity at Progressive

In related news, insider John Jo Murphy sold 5,916 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $200.00, for a total transaction of $1,183,200.00. Following the completion of the sale, the insider owned 41,290 shares of the company’s stock, valued at $8,258,000. This trade represents a 12.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Carl G. Joyce sold 270 shares of the firm’s stock in a transaction that occurred on Friday, March 20th. The shares were sold at an average price of $206.50, for a total transaction of $55,755.00. Following the sale, the chief accounting officer directly owned 558 shares of the company’s stock, valued at $115,227. This trade represents a 32.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 7,343 shares of company stock valued at $1,470,355 over the last 90 days. Corporate insiders own 0.32% of the company’s stock.

Progressive Company Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.