The Progressive Corporation $PGR Shares Purchased by Childress Capital Advisors LLC

Childress Capital Advisors LLC increased its stake in shares of The Progressive Corporation (NYSE:PGR) by 5.1% during the 2nd quarter, Holdings Channel.com reports. The fund owned 1,268 shares of the insurance provider’s stock after purchasing an additional 61 shares during the quarter. Childress Capital Advisors LLC’s holdings in Progressive were worth $338,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Consolidated Portfolio Review Corp acquired a new stake in Progressive during the 2nd quarter worth $390,000. Truist Financial Corp raised its stake in Progressive by 6.4% during the 2nd quarter. Truist Financial Corp now owns 453,786 shares of the insurance provider’s stock worth $121,097,000 after acquiring an additional 27,449 shares in the last quarter. Union Bancaire Privee UBP SA acquired a new stake in Progressive during the 2nd quarter worth $1,785,000. Lee Johnson Capital Management LLC raised its stake in Progressive by 58.6% during the 2nd quarter. Lee Johnson Capital Management LLC now owns 20,441 shares of the insurance provider’s stock worth $5,455,000 after acquiring an additional 7,550 shares in the last quarter. Finally, Presper Financial Architects LLC acquired a new stake in Progressive during the 2nd quarter worth $319,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. UBS Group cut 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. Cantor Fitzgerald upgraded shares of Progressive to a “hold” rating in a research note on Wednesday, August 13th. Wall Street Zen lowered shares of Progressive from a “buy” rating to a “hold” rating in a research note on Sunday, September 21st. Keefe, Bruyette & Woods lifted their price objective on shares of Progressive from $268.00 to $270.00 and gave the company a “market perform” rating in a research note on Thursday, September 18th. Finally, Morgan Stanley dropped their price objective on shares of Progressive from $267.00 to $265.00 and set an “equal weight” rating on the stock in a research note on Monday, September 22nd. Six investment analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. According to MarketBeat.com, Progressive currently has an average rating of “Hold” and a consensus target price of $279.63.

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 shares were sold at an average price of $250.18, for a total transaction of $2,017,201.34. Following the sale, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider John Jo Murphy sold 2,218 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 transaction of $536,977.80. Following the sale, the insider directly owned 43,506 shares in the company, valued at approximately $10,532,802.60. This represents a 4.85% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 130,045 shares of company stock valued at $31,997,390 in the last quarter. Insiders own 0.34% of the company’s stock.

Progressive Stock Down 0.1%

Shares of NYSE:PGR opened at $246.73 on Thursday. The company has a market cap of $144.64 billion, a price-to-earnings ratio of 13.90, a PEG ratio of 1.38 and a beta of 0.32. The firm’s 50-day simple moving average is $245.31 and its 200-day simple moving average is $261.43. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.21. The Progressive Corporation has a fifty-two week low of $228.54 and a fifty-two week high of $292.99.

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

Progressive Announces Dividend

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

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.