SkyView Investment Advisors LLC acquires 787 shares of The Progressive Co. (NYSE:PGR)

SkyView Investment Advisors LLC raised its stake in shares of The Progressive Co. (NYSE:PGR – Free Report) by 11.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,883 shares of the insurance provider’s stock after purchasing an additional 787 shares during the quarter. SkyView Investment Advisors LLC’s holdings in Progressive were worth $1,637,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in PGR. Whittier Trust Co. of Nevada Inc. grew its holdings in shares of Progressive by 11.8% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 455 shares of the insurance provider’s stock worth $95,000 after buying an additional 48 shares during the last quarter. Farmers & Merchants Investments Inc. raised its position in shares of Progressive by 10.4% in the second quarter. Farmers & Merchants Investments Inc. now owns 509 shares of the insurance provider’s stock valued at $106,000 after buying an additional 48 shares in the last quarter. Graypoint LLC raised its position in shares of Progressive by 1.2% in the 2nd quarter. Graypoint LLC now owns 4,202 shares of the insurance provider’s stock valued at $873,000 after buying an additional 49 shares during the last quarter. City State Bank boosted its position in shares of Progressive by 8.2% during the 2nd quarter. City State Bank now owns 661 shares of the insurance provider’s stock worth $137,000 after acquiring an additional 50 shares in the last quarter . Finally, GYL Financial Synergies LLC boosted its stake in Progressive by 4.0% in the second quarter. GYL Financial Synergies LLC now owns 1,302 shares of the insurance provider’s stock valued at $270,000 after acquiring an additional 50 shares in the last quarter. Institutional investors own 85.34% of the company’s shares.

Insider buying and selling at Progressive

In other news, insider Andrew J. Quigg sold 3,975 shares of the company’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $214.01, for a total value of $850,689.75. Following the transaction, the insider now directly owns 32,780 shares of the company’s stock, valued at approximately $7,015,247.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC’s website. In other Progressive news, insider Andrew J. Quigg sold 3,975 shares of Progressive stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total value of $850,689.75. Following the completion of the sale, the insider now directly owns 32,780 shares in the company, valued at $7,015,247.80. The sale was disclosed in a filing with the SEC, which is available on the SEC’s website. Also, insider Steven Broz sold 2,982 shares of the stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $260.00, for a total value of $775,320.00. Following the transaction, the insider now owns 29,334 shares in the company, valued at $7,626,840. The disclosure for this sale can be found here. In the last quarter, insiders sold 144,332 shares of company stock valued at $33,362,904. 0.34% of shares are currently owned by insiders.

Analyst upgrades and downgrades

PGR has been the subject of a number of analyst research reports. Hsbc Global Res raised Progressive from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. Jefferies Financial Group boosted their price objective on Progressive from $256.00 to $257.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. HSBC raised Progressive from a “hold” rating to a “buy” rating and set a $253.00 target price for the company in a research note on Monday, August 12th. Keefe, Bruyette & Woods raised their target price on shares of Progressive from $255.00 to $275.00 and gave the company an “outperform” rating in a report on Tuesday, September 3rd. Finally, Morgan Stanley boosted their price objective on shares of Progressive from $260.00 to $300.00 and gave the company an “overweight” rating in a research note on Monday, September 16th. Six equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. Progressive currently has an average rating of “Moderate Buy” and an average price target of $257.18, based on data from MarketBeat.

Get the latest research report on Progressive

Stock progressively decreasing by 0.5%

Shares of PGR opened at $251.10 on Friday. The company has a market cap of $147.06 billion, a PE ratio of 25.70, a PEG ratio of 0.72 and a beta of 0.35. The stock’s 50-day moving average is $237.81, and its two-hundred-day moving average is $219.27. The company has a current ratio of 0.31, a quick ratio of 0.31, and a debt-to-equity ratio of 0.30. Progressive Co. has a 12-month low of $137.59 and a 12-month high of $260.46.

Progressive (NYSE:PGR – Get Free Report ) last announced its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 EPS for the quarter, topping the consensus estimate of $2.04 by $0.61. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The business had revenue of $17.90 billion for the quarter, compared to analysts’ expectations of $17.54 billion. In the same period last year, the company posted earnings of $0.57 per share. The company’s revenue increased by 21.6% year-on-year. On average, analysts anticipate that The Progressive Co. will post 12.9 EPS for the current year.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Thursday, October 3rd will be issued a $0.10 dividend. The ex-dividend date of this dividend is Thursday, October 3rd. This represents an annualized dividend of $0.40 and a yield of 0.16%. Progressive’s payout rate is 4.09%.

Progressive company profile

(Free report)

Progressive Corporation, an insurance holding company, provides personal and commercial auto, residential and commercial personal property, business general liability and other specialty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines and Property.

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