The position of the stockbroker Progressive Co. (NYSE:PGR) was raised by Anchor Investment Management LLC

VaselineOctober 6, 2024

0 5 minutes read

Anchor Investment Management LLC grew its stake in shares of The Progressive Co. (NYSE:PGR – Free Report) by 5.5% during the second quarter, HoldingsChannel.com reports. The firm owned 1,021 shares of the insurance provider’s stock after acquiring an additional 53 shares during the period. Anchor Investment Management LLC’s holdings in Progressive were worth $212,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PGR. Vanguard Group Inc. raised its stake in Progressive by 0.6% in the first quarter. Vanguard Group Inc. now owns 51,751,851 shares of the insurance provider’s stock valued at $10,703,318,000 after purchasing an additional 285,070 shares in the last quarter. Capital International Investors boosted its stake in Progressive by 15.7% in the first quarter. Capital International Investors now owns 4,925,019 shares of the insurance provider’s stock valued at $1,018,592,000 after acquiring an additional 670,006 shares during the last quarter. Legal & General Group Plc boosted its stake in Progressive by 1.9% in the second quarter. Legal & General Group Plc now owns 4,922,743 shares of the insurance provider’s stock valued at $1,022,507,000 after acquiring an additional 92,212 shares during the last quarter. FIL Ltd boosted its stake in Progressive by 0.4% in the fourth quarter. FIL Ltd now owns 4,885,731 shares of the insurance provider’s stock valued at $778,199,000 after acquiring an additional 19,724 shares during the last quarter. Finally, Baird Financial Group Inc. raised its stake in Progressive by 2.5% in the fourth quarter. Baird Financial Group Inc. now owns 3,577,731 shares of the insurance provider’s stock valued at $569,861,000 after acquiring an additional 86,686 shares in the last quarter. 85.34% of the shares are held by hedge funds and other institutional investors.

Indoor activity

In other news, CEO Susan Patricia Griffith sold 43,371 shares of the stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $214.01, for a total value of $9,281,827.71. Following the completion of the transaction, the chief executive officer now owns 517,105 shares in the company, valued at approximately $110,665,641.05. This represents a 0.00% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC’s website. In other news, insider Steven Broz sold 6,122 shares of the stock in a transaction on Monday, August 19th. The shares were sold at an average price of $235.19, for a total value of $1,439,833.18. Following the completion of the transaction, the insider now owns 32,316 shares in the company, valued at approximately $7,600,400.04. This represents a 0.00% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC’s website. Also, CEO Susan Patricia Griffith sold 43,371 shares of the stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $214.01, for a total transaction of $9,281,827.71. Following the sale, the chief executive officer now owns 517,105 shares of the company’s stock, valued at $110,665,641.05. This trade represents a 0.00% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 146,512 shares of company stock worth $33,912,874. 0.34% of shares are currently owned by corporate insiders.

Progressive price performance

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Shares of Progressive stock opened at $255.34 on Friday. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.31, and a quick ratio of 0.31. Progressive Co. it has a fifty-two week low of $141.73 and a fifty-two week high of $260.46. The firm has a fifty day moving average price of $241.69 and a two hundred day moving average price of $220.92. The company has a market cap of $149.55 billion, a PE ratio of 26.14, a price-to-earnings-growth ratio of 0.70 and a beta of 0.35.

Progressive (NYSE:PGR – Get Free Report ) last posted its quarterly earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share for the quarter, topping analysts’ consensus estimates of $2.04 by $0.61. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The firm had revenue of $17.90 billion during the quarter, compared to the consensus estimate of $17.54 billion. During the same period in the previous year, the firm earned $0.57 EPS. The company’s revenue increased by 21.6% year-on-year. Analysts expect The Progressive Co. will record 13.02 EPS for the current year.

Progressive announces dividend

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

The Wall Street analyst weighs in

A number of analysts have issued reports on PGR shares. Barclays began coverage on shares of Progressive in a research note on Wednesday, September 4th. They issued an “equal weight” rating and a $367.00 price target for the company. HSBC upgraded shares of 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. Citigroup decreased their price objective on shares of Progressive from $232.00 to $225.00 and set a “neutral” rating for the company in a research note on Wednesday, July 17th. Piper Sandler boosted their price objective on shares of Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a research note on Thursday, August 15th. Finally, BMO Capital Markets dropped their price objective on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a research note on Wednesday, 7 August. Six investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Moderate Buy” and an average price target of $257.18, according to MarketBeat.com.

Read the latest stock analysis on Progressive

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.