Wright Investors Service Inc. sells 4,851 shares of The Progressive Co. (NYSE:PGR)

VaselineOctober 6, 2024

0 5 minutes read

Wright Investors Service Inc. reduced its position in shares of The Progressive Co. (NYSE:PGR – Free Report) by 12.8% in the third quarter, Holdings Channel reports. The firm owned 33,119 shares of the insurance provider’s stock after selling 4,851 shares during the period. Progressive makes up about 2.2% of Wright Investors Service Inc.’s holdings, making the stock its 10th biggest position. Wright Investors Service Inc. holdings. in Progressive were worth $8,404,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. HBW Advisory Services LLC bought a new stake in shares of Progressive in the 3rd quarter valued at approximately $249,000. MRA Advisory Group boosted its position in Progressive by 45.4% in the third quarter. MRA Advisory Group now owns 2,258 shares of the insurance provider’s stock valued at $573,000 after purchasing an additional 705 shares in the last quarter. SG Americas Securities LLC raised its stake in shares of Progressive by 206.8% in the third quarter. SG Americas Securities LLC now owns 875,660 shares of the insurance provider’s stock worth $222,207,000 after purchasing an additional 590,235 shares in the last quarter. Czech National Bank boosted its holdings in shares of Progressive by 6.9% during the third quarter. Czech National Bank now owns 119,306 shares of the insurance provider’s stock worth $30,275,000 after purchasing an additional 7,696 shares in the last quarter. Finally, Central Pacific Bank Trust Division raised its stake in shares of Progressive by 4.7% in the third quarter. Central Pacific Bank Trust Division now owns 26,784 shares of the insurance provider’s stock valued at $6,797,000 after acquiring an additional 1,205 shares during the last quarter. 85.34% of shares are currently owned by institutional investors.

Insider trading at Progressive

In other news, insider Andrew J. Quigg sold 3,975 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $214.01, for a total transaction of $850,689.75. Following the completion of the sale, the insider now owns 32,780 shares in the company, valued at $7,015,247.80. The transaction represented a decrease of 0.00 % in the stock holding. The transaction was disclosed in a legal filing with the SEC, which is available via this hyperlink. In other news, insider Andrew J. Quigg sold 3,975 shares of the company’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $214.01, for a total transaction of $850,689.75. Following the completion of the sale, the insider now directly owns 32,780 shares of the company’s stock, valued at $7,015,247.80. The transaction represented a decrease of 0.00 % in the stock holding. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Susan Patricia Griffith sold 43,371 shares of the business’s 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 completion of the transaction, the chief executive officer now directly owns 517,105 shares in the company, valued at approximately $110,665,641.05. The trade was a 0.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 146,512 shares of company stock worth $33,912,874 in the last 90 days. 0.34% of shares are currently owned by corporate insiders.

Analysts on Wall Street are forecasting an increase

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A number of equities analysts have issued reports on PGR shares. Bank of America boosted their target price on Progressive from $294.00 to $312.00 and gave the stock a “buy” rating in a report on Tuesday, September 3rd. BMO Capital Markets reduced their price objective on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. Wells Fargo & Company raised their target price on shares of Progressive from $281.00 to $282.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 10th. Morgan Stanley boosted their target price on shares of Progressive from $260.00 to $300.00 and gave the company an “overweight” rating in a research report on Monday, September 16th. Finally, Jefferies Financial Group upped their price objective on shares of Progressive from $256.00 to $257.00 and gave the stock a “buy” rating in a research note on Wednesday, July 17th . Six research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Moderate Buy” and a consensus price target of $257.18, according to MarketBeat.com.

See the latest stock analysis on Progressive

Progressive trading up 1.2%

Shares of PGR traded up $3.09 during mid-day trading on Friday, hitting $255.36. The company’s stock had a trading volume of 1,951,766 shares, compared to its average volume of 2,503,230. Progressive Co. has a 12-month low of $141.73 and a 12-month high of $260.46. The company has a current ratio of 0.31, a quick ratio of 0.31, and a debt-to-equity ratio of 0.30. The company’s 50-day moving average price is $241.69 and its 200-day moving average price is $221.03. The company has a market cap of $149.56 billion, a price-to-earnings 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 announced its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 EPS for the quarter, topping the consensus estimate of $2.04 by $0.61. The company had revenue of $17.90 billion during the quarter, compared to the consensus estimate of $17.54 billion. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The company’s quarterly revenue was up 21.6% year over year. In the same quarter last year, the firm posted EPS of $0.57. On average, equities research analysts predict that The Progressive Co. will post 13.02 EPS for the current year.

Progressive Dividend Announcement

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

About Progressive

(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.