Savant Capital LLC Grows Stake in The Progressive Co. (NYSE:PGR)

Savant Capital LLC grew its position in The Progressive Co. (NYSE:PGRFree Report) by 10.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,960 shares of the insurance provider’s stock after buying an additional 739 shares during the quarter. Savant Capital LLC’s holdings in Progressive were worth $1,109,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Creative Financial Designs Inc. ADV lifted its stake in Progressive by 95.0% in the second quarter. Creative Financial Designs Inc. ADV now owns 195 shares of the insurance provider’s stock worth $26,000 after acquiring an additional 95 shares during the period. Sunbelt Securities Inc. bought a new stake in shares of Progressive in the 1st quarter valued at about $31,000. Arlington Trust Co LLC purchased a new stake in shares of Progressive in the 3rd quarter worth approximately $36,000. DecisionPoint Financial LLC bought a new position in shares of Progressive during the second quarter valued at approximately $35,000. Finally, Vestor Capital LLC purchased a new position in Progressive during the second quarter valued at approximately $101,000. Institutional investors own 83.66% of the company’s stock.

Progressive Stock Performance

Shares of PGR opened at $179.79 on Wednesday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.33 and a current ratio of 0.35. The stock has a 50-day moving average of $164.26 and a two-hundred day moving average of $149.14. The stock has a market cap of $105.18 billion, a P/E ratio of 27.32, a P/E/G ratio of 0.99 and a beta of 0.37. The Progressive Co. has a one year low of $111.41 and a one year high of $182.35.

Progressive (NYSE:PGRGet Free Report) last announced its quarterly earnings data on Wednesday, January 24th. The insurance provider reported $2.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.43 by $0.53. Progressive had a return on equity of 21.10% and a net margin of 6.28%. The firm had revenue of $16.89 billion during the quarter, compared to analysts’ expectations of $16.10 billion. During the same period last year, the business posted $1.52 earnings per share. As a group, research analysts predict that The Progressive Co. will post 8.57 EPS for the current year.

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, January 26th. Investors of record on Friday, January 19th were given a dividend of $0.10 per share. The ex-dividend date was Thursday, January 18th. This represents a $0.40 dividend on an annualized basis and a yield of 0.22%. Progressive’s dividend payout ratio is presently 12.92%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on PGR shares. Roth Mkm upped their target price on Progressive from $185.00 to $200.00 and gave the stock a “buy” rating in a report on Thursday, January 25th. Keefe, Bruyette & Woods upped their price objective on Progressive from $158.00 to $175.00 and gave the stock a “market perform” rating in a research note on Friday, January 26th. Raymond James lowered Progressive from an “outperform” rating to a “market perform” rating in a research note on Tuesday, December 12th. TD Cowen began coverage on shares of Progressive in a research report on Wednesday, January 10th. They set a “market perform” rating and a $174.00 price target for the company. Finally, Piper Sandler lifted their price objective on shares of Progressive from $188.00 to $207.00 and gave the stock an “overweight” rating in a research report on Thursday, January 25th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $169.22.

Read Our Latest Report on Progressive

Insider Activity

In other news, CEO Susan Patricia Griffith sold 90,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 29th. The shares were sold at an average price of $162.89, for a total transaction of $14,660,100.00. Following the sale, the chief executive officer now owns 465,735 shares of the company’s stock, valued at approximately $75,863,574.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Andrew J. Quigg sold 1,210 shares of the company’s stock in a transaction that occurred on Wednesday, January 3rd. The stock was sold at an average price of $162.26, for a total transaction of $196,334.60. Following the completion of the transaction, the insider now directly owns 27,247 shares of the company’s stock, valued at approximately $4,421,098.22. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Susan Patricia Griffith sold 90,000 shares of the stock in a transaction that occurred on Wednesday, November 29th. The shares were sold at an average price of $162.89, for a total value of $14,660,100.00. Following the transaction, the chief executive officer now owns 465,735 shares in the company, valued at approximately $75,863,574.15. The disclosure for this sale can be found here. Insiders sold a total of 114,862 shares of company stock valued at $18,747,693 in the last quarter. 0.33% of the stock is currently owned by company insiders.

About Progressive

(Free Report)

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, 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.

See Also

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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