Cyndeo Wealth Partners LLC Grows Stock Holdings in The Progressive Corporation $PGR

Key Points

• Cyndeo Wealth Partners LLC increased its stake in The Progressive Corporation by 83.5%, owning a total of 28,202 shares worth approximately $7.5 million.
• Progressive reported $4.88 earnings per share for the latest quarter, exceeding analysts' expectations, and generated $20.08 billion in revenue.
• The company declared a quarterly dividend of $0.10 per share, with a 0.2% yield, set to be paid on October 10th to shareholders on record as of October 2nd.

Cyndeo Wealth Partners LLC lifted its position in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 83.5% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 28,202 shares of the insurance provider's stock after buying an additional 12,829 shares during the period. Cyndeo Wealth Partners LLC's holdings in Progressive were worth $7,526,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Integrated Advisors Network LLC lifted its position in Progressive by 1.0% in the first quarter. Integrated Advisors Network LLC now owns 3,808 shares of the insurance provider's stock valued at $1,078,000 after acquiring an additional 36 shares during the last quarter. Rise Advisors LLC lifted its position in Progressive by 7.4% in the first quarter. Rise Advisors LLC now owns 521 shares of the insurance provider's stock valued at $147,000 after acquiring an additional 36 shares during the last quarter. Pinnacle Wealth Management Advisory Group LLC lifted its position in Progressive by 2.1% in the first quarter. Pinnacle Wealth Management Advisory Group LLC now owns 1,927 shares of the insurance provider's stock valued at $545,000 after acquiring an additional 39 shares during the last quarter. True North Advisors LLC lifted its position in Progressive by 4.0% in the first quarter. True North Advisors LLC now owns 1,055 shares of the insurance provider's stock valued at $299,000 after acquiring an additional 41 shares during the last quarter. Finally, GenTrust LLC raised its holdings in shares of Progressive by 3.5% in the first quarter. GenTrust LLC now owns 1,234 shares of the insurance provider's stock valued at $349,000 after buying an additional 42 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company's stock.

Progressive Trading Down 0.5%

Shares of Progressive stock opened at $241.90 on Friday. The Progressive Corporation has a 52-week low of $228.54 and a 52-week high of $292.99. 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 company's 50-day simple moving average is $245.21 and its 200-day simple moving average is $259.98. The firm has a market cap of $141.80 billion, a price-to-earnings ratio of 13.63, a price-to-earnings-growth ratio of 1.35 and a beta of 0.32.

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

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Thursday, October 2nd will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date is Thursday, October 2nd. Progressive's dividend payout ratio is presently 2.25%.

Insider Activity at Progressive

In other Progressive news, insider Lori A. Niederst sold 8,063 shares of the company'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 transaction, the insider directly owned 39,040 shares in the company, valued at approximately $9,767,027.20. This represents a 17.12% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Patrick K. Callahan sold 6,420 shares of the company's stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $242.22, for a total transaction of $1,555,052.40. Following the transaction, the insider owned 15,192 shares in the company, valued at $3,679,806.24. The trade was a 29.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 130,045 shares of company stock valued at $31,997,390 in the last ninety days. Company insiders own 0.34% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on PGR shares. JPMorgan Chase & Co. upped their target price on shares of Progressive from $301.00 to $303.00 and gave the company an "overweight" rating in a report on Thursday. Cantor Fitzgerald raised shares of Progressive to a "hold" rating in a report on Wednesday, August 13th. Jefferies Financial Group reduced their target price on shares of Progressive from $309.00 to $287.00 and set a "buy" rating for the company in a report on Monday, August 11th. Evercore ISI reduced their target price on shares of Progressive from $275.00 to $273.00 and set an "in-line" rating for the company in a report on Wednesday, October 1st. Finally, Wall Street Zen cut shares of Progressive from a "buy" rating to a "hold" rating in a report on Sunday, September 21st. Seven equities research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $279.63.

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.

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