Farther Finance Advisors LLC Has $4.47 Million Stock Position in The Progressive Corporation $PGR

Key Points

• Farther Finance Advisors LLC boosted its stake in The Progressive Corporation by 115.9% in the fourth quarter to 19,642 shares worth about $4.47 million, and institutional investors now own roughly 85.34% of the stock.
• Analysts hold a consensus rating of "Hold" with an average target price of $238.39 (6 Buys, 14 Holds, 2 Sells), amid recent target adjustments from firms like JPMorgan and Wells Fargo.
• In its most recent quarter Progressive reported $4.80 EPS (beat by $0.13) but revenue of $22.19 billion missed estimates; the company also pays a small quarterly dividend of $0.10 (annualized $0.40, ~0.2% yield).

Farther Finance Advisors LLC lifted its holdings in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 115.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 19,642 shares of the insurance provider's stock after purchasing an additional 10,545 shares during the quarter. Farther Finance Advisors LLC's holdings in Progressive were worth $4,473,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Davis Capital Management bought a new stake in shares of Progressive during the 3rd quarter worth $25,000. Dagco Inc. bought a new stake in Progressive in the 4th quarter valued at $28,000. Ameriflex Group Inc. boosted its holdings in Progressive by 106.6% in the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider's stock valued at $31,000 after purchasing an additional 65 shares during the period. Bangor Savings Bank boosted its holdings in Progressive by 60.4% in the 4th quarter. Bangor Savings Bank now owns 154 shares of the insurance provider's stock valued at $35,000 after purchasing an additional 58 shares during the period. Finally, TruNorth Capital Management LLC boosted its holdings in Progressive by 450.0% in the 3rd quarter. TruNorth Capital Management LLC now owns 165 shares of the insurance provider's stock valued at $41,000 after purchasing an additional 135 shares during the period. 85.34% of the stock is owned by institutional investors.

Analysts Set New Price Targets

PGR has been the subject of a number of analyst reports. Zacks Research raised shares of Progressive from a "strong sell" rating to a "hold" rating in a report on Tuesday, February 24th. Weiss Ratings reissued a "hold (c+)" rating on shares of Progressive in a report on Friday, March 27th. Wells Fargo & Company lifted their price target on shares of Progressive from $215.00 to $218.00 and gave the company an "equal weight" rating in a report on Thursday. JPMorgan Chase & Co. dropped their target price on shares of Progressive from $303.00 to $275.00 and set an "overweight" rating for the company in a research note on Wednesday, January 7th. Finally, Evercore reaffirmed a "negative" rating on shares of Progressive in a research note on Wednesday, March 18th. Six equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $238.39.

Insider Activity

In related news, insider Andrew J. Quigg sold 1,649 shares of the business's stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total transaction of $336,973.15. Following the completion of the transaction, the insider owned 39,626 shares in the company, valued at approximately $8,097,573.10. The trade was a 4.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CIO Jonathan S. Bauer sold 3,105 shares of Progressive stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total transaction of $634,506.75. Following the completion of the transaction, the executive directly owned 26,249 shares in the company, valued at approximately $5,363,983.15. The trade was a 10.58% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 11,687 shares of company stock valued at $2,413,044. 0.32% of the stock is currently owned by company insiders.

Progressive Stock Down 0.4%

Shares of NYSE:PGR opened at $202.69 on Friday. The Progressive Corporation has a one year low of $192.02 and a one year high of $289.96. The company has a 50 day moving average of $203.43 and a 200-day moving average of $214.91. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.33 and a quick ratio of 0.35. The stock has a market cap of $118.57 billion, a price-to-earnings ratio of 10.30, a P/E/G ratio of 6.70 and a beta of 0.34.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.67 by $0.13. The firm had revenue of $22.19 billion during the quarter, compared to analysts' expectations of $23.51 billion. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The business's revenue for the quarter was up 6.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $4.37 earnings per share. On average, sell-side analysts forecast that The Progressive Corporation will post 14.68 earnings per share for the current year.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 10th. Investors of record on Thursday, April 2nd were issued a dividend of $0.10 per share. The ex-dividend date was Thursday, April 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive's payout ratio is currently 2.03%.

Progressive Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.

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