Moran Wealth Management LLC Has $41.93 Million Stock Position in The Progressive Corporation $PGR

Key Points

• Moran Wealth Management LLC increased its stake in The Progressive Corporation by 9.2% in Q2, owning 157,136 shares valued at approximately $41.93 million.
• Analysts have varying ratings for Progressive, with seven rating it as a "Buy" and twelve as a "Hold," alongside a consensus price target of $279.63.
• Progressive recently announced a quarterly dividend of $0.10, representing a dividend yield of 0.2% and a payout ratio of 2.25%.

Moran Wealth Management LLC raised its holdings in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 9.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 157,136 shares of the insurance provider's stock after purchasing an additional 13,231 shares during the quarter. Progressive accounts for approximately 1.3% of Moran Wealth Management LLC's investment portfolio, making the stock its 9th largest holding. Moran Wealth Management LLC's holdings in Progressive were worth $41,933,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. NorthRock Partners LLC grew its stake in Progressive by 739.3% in the 2nd quarter. NorthRock Partners LLC now owns 160,566 shares of the insurance provider's stock worth $42,848,000 after acquiring an additional 141,435 shares in the last quarter. Atria Wealth Solutions Inc. boosted its holdings in shares of Progressive by 19.0% in the second quarter. Atria Wealth Solutions Inc. now owns 21,549 shares of the insurance provider's stock valued at $5,734,000 after purchasing an additional 3,439 shares during the period. Oregon Public Employees Retirement Fund boosted its holdings in shares of Progressive by 0.6% in the second quarter. Oregon Public Employees Retirement Fund now owns 50,658 shares of the insurance provider's stock valued at $13,519,000 after purchasing an additional 300 shares during the period. Vest Financial LLC purchased a new stake in shares of Progressive in the second quarter valued at approximately $9,344,000. Finally, Mitchell Capital Management Co. purchased a new stake in shares of Progressive in the second quarter valued at approximately $2,721,000. Hedge funds and other institutional investors own 85.34% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on PGR. Wells Fargo & Company lifted their target price on Progressive from $265.00 to $266.00 and gave the company an "equal weight" rating in a research report on Wednesday, October 8th. JPMorgan Chase & Co. raised their price target on Progressive from $301.00 to $303.00 and gave the company an "overweight" rating in a research note on Thursday, October 9th. Evercore ISI dropped their target price on shares of Progressive from $275.00 to $273.00 and set an "in-line" rating on the stock in a report on Wednesday, October 1st. Bank of America increased their target price on shares of Progressive from $343.00 to $350.00 and gave the stock a "buy" rating in a report on Monday, September 29th. Finally, Wall Street Zen cut shares of Progressive from a "buy" rating to a "hold" rating in a research report on Sunday, September 21st. Seven research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the stock. According to MarketBeat.com, Progressive presently has a consensus rating of "Hold" and a consensus price target of $279.63.

Insider Transactions at Progressive

In other news, insider Patrick K. Callahan sold 6,420 shares of the firm's stock in a transaction on Friday, September 19th. The stock was sold at an average price of $242.22, for a total value of $1,555,052.40. Following the completion of the sale, the insider owned 15,192 shares of the company's stock, valued at $3,679,806.24. This trade represents a 29.71% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider John Jo Murphy sold 2,218 shares of the stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $242.10, for a total value of $536,977.80. Following the completion of the sale, the insider owned 43,506 shares of the company's stock, valued at approximately $10,532,802.60. This trade represents a 4.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 130,045 shares of company stock worth $31,997,390. 0.33% of the stock is currently owned by corporate insiders.

Progressive Stock Performance

PGR stock opened at $236.27 on Tuesday. The firm has a market cap of $138.50 billion, a price-to-earnings ratio of 13.31, a PEG ratio of 1.33 and a beta of 0.32. The firm has a 50-day simple moving average of $245.09 and a two-hundred day simple moving average of $259.24. The Progressive Corporation has a one year low of $228.54 and a one year high of $292.99. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.31 and a current ratio of 0.31.

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

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd were given a $0.10 dividend. The ex-dividend date of this dividend was Thursday, October 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive's dividend payout ratio (DPR) is presently 2.25%.

About Progressive

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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