SOA Wealth Advisors LLC. Increases Stock Holdings in The Progressive Corporation $PGR

Key Points

• SOA Wealth Advisors LLC increased its holdings in The Progressive Corporation by 17.2% during the second quarter, bringing its total to 13,792 shares worth approximately $3.68 million.
• Insider Patrick K. Callahan sold 6,420 shares of Progressive stock for over $1.55 million on September 19th, marking a 29.71% decrease in his position.
• Progressive announced a quarterly dividend of $0.10 per share, set to be paid on October 10th, reflecting an annualized yield of 0.2%.

SOA Wealth Advisors LLC. boosted its holdings in The Progressive Corporation (NYSE:PGR - Free Report) by 17.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 13,792 shares of the insurance provider's stock after purchasing an additional 2,021 shares during the quarter. SOA Wealth Advisors LLC.'s holdings in Progressive were worth $3,681,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in PGR. Childress Capital Advisors LLC increased its stake in shares of Progressive by 5.1% during the 2nd quarter. Childress Capital Advisors LLC now owns 1,268 shares of the insurance provider's stock valued at $338,000 after acquiring an additional 61 shares during the last quarter. Consolidated Portfolio Review Corp acquired a new position in Progressive during the second quarter worth approximately $390,000. Truist Financial Corp increased its position in Progressive by 6.4% during the second quarter. Truist Financial Corp now owns 453,786 shares of the insurance provider's stock worth $121,097,000 after purchasing an additional 27,449 shares during the last quarter. Union Bancaire Privee UBP SA purchased a new position in Progressive during the second quarter worth approximately $1,785,000. Finally, Lee Johnson Capital Management LLC boosted its holdings in shares of Progressive by 58.6% in the 2nd quarter. Lee Johnson Capital Management LLC now owns 20,441 shares of the insurance provider's stock valued at $5,455,000 after purchasing an additional 7,550 shares during the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Progressive

In other Progressive news, insider Patrick K. Callahan sold 6,420 shares of Progressive stock in a transaction that occurred on 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 sale, the insider directly owned 15,192 shares in the company, valued at $3,679,806.24. The trade was a 29.71% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider John Jo Murphy sold 2,218 shares of the stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $242.10, for a total value of $536,977.80. Following the transaction, 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. In the last 90 days, insiders sold 130,045 shares of company stock valued at $31,997,390. Company insiders own 0.34% of the company's stock.

Progressive Stock Down 0.1%

NYSE PGR opened at $246.73 on Thursday. 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 Progressive Corporation has a fifty-two week low of $228.54 and a fifty-two week high of $292.99. The business has a 50 day moving average price of $245.31 and a two-hundred day moving average price of $261.43. The stock has a market cap of $144.64 billion, a PE ratio of 13.90, a P/E/G ratio of 1.38 and a beta of 0.32.

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

Progressive Announces Dividend

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

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Jefferies Financial Group dropped their price objective on Progressive from $309.00 to $287.00 and set a "buy" rating for the company in a report on Monday, August 11th. Bank of America raised their price objective on Progressive from $343.00 to $350.00 and gave the stock a "buy" rating in a report on Monday. Evercore ISI decreased their target price on Progressive from $275.00 to $273.00 and set an "in-line" rating for the company in a report on Wednesday. Wells Fargo & Company restated an "equal weight" rating and issued a $265.00 price target (down previously from $327.00) on shares of Progressive in a report on Thursday, September 18th. Finally, Wolfe Research began coverage on shares of Progressive in a research report on Monday, September 15th. They set a "peer perform" rating on the stock. Six equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price 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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