Synovus Financial Corp Buys 3,165 Shares of The Progressive Corporation $PGR

Key Points

• Synovus Financial Corp increased its stake in The Progressive Corporation by 153.7%, acquiring an additional 3,165 shares and bringing its total holdings to 5,224 shares worth approximately $1.48 million.
• A number of institutional investors, including Nuveen LLC and GQG Partners LLC, have also recently adjusted their holdings in Progressive, indicating strong institutional interest in the company.
• The Progressive Corporation reported EPS of $4.88 for the latest quarter, surpassing the consensus estimate, with a net margin of 12.66% and revenue growth of 12.1% year-over-year.

Synovus Financial Corp raised its holdings in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 153.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,224 shares of the insurance provider's stock after acquiring an additional 3,165 shares during the quarter. Synovus Financial Corp's holdings in Progressive were worth $1,478,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Oak Harvest Investment Services grew its holdings in shares of Progressive by 11.2% during the 1st quarter. Oak Harvest Investment Services now owns 29,246 shares of the insurance provider's stock valued at $8,277,000 after acquiring an additional 2,947 shares in the last quarter. Campbell & CO Investment Adviser LLC grew its stake in shares of Progressive by 84.5% in the 1st quarter. Campbell & CO Investment Adviser LLC now owns 15,689 shares of the insurance provider's stock valued at $4,440,000 after buying an additional 7,185 shares in the last quarter. Axiom Investors LLC DE bought a new stake in shares of Progressive in the 1st quarter valued at approximately $194,557,000. Enterprise Financial Services Corp grew its position in Progressive by 21.0% in the first quarter. Enterprise Financial Services Corp now owns 2,014 shares of the insurance provider's stock worth $570,000 after acquiring an additional 349 shares in the last quarter. Finally, Cadence Bank grew its position in Progressive by 4.8% in the first quarter. Cadence Bank now owns 6,925 shares of the insurance provider's stock worth $1,960,000 after acquiring an additional 319 shares in the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Stock Performance

Shares of PGR traded up $0.92 during trading hours on Friday, reaching $247.03. 2,408,188 shares of the company traded hands, compared to its average volume of 2,845,707. The stock's fifty day moving average is $249.69 and its 200 day moving average is $266.17. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.31 and a current ratio of 0.31. The stock has a market cap of $144.81 billion, a P/E ratio of 13.92, a price-to-earnings-growth ratio of 1.44 and a beta of 0.33. The Progressive Corporation has a 1-year low of $228.54 and a 1-year high of $292.99.

Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, beating the consensus estimate of $4.43 by $0.45. The firm had revenue of $20.08 billion during the quarter, compared to analysts' expectations of $20.39 billion. Progressive had a return on equity of 35.37% and a net margin of 12.66%.The company's revenue for the quarter was up 12.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.48 EPS. Equities research analysts anticipate that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Dividend Announcement

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

Insider Transactions at Progressive

In other news, insider Patrick K. Callahan sold 6,232 shares of the stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $242.16, for a total value of $1,509,141.12. Following the completion of the transaction, the insider directly owned 27,844 shares of the company's stock, valued at approximately $6,742,703.04. This represents a 18.29% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Susan Patricia Griffith sold 30,660 shares of the stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $242.12, for a total value of $7,423,399.20. Following the completion of the transaction, the chief executive officer directly owned 506,945 shares of the company's stock, valued at approximately $122,741,523.40. The trade was a 5.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 108,351 shares of company stock valued at $27,003,746. Corporate insiders own 0.34% of the company's stock.

Analyst Ratings Changes

PGR has been the subject of several recent research reports. UBS Group decreased their target price on shares of Progressive from $280.00 to $268.00 and set a "neutral" rating for the company in a research report on Monday, July 21st. BMO Capital Markets reduced their target price on Progressive from $281.00 to $279.00 and set an "outperform" rating for the company in a report on Thursday, August 21st. Cantor Fitzgerald upgraded Progressive to a "hold" rating in a report on Wednesday, August 13th. Jefferies Financial Group reduced their price objective on shares of Progressive from $309.00 to $287.00 and set a "buy" rating for the company in a research note on Monday, August 11th. Finally, Evercore ISI lowered shares of Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 target price for the company. in a research report on Thursday, July 17th. Nine research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat.com, Progressive currently has an average rating of "Moderate Buy" and an average target price of $284.18.

Progressive 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.