The Progressive Corporation $PGR Stock: Soltis Investment Advisors LLC Raises Holdings

Key Points

• Soltis Investment Advisors increased its Progressive holdings by 461.9% in the third quarter, ending with 14,515 shares valued at approximately $3.0 million. Institutional investors collectively own 85.34% of the company.
• Progressive insiders sold 48,352 shares worth roughly $10.5 million during the last quarter, while insiders retain just 0.32% of the company’s stock.
• PGR shares opened at $231.20, near the consensus analyst target of $234.45. Analysts’ overall rating is Hold, with nine Buy, twelve Hold, and two Sell ratings.

Soltis Investment Advisors LLC grew its holdings in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 461.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 14,515 shares of the insurance provider's stock after acquiring an additional 11,932 shares during the period. Soltis Investment Advisors LLC's holdings in Progressive were worth $3,009,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in PGR. Meeder Asset Management Inc. bought a new stake in shares of Progressive during the 2nd quarter valued at about $26,000. IMG Wealth Management Inc. acquired a new stake in Progressive during the second quarter worth approximately $26,000. Bogart Wealth LLC increased its holdings in Progressive by 235.1% in the first quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider's stock worth $25,000 after purchasing an additional 87 shares in the last quarter. Kilter Group LLC bought a new stake in Progressive in the second quarter worth approximately $27,000. Finally, Latitude Advisors LLC bought a new stake in Progressive in the third quarter worth approximately $27,000. 85.34% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, insider Lori A. Niederst sold 7,339 shares of the business's stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $209.29, for a total transaction of $1,535,979.31. Following the completion of the sale, the insider owned 42,567 shares in the company, valued at $8,908,847.43. The trade was a 14.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steven Broz sold 1,225 shares of the company's stock in a transaction that occurred on Thursday, October 22nd. The stock was sold at an average price of $223.32, for a total value of $273,567.00. Following the transaction, the insider directly owned 28,807 shares in the company, valued at $6,433,179.24. The trade was a 4.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 48,352 shares of company stock worth $10,524,258. Corporate insiders own 0.32% of the company's stock.

Progressive Stock Performance

Shares of PGR opened at $231.20 on Friday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.31 and a quick ratio of 0.29. The stock has a 50-day moving average of $217.64 and a 200-day moving average of $209.28. The company has a market cap of $134.41 billion, a PE ratio of 12.06, a P/E/G ratio of 2.66 and a beta of 0.25. The Progressive Corporation has a one year low of $189.20 and a one year high of $239.38.

Progressive Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 9th. Shareholders of record on Thursday, October 1st were issued a $0.10 dividend. The ex-dividend date was Thursday, October 1st. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive's dividend payout ratio is presently 2.01%.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. JPMorgan Chase & Co. boosted their price target on Progressive from $241.00 to $250.00 and gave the company a "neutral" rating in a research note on Monday, October 5th. Wells Fargo & Company reduced their price objective on shares of Progressive from $201.00 to $196.00 and set an "underweight" rating for the company in a research report on Thursday, October 15th. BMO Capital Markets reiterated a "market perform" rating on shares of Progressive in a research note on Thursday, October 15th. Bank of America boosted their target price on shares of Progressive from $302.00 to $314.00 in a research report on Thursday, October 1st. Finally, Roth Capital reissued a "buy" rating and set a $245.00 target price (up from $235.00) on shares of Progressive in a research note on Thursday, August 20th. Nine equities research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $234.45.

Progressive Company Profile

Progressive Corporation is an insurance holding company headquartered in Mayfield Village, Ohio. Founded in 1937, the company provides insurance products primarily to consumers and businesses in the United States. Progressive distributes its products directly through its website, mobile channels and call centers, as well as through independent agents and brokers.

The company is best known for personal auto insurance, including coverage for cars, motorcycles, boats, recreational vehicles and other personal vehicles.

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