Diversified Trust Co Takes $298,000 Position in The Progressive Co. (NYSE:PGR)

Defense World · Sep 24, 2022 18:11

Diversified Trust Co purchased a new stake in shares of The Progressive Co. (NYSE:PGR – Get Rating) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 2,559 shares of the insurance provider's stock, valued at approximately $298,000.

Other hedge funds also recently made changes to their positions in the company. Blume Capital Management Inc. bought a new stake in Progressive during the first quarter worth approximately $25,000. Cornerstone Advisory LLC bought a new stake in Progressive during the fourth quarter worth approximately $30,000. Byrne Asset Management LLC bought a new stake in Progressive during the fourth quarter worth approximately $31,000. Steward Financial Group LLC raised its holdings in Progressive by 953.3% during the first quarter. Steward Financial Group LLC now owns 316 shares of the insurance provider's stock worth $36,000 after purchasing an additional 286 shares in the last quarter. Finally, Core Alternative Capital raised its holdings in Progressive by 1,254.2% during the first quarter. Core Alternative Capital now owns 325 shares of the insurance provider's stock worth $37,000 after purchasing an additional 301 shares in the last quarter. Institutional investors own 85.05% of the company's stock.

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Progressive Trading Down 0.7 %

NYSE PGR opened at $121.53 on Friday. The Progressive Co. has a twelve month low of $89.35 and a twelve month high of $129.76. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.40 and a current ratio of 0.40. The stock has a market cap of $71.08 billion, a price-to-earnings ratio of 86.81, a PEG ratio of 0.85 and a beta of 0.42. The firm's 50 day moving average price is $121.15 and its two-hundred day moving average price is $116.16.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, October 7th will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.33%. The ex-dividend date is Thursday, October 6th. Progressive's dividend payout ratio is currently 28.57%.

Insider Activity

In other news, insider Patrick K. Callahan sold 19,068 shares of the business's stock in a transaction on Friday, September 16th. The shares were sold at an average price of $125.77, for a total transaction of $2,398,182.36. Following the transaction, the insider now directly owns 13,151 shares in the company, valued at approximately $1,654,001.27. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, insider Andrew J. Quigg sold 3,180 shares of Progressive stock in a transaction on Friday, August 26th. The shares were sold at an average price of $126.43, for a total value of $402,047.40. Following the completion of the sale, the insider now owns 24,061 shares of the company's stock, valued at approximately $3,042,032.23. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Patrick K. Callahan sold 19,068 shares of Progressive stock in a transaction on Friday, September 16th. The shares were sold at an average price of $125.77, for a total transaction of $2,398,182.36. Following the completion of the sale, the insider now directly owns 13,151 shares of the company's stock, valued at approximately $1,654,001.27. The disclosure for this sale can be found here. 0.37% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts recently commented on PGR shares. Morgan Stanley boosted their target price on Progressive from $121.00 to $130.00 and gave the stock an "equal weight" rating in a report on Friday, August 19th. Barclays lifted their price target on shares of Progressive from $90.00 to $106.00 and gave the stock an "underweight" rating in a research report on Thursday, August 18th. Wells Fargo & Company restated a "sell" rating and issued a $98.00 price target on shares of Progressive in a research report on Friday, July 15th. Jefferies Financial Group lifted their price target on shares of Progressive from $106.00 to $125.00 and gave the stock a "hold" rating in a research report on Tuesday, July 12th. Finally, Credit Suisse Group lifted their price target on shares of Progressive from $124.00 to $127.00 and gave the stock a "neutral" rating in a research report on Thursday, August 18th. Four analysts have rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $118.08.

Progressive Company Profile

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The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, 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.