Cambridge Investment Research Advisors Inc. Sells 1,596 Shares of The Progressive Co. (NYSE:PGR)

Defense World · Sep 24, 2022 19:52

Cambridge Investment Research Advisors Inc. lowered its stake in shares of The Progressive Co. (NYSE:PGR – Get Rating) by 2.1% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 73,798 shares of the insurance provider's stock after selling 1,596 shares during the period. Cambridge Investment Research Advisors Inc.'s holdings in Progressive were worth $8,581,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. EverSource Wealth Advisors LLC grew its stake in Progressive by 14.4% in the first quarter. EverSource Wealth Advisors LLC now owns 697 shares of the insurance provider's stock valued at $79,000 after purchasing an additional 88 shares during the last quarter. Parkside Financial Bank & Trust grew its stake in shares of Progressive by 2.0% during the first quarter. Parkside Financial Bank & Trust now owns 4,753 shares of the insurance provider's stock worth $542,000 after acquiring an additional 95 shares during the last quarter. Thoroughbred Financial Services LLC grew its stake in shares of Progressive by 4.6% during the first quarter. Thoroughbred Financial Services LLC now owns 2,406 shares of the insurance provider's stock worth $274,000 after acquiring an additional 106 shares during the last quarter. Prosperity Consulting Group LLC grew its stake in shares of Progressive by 1.7% during the first quarter. Prosperity Consulting Group LLC now owns 6,677 shares of the insurance provider's stock worth $761,000 after acquiring an additional 111 shares during the last quarter. Finally, GHE LLC grew its stake in shares of Progressive by 0.4% during the first quarter. GHE LLC now owns 27,067 shares of the insurance provider's stock worth $3,085,000 after acquiring an additional 113 shares during the last quarter. Institutional investors own 85.05% of the company's stock.

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Progressive Trading Down 0.7 %

Shares of NYSE:PGR opened at $121.53 on Friday. The Progressive Co. has a 12-month low of $89.35 and a 12-month high of $129.76. The company has a market capitalization of $71.08 billion, a PE ratio of 86.81, a PEG ratio of 0.85 and a beta of 0.42. The business has a 50 day moving average of $121.15 and a two-hundred day moving average of $116.16. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 0.42.

Progressive Announces Dividend

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

Insider Transactions at Progressive

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

Wall Street Analyst Weigh In

PGR has been the topic of a number of research analyst reports. Morgan Stanley boosted their price target on Progressive from $121.00 to $130.00 and gave the stock an "equal weight" rating in a research note on Friday, August 19th. Barclays boosted their price target on Progressive from $90.00 to $106.00 and gave the stock an "underweight" rating in a research note on Thursday, August 18th. MKM Partners boosted their price target on Progressive from $135.00 to $150.00 and gave the stock a "buy" rating in a research note on Thursday, August 18th. Wells Fargo & Company reaffirmed a "sell" rating and set a $98.00 target price on shares of Progressive in a report on Friday, July 15th. Finally, Jefferies Financial Group lifted their target price on Progressive from $106.00 to $125.00 and gave the stock a "hold" rating in a report on Tuesday, July 12th. Four analysts have rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $118.08.

Progressive 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.