Summit Financial LLC Takes $343,000 Position in The Progressive Co. (NYSE:PGR)

Summit Financial LLC bought a new position in shares of The Progressive Co. (NYSE:PGR) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 2,155 shares of the insurance provider’s stock, valued at approximately $343,000.

A number of other institutional investors have also added to or reduced their stakes in PGR. Valley National Advisers Inc. raised its stake in shares of Progressive by 143.6% in the 4th quarter. Valley National Advisers Inc. now owns 190 shares of the insurance provider’s stock valued at $30,000 after buying an additional 112 shares in the last quarter. Pinnacle Bancorp Inc. acquired a new stake in shares of Progressive during the 4th quarter valued at about $39,000. Criterion Capital Advisors LLC bought a new stake in Progressive in the fourth quarter valued at about $47,000. BOK Financial Private Wealth Inc. acquired a new position in Progressive in the fourth quarter worth about $48,000. Finally, Webster Bank N. A. bought a new position in Progressive during the fourth quarter worth about $53,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Progressive news, insider Patrick K. Callahan sold 29,675 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $190.26, for a total value of $5,645,965.50. Following the transaction, the insider now directly owns 15,189 shares of the company’s stock, valued at $2,889,859.14. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, insider Karen Bailo sold 8,464 shares of the business’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $189.49, for a total transaction of $1,603,843.36. Following the completion of the transaction, the insider now directly owns 32,342 shares in the company, valued at approximately $6,128,485.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Patrick K. Callahan sold 29,675 shares of the stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $190.26, for a total transaction of $5,645,965.50. Following the completion of the sale, the insider now owns 15,189 shares in the company, valued at $2,889,859.14. The disclosure for this sale can be found here. Insiders sold a total of 39,139 shares of company stock valued at $7,458,139 over the last ninety days. Insiders own 0.34% of the company’s stock.

Progressive Stock Down 0.1 %

NYSE:PGR opened at $208.72 on Friday. The company has a market cap of $122.25 billion, a price-to-earnings ratio of 21.36, a P/E/G ratio of 0.82 and a beta of 0.34. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.31 and a current ratio of 0.36. The stock’s fifty day moving average price is $203.96 and its two-hundred day moving average price is $179.25. The Progressive Co. has a 52-week low of $111.41 and a 52-week high of $216.21.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Friday, April 12th. The insurance provider reported $3.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.20 by $0.74. The business had revenue of $18.96 billion for the quarter, compared to analyst estimates of $16.88 billion. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The firm’s revenue for the quarter was up 17.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.65 earnings per share. On average, analysts anticipate that The Progressive Co. will post 11.34 EPS for the current year.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Thursday, April 4th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.19%. The ex-dividend date of this dividend was Wednesday, April 3rd. Progressive’s dividend payout ratio is 4.09%.

Wall Street Analyst Weigh In

PGR has been the topic of several analyst reports. UBS Group upped their price objective on Progressive from $216.00 to $218.00 and gave the company a “neutral” rating in a research note on Wednesday, April 17th. Piper Sandler reiterated an “overweight” rating and set a $240.00 price objective on shares of Progressive in a research note on Monday, April 1st. BMO Capital Markets lifted their price objective on Progressive from $185.00 to $200.00 and gave the company an “outperform” rating in a report on Thursday, January 25th. Citigroup upped their target price on shares of Progressive from $202.00 to $225.00 and gave the stock a “neutral” rating in a report on Monday, April 15th. Finally, Morgan Stanley increased their target price on shares of Progressive from $228.00 to $247.00 and gave the stock an “overweight” rating in a research report on Thursday, April 11th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $211.88.

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.