Evercore Wealth Management LLC Acquires 40,117 Shares of The Progressive Corporation $PGR

Evercore Wealth Management LLC increased its holdings in shares of The Progressive Corporation (NYSE:PGR) by 14.5% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 317,370 shares of the insurance provider’s stock after purchasing an additional 40,117 shares during the period. Evercore Wealth Management LLC’s holdings in Progressive were worth $62,915,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in PGR. Vanguard Group Inc. grew its holdings in Progressive by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 55,261,140 shares of the insurance provider’s stock valued at $12,584,067,000 after buying an additional 593,612 shares during the last quarter. State Street Corp lifted its holdings in shares of Progressive by 0.3% during the third quarter. State Street Corp now owns 25,808,762 shares of the insurance provider’s stock worth $6,373,474,000 after buying an additional 78,374 shares during the last quarter. Capital International Investors boosted its position in shares of Progressive by 8.9% in the fourth quarter. Capital International Investors now owns 14,921,724 shares of the insurance provider’s stock valued at $3,398,123,000 after acquiring an additional 1,217,527 shares during the period. GQG Partners LLC boosted its position in shares of Progressive by 11.7% in the fourth quarter. GQG Partners LLC now owns 10,432,549 shares of the insurance provider’s stock valued at $2,375,706,000 after acquiring an additional 1,092,151 shares during the period. Finally, Norges Bank bought a new stake in Progressive during the fourth quarter worth about $1,836,094,000. Institutional investors own 85.34% of the company’s stock.

Insider Buying and Selling

In other Progressive news, insider John Jo Murphy sold 5,916 shares of the company’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $200.00, for a total transaction of $1,183,200.00. Following the transaction, the insider owned 41,290 shares of the company’s stock, valued at approximately $8,258,000. This represents a 12.53% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steven Broz sold 1,157 shares of the stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $204.76, for a total value of $236,907.32. Following the completion of the transaction, the insider owned 27,511 shares in the company, valued at $5,633,152.36. The trade was a 4.04% 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. Insiders sold 15,230 shares of company stock worth $3,165,817 in the last quarter. Insiders own 0.32% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $250.00 price objective on shares of Progressive in a report on Tuesday, July 14th. Mizuho increased their price target on Progressive from $217.00 to $243.00 and gave the stock a “neutral” rating in a research report on Thursday, July 9th. Royal Bank Of Canada set a $208.00 price target on Progressive in a report on Friday, May 22nd. Evercore set a $240.00 price objective on Progressive in a research report on Friday, July 10th. Finally, BMO Capital Markets reduced their price objective on Progressive from $220.00 to $205.00 and set a “market perform” rating on the stock in a research note on Thursday, July 16th. Five equities research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $236.11.

Progressive Trading Up 0.8%

Shares of NYSE PGR opened at $215.61 on Tuesday. The Progressive Corporation has a 1-year low of $189.20 and a 1-year high of $254.93. The company has a 50-day moving average of $210.11 and a two-hundred day moving average of $205.89. The company has a market cap of $125.99 billion, a PE ratio of 10.81, a P/E/G ratio of 2.88 and a beta of 0.26. The company has a current ratio of 0.32, a quick ratio of 0.27 and a debt-to-equity ratio of 0.24.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 10th. Investors of record on Thursday, July 2nd were given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date was Thursday, July 2nd. Progressive’s payout ratio is 2.01%.

Progressive Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.