Synergy Asset Management LLC Buys 5,133 Shares of The Progressive Corporation $PGR

Synergy Asset Management LLC increased its stake in shares of The Progressive Corporation (NYSE:PGR) by 319.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,738 shares of the insurance provider’s stock after purchasing an additional 5,133 shares during the quarter. Synergy Asset Management LLC’s holdings in Progressive were worth $1,728,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. New York Life Investment Management LLC lifted its position in Progressive by 1.4% during the 2nd quarter. New York Life Investment Management LLC now owns 87,760 shares of the insurance provider’s stock valued at $23,420,000 after purchasing an additional 1,192 shares during the period. Baron Silver Stevens Financial Advisors LLC bought a new stake in shares of Progressive during the second quarter worth approximately $306,000. Mather Group LLC. lifted its holdings in Progressive by 40.6% in the third quarter. Mather Group LLC. now owns 16,840 shares of the insurance provider’s stock valued at $4,159,000 after buying an additional 4,865 shares during the period. Wakefield Asset Management LLLP lifted its holdings in Progressive by 199.0% in the second quarter. Wakefield Asset Management LLLP now owns 9,411 shares of the insurance provider’s stock valued at $2,511,000 after buying an additional 6,263 shares during the period. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Progressive in the second quarter valued at approximately $13,583,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Stock Down 6.9%

Shares of Progressive stock opened at $212.11 on Friday. The company has a market capitalization of $124.38 billion, a P/E ratio of 11.64, a price-to-earnings-growth ratio of 1.29 and a beta of 0.34. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.29 and a quick ratio of 0.29. The business has a 50-day moving average of $222.97 and a two-hundred day moving average of $237.72. The Progressive Corporation has a 1 year low of $199.90 and a 1 year high of $292.99.

Progressive (NYSE:PGR) last released its quarterly earnings data on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share for the quarter, missing the consensus estimate of $5.04 by ($0.59). Progressive had a net margin of 12.57% and a return on equity of 33.88%. The business had revenue of $21.38 billion for the quarter, compared to the consensus estimate of $21.64 billion. During the same quarter last year, the firm earned $3.58 EPS. As a group, equities analysts predict that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 8th. Shareholders of record on Friday, January 2nd will be paid a $0.10 dividend. The ex-dividend date of this dividend is Friday, January 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive’s payout ratio is presently 2.19%.

Analysts Set New Price Targets

Several analysts have commented on PGR shares. Jefferies Financial Group reiterated a “hold” rating on shares of Progressive in a research report on Wednesday, December 17th. HSBC set a $259.00 price objective on Progressive and gave the company an “underperform” rating in a report on Monday, November 17th. Mizuho started coverage on Progressive in a research note on Monday, December 15th. They issued a “neutral” rating and a $242.00 target price on the stock. Weiss Ratings restated a “hold (c+)” rating on shares of Progressive in a research report on Monday, December 29th. Finally, Wells Fargo & Company upped their price target on Progressive from $242.00 to $247.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 23rd. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, thirteen have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Progressive presently has a consensus rating of “Hold” and an average price target of $264.98.

Insider Activity at Progressive

In related news, insider Steven Broz sold 1,345 shares of the business’s stock in a transaction on Friday, November 21st. The shares were sold at an average price of $228.29, for a total value of $307,050.05. Following the sale, the insider directly owned 27,698 shares of the company’s stock, valued at approximately $6,323,176.42. The trade was a 4.63% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO John P. Sauerland sold 5,000 shares of the company’s stock in a transaction on Friday, November 28th. The stock was sold at an average price of $228.48, for a total transaction of $1,142,400.00. Following the completion of the transaction, the chief financial officer directly owned 223,024 shares of the company’s stock, valued at approximately $50,956,523.52. The trade was a 2.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 9,034 shares of company stock valued at $2,047,481 in the last quarter. Corporate insiders own 0.34% of the company’s stock.

Progressive Company 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.