TriaGen Wealth Management LLC Raises Stock Position in The Progressive Co. (NYSE:PGR)

TriaGen Wealth Management LLC grew its holdings in The Progressive Co. (NYSE:PGR) by 202.7% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 8,198 shares of the insurance provider’s stock after buying an additional 5,490 shares during the period. TriaGen Wealth Management LLC’s holdings in Progressive were worth $2,080,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Sunbelt Securities Inc. lifted its holdings in shares of Progressive by 21.3% in the 2nd quarter. Sunbelt Securities Inc. now owns 262 shares of the insurance provider’s stock worth $54,000 after acquiring an additional 46 shares during the last quarter. Whittier Trust Co. of Nevada Inc. lifted its holdings in shares of Progressive by 11.8% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 455 shares of the insurance provider’s stock worth $95,000 after acquiring an additional 48 shares during the last quarter. Farmers & Merchants Investments Inc. lifted its holdings in shares of Progressive by 10.4% in the 2nd quarter. Farmers & Merchants Investments Inc. now owns 509 shares of the insurance provider’s stock worth $106,000 after acquiring an additional 48 shares during the last quarter. Graypoint LLC lifted its holdings in shares of Progressive by 1.2% in the 2nd quarter. Graypoint LLC now owns 4,202 shares of the insurance provider’s stock worth $873,000 after acquiring an additional 49 shares during the last quarter. Finally, Regent Peak Wealth Advisors LLC lifted its holdings in shares of Progressive by 0.3% in the 3rd quarter. Regent Peak Wealth Advisors LLC now owns 18,556 shares of the insurance provider’s stock worth $4,709,000 after acquiring an additional 49 shares during the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently weighed in on PGR. BMO Capital Markets decreased their price objective on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. Morgan Stanley lifted their price objective on shares of Progressive from $300.00 to $310.00 and gave the company an “overweight” rating in a report on Friday. The Goldman Sachs Group lifted their price objective on shares of Progressive from $262.00 to $280.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. Bank of America lifted their price objective on shares of Progressive from $319.00 to $331.00 and gave the company a “buy” rating in a report on Wednesday. Finally, Citigroup decreased their price objective on shares of Progressive from $232.00 to $225.00 and set a “neutral” rating for the company in a report on Wednesday, July 17th. Seven research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $268.81.

Progressive Stock Down 0.1 %

Shares of Progressive stock traded down $0.22 on Friday, reaching $251.12. The stock had a trading volume of 2,089,962 shares, compared to its average volume of 2,497,081. The company has a 50 day moving average price of $248.81 and a 200 day moving average price of $224.05. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.30. The Progressive Co. has a 1 year low of $149.14 and a 1 year high of $260.46. The stock has a market capitalization of $147.07 billion, a P/E ratio of 21.50, a P/E/G ratio of 0.70 and a beta of 0.35.

Progressive (NYSE:PGR) last released its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share for the quarter, topping the consensus estimate of $2.04 by $0.61. The company had revenue of $17.90 billion for the quarter, compared to the consensus estimate of $17.54 billion. Progressive had a net margin of 10.17% and a return on equity of 33.01%. Progressive’s revenue was up 21.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.57 EPS. As a group, equities research analysts forecast that The Progressive Co. will post 12.97 EPS for the current year.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Thursday, October 3rd were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.16%. The ex-dividend date was Thursday, October 3rd. Progressive’s dividend payout ratio is presently 3.42%.

Insiders Place Their Bets

In other Progressive news, Director Dyke Kahina Van sold 2,180 shares of the business’s stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $252.28, for a total transaction of $549,970.40. Following the sale, the director now owns 13,723 shares of the company’s stock, valued at approximately $3,462,038.44. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Director Dyke Kahina Van sold 2,180 shares of the company’s stock in a transaction on Friday, September 27th. The shares were sold at an average price of $252.28, for a total value of $549,970.40. Following the sale, the director now directly owns 13,723 shares of the company’s stock, valued at $3,462,038.44. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Susan Patricia Griffith sold 43,371 shares of the company’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $214.01, for a total transaction of $9,281,827.71. Following the completion of the sale, the chief executive officer now directly owns 517,105 shares in the company, valued at $110,665,641.05. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 144,383 shares of company stock valued at $33,446,453. Insiders own 0.34% of the company’s stock.

About Progressive

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.