Procyon Advisors LLC Has $1.02 Million Holdings in The Progressive Co. (NYSE:PGR)

Procyon Advisors LLC boosted its stake in shares of The Progressive Co. (NYSE:PGR) by 14.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,388 shares of the insurance provider’s stock after purchasing an additional 803 shares during the quarter. Procyon Advisors LLC’s holdings in Progressive were worth $1,017,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of PGR. Cary Street Partners Investment Advisory LLC raised its position in shares of Progressive by 10.2% in the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 670 shares of the insurance provider’s stock valued at $93,000 after acquiring an additional 62 shares during the period. IFP Advisors Inc raised its holdings in Progressive by 1.2% during the 3rd quarter. IFP Advisors Inc now owns 5,860 shares of the insurance provider’s stock worth $816,000 after buying an additional 71 shares during the period. Aaron Wealth Advisors LLC raised its holdings in Progressive by 1.3% during the 3rd quarter. Aaron Wealth Advisors LLC now owns 5,430 shares of the insurance provider’s stock worth $756,000 after buying an additional 71 shares during the period. Steward Financial Group LLC grew its stake in shares of Progressive by 20.3% during the 3rd quarter. Steward Financial Group LLC now owns 421 shares of the insurance provider’s stock worth $58,000 after acquiring an additional 71 shares in the last quarter. Finally, Chesley Taft & Associates LLC grew its stake in shares of Progressive by 0.4% during the 3rd quarter. Chesley Taft & Associates LLC now owns 18,960 shares of the insurance provider’s stock worth $2,641,000 after acquiring an additional 75 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Patrick K. Callahan sold 29,675 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $190.26, for a total transaction 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, insider Andrew J. Quigg sold 1,210 shares of the company’s stock in a transaction on Wednesday, January 3rd. The stock was sold at an average price of $162.26, for a total value of $196,334.60. Following the sale, the insider now directly owns 27,247 shares of the company’s stock, valued at $4,421,098.22. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Patrick K. Callahan sold 29,675 shares of the stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $190.26, for a total value of $5,645,965.50. Following the completion of the sale, the insider now directly owns 15,189 shares in the company, valued at $2,889,859.14. The disclosure for this sale can be found here. Over the last three months, insiders have sold 58,949 shares of company stock valued at $10,671,740. Company insiders own 0.34% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on PGR. Bank of America raised their target price on shares of Progressive from $256.00 to $261.00 and gave the company a “buy” rating in a research note on Monday, March 4th. Keefe, Bruyette & Woods lifted their target price on Progressive from $185.00 to $190.00 and gave the stock a “market perform” rating in a report on Monday, March 18th. Roth Mkm boosted their price target on Progressive from $215.00 to $235.00 and gave the company a “buy” rating in a research note on Monday, March 18th. BMO Capital Markets boosted their price target on Progressive from $185.00 to $200.00 and gave the company an “outperform” rating in a research note on Thursday, January 25th. Finally, Raymond James downgraded Progressive from an “outperform” rating to a “market perform” rating in a research note on Tuesday, December 12th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $184.50.

Progressive Price Performance

NYSE:PGR traded up $1.45 during mid-day trading on Thursday, reaching $207.60. The stock had a trading volume of 216,119 shares, compared to its average volume of 2,457,925. The firm has a 50 day moving average price of $188.82 and a two-hundred day moving average price of $167.00. The stock has a market capitalization of $121.59 billion, a P/E ratio of 31.33, a P/E/G ratio of 0.93 and a beta of 0.34. The Progressive Co. has a one year low of $111.41 and a one year high of $208.19. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.31 and a current ratio of 0.31.

Progressive (NYSE:PGR) last released its earnings results on Wednesday, January 24th. The insurance provider reported $2.96 earnings per share for the quarter, topping analysts’ consensus estimates of $2.43 by $0.53. Progressive had a return on equity of 21.25% and a net margin of 6.28%. The company had revenue of $16.89 billion during the quarter, compared to the consensus estimate of $16.10 billion. During the same quarter in the previous year, the company posted $1.52 EPS. As a group, analysts expect that The Progressive Co. will post 9.82 earnings per share for the current year.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 12th. Stockholders of record on Thursday, April 4th will be paid a dividend of $0.10 per share. The ex-dividend date is Wednesday, April 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.19%. Progressive’s dividend payout ratio (DPR) is presently 12.92%.

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.