Fluent Financial LLC Sells 532 Shares of The Progressive Co. (NYSE:PGR)

Fluent Financial LLC trimmed its position in shares of The Progressive Co. (NYSE:PGR) by 11.7% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,011 shares of the insurance provider’s stock after selling 532 shares during the period. Fluent Financial LLC’s holdings in Progressive were worth $833,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Sachetta LLC acquired a new position in shares of Progressive during the 4th quarter worth about $25,000. Northwest Bank & Trust Co bought a new position in Progressive during the fourth quarter worth about $25,000. WR Wealth Planners LLC increased its position in Progressive by 119.6% during the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after buying an additional 67 shares during the last quarter. Indiana Trust & Investment Management CO bought a new stake in Progressive in the first quarter valued at approximately $32,000. Finally, Hilltop National Bank lifted its position in shares of Progressive by 126.0% in the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after buying an additional 92 shares during the last quarter. 85.34% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. Keefe, Bruyette & Woods increased their price target on Progressive from $255.00 to $275.00 and gave the company an “outperform” rating in a research note on Tuesday. Piper Sandler upped their price objective on shares of Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a report on Thursday, August 15th. The Goldman Sachs Group raised shares of Progressive from a “neutral” rating to a “buy” rating and increased their price objective for the company from $230.00 to $262.00 in a research report on Thursday, August 15th. Morgan Stanley reduced their target price on shares of Progressive from $256.00 to $255.00 and set an “overweight” rating for the company in a report on Monday, June 10th. Finally, Citigroup lowered their price target on shares of Progressive from $232.00 to $225.00 and set a “neutral” rating on the stock in a report on Wednesday, July 17th. Six investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $252.24.

Insider Buying and Selling at Progressive

In other news, CEO Susan Patricia Griffith sold 43,370 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the completion of the sale, the chief executive officer now owns 473,735 shares of the company’s stock, valued at approximately $119,475,967. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Progressive news, CAO Mariann Wojtkun Marshall sold 650 shares of Progressive stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $208.11, for a total value of $135,271.50. Following the transaction, the chief accounting officer now owns 3,981 shares in the company, valued at $828,485.91. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Susan Patricia Griffith sold 43,370 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the completion of the transaction, the chief executive officer now directly owns 473,735 shares of the company’s stock, valued at approximately $119,475,967. The disclosure for this sale can be found here. Insiders have sold a total of 147,354 shares of company stock valued at $33,502,680 in the last ninety days. 0.34% of the stock is currently owned by company insiders.

Progressive Price Performance

Shares of NYSE PGR traded up $0.78 during midday trading on Friday, reaching $250.32. The company’s stock had a trading volume of 182,341 shares, compared to its average volume of 2,516,029. The business’s 50 day moving average price is $224.65 and its two-hundred day moving average price is $212.25. The Progressive Co. has a fifty-two week low of $134.34 and a fifty-two week high of $254.83. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.31 and a current ratio of 0.31. The company has a market cap of $146.60 billion, a P/E ratio of 25.54, a P/E/G ratio of 0.83 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, beating analysts’ consensus estimates of $2.04 by $0.61. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The firm had revenue of $17.90 billion during the quarter, compared to the consensus estimate of $17.54 billion. During the same period in the prior year, the company posted $0.57 EPS. The company’s revenue was up 21.6% compared to the same quarter last year. On average, analysts forecast that The Progressive Co. will post 12.2 EPS for the current fiscal year.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Thursday, October 3rd will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, October 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.16%. Progressive’s payout ratio is 4.09%.

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.