Hohimer Wealth Management LLC Acquires New Shares in The Progressive Co. (NYSE:PGR)

Hohimer Wealth Management LLC bought a new position in The Progressive Co. (NYSE:PGR) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 3,658 shares of the insurance provider’s stock, valued at approximately $760,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. Gilbert & Cook Inc. boosted its position in shares of Progressive by 8.6% during the 4th quarter. Gilbert & Cook Inc. now owns 2,938 shares of the insurance provider’s stock valued at $468,000 after acquiring an additional 233 shares during the last quarter. 9258 Wealth Management LLC lifted its position in Progressive by 18.8% during the fourth quarter. 9258 Wealth Management LLC now owns 2,534 shares of the insurance provider’s stock valued at $404,000 after purchasing an additional 401 shares during the last quarter. Spire Wealth Management increased its holdings in shares of Progressive by 6.2% in the 4th quarter. Spire Wealth Management now owns 1,933 shares of the insurance provider’s stock worth $329,000 after buying an additional 112 shares during the last quarter. Wealthcare Advisory Partners LLC purchased a new stake in shares of Progressive during the 4th quarter valued at $226,000. Finally, Private Advisor Group LLC lifted its holdings in shares of Progressive by 6.9% during the 4th quarter. Private Advisor Group LLC now owns 9,883 shares of the insurance provider’s stock worth $1,574,000 after acquiring an additional 638 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Wall Street Analyst Weigh In

PGR has been the topic of a number of research analyst reports. Wells Fargo & Company increased their target price on Progressive from $262.00 to $281.00 and gave the company an “overweight” rating in a research note on Thursday, August 15th. Piper Sandler raised their price objective on Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a report on Thursday, August 15th. Barclays began coverage on Progressive in a research note on Wednesday. They issued an “equal weight” rating and a $367.00 target price for the company. Morgan Stanley decreased their price target on shares of Progressive from $256.00 to $255.00 and set an “overweight” rating on the stock in a research note on Monday, June 10th. Finally, Citigroup decreased their target price on shares of Progressive from $232.00 to $225.00 and set a “neutral” rating on the stock in a research 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 given a strong buy rating to the company. According to MarketBeat.com, Progressive presently has a consensus rating of “Moderate Buy” and an average target price of $252.24.

Progressive Trading Down 1.7 %

NYSE:PGR opened at $249.51 on Friday. The Progressive Co. has a 12 month low of $133.51 and a 12 month high of $254.83. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.30. The company has a 50-day moving average price of $224.65 and a 200-day moving average price of $212.25. The stock has a market cap of $146.13 billion, a price-to-earnings ratio of 25.54, a P/E/G ratio of 0.83 and a beta of 0.35.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.04 by $0.61. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The company had revenue of $17.90 billion during the quarter, compared to analyst estimates of $17.54 billion. During the same period last year, the business earned $0.57 EPS. Progressive’s quarterly revenue was up 21.6% compared to the same quarter last year. Equities analysts predict that The Progressive Co. will post 12.2 EPS for the current year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Thursday, October 3rd will be given 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 dividend payout ratio (DPR) is 4.09%.

Insider Activity

In related news, CEO Susan Patricia Griffith sold 43,370 shares of the company’s stock in a transaction on 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 sale, the chief executive officer now owns 473,735 shares in the company, valued at $119,475,967. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CAO Mariann Wojtkun Marshall sold 650 shares of the stock in a transaction on Monday, June 17th. The shares were sold at an average price of $208.11, for a total value of $135,271.50. Following the completion of the sale, the chief accounting officer now directly owns 3,981 shares of the company’s stock, valued at $828,485.91. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Susan Patricia Griffith sold 43,370 shares of the company’s stock in a transaction on 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 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.

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.