Synergy Asset Management LLC Grows Stake in The Progressive Co. (NYSE:PGR)

Synergy Asset Management LLC boosted its holdings in shares of The Progressive Co. (NYSE:PGR) by 12.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,781 shares of the insurance provider’s stock after purchasing an additional 193 shares during the quarter. Synergy Asset Management LLC’s holdings in Progressive were worth $370,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Whittier Trust Co. of Nevada Inc. increased its stake in shares of Progressive by 11.8% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 455 shares of the insurance provider’s stock valued at $95,000 after buying an additional 48 shares during the period. Graypoint LLC increased its position in Progressive by 1.2% during the 2nd quarter. Graypoint LLC now owns 4,202 shares of the insurance provider’s stock valued at $873,000 after purchasing an additional 49 shares during the period. City State Bank raised its holdings in shares of Progressive by 8.2% in the 2nd quarter. City State Bank now owns 661 shares of the insurance provider’s stock valued at $137,000 after purchasing an additional 50 shares in the last quarter. GYL Financial Synergies LLC lifted its position in shares of Progressive by 4.0% in the 2nd quarter. GYL Financial Synergies LLC now owns 1,302 shares of the insurance provider’s stock worth $270,000 after purchasing an additional 50 shares during the period. Finally, First Citizens Bank & Trust Co. boosted its stake in shares of Progressive by 2.6% during the second quarter. First Citizens Bank & Trust Co. now owns 2,047 shares of the insurance provider’s stock valued at $425,000 after purchasing an additional 51 shares in the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Stock Performance

Shares of Progressive stock traded up $0.78 during trading on Friday, hitting $250.32. 44,404 shares of the company’s stock were exchanged, compared to its average volume of 2,515,227. The Progressive Co. has a 52-week low of $134.34 and a 52-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 stock has a market capitalization of $146.60 billion, a price-to-earnings ratio of 25.54, a PEG ratio of 0.83 and a beta of 0.35. The business has a 50-day simple moving average of $224.65 and a 200-day simple moving average of $212.25.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.04 by $0.61. The business had revenue of $17.90 billion during the quarter, compared to analysts’ expectations of $17.54 billion. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The company’s revenue for the quarter was up 21.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.57 EPS. On average, research analysts forecast that The Progressive Co. will post 12.2 EPS for the current year.

Progressive Announces Dividend

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

Analysts Set New Price Targets

PGR has been the subject of a number of analyst reports. Barclays initiated coverage on Progressive in a report on Wednesday. They set an “equal weight” rating and a $367.00 target price for the company. Keefe, Bruyette & Woods raised their price objective on Progressive from $255.00 to $275.00 and gave the company an “outperform” rating in a research report on Tuesday. HSBC raised shares of Progressive from a “hold” rating to a “buy” rating and set a $253.00 price target for the company in a research report on Monday, August 12th. Morgan Stanley cut their price objective on shares of Progressive from $256.00 to $255.00 and set an “overweight” rating on the stock in a research report on Monday, June 10th. Finally, Piper Sandler increased their target price on shares of Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a research report on Thursday, August 15th. Six equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $252.24.

Insider Activity

In related news, CEO Susan Patricia Griffith sold 43,370 shares of the stock in a transaction 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 sale, the chief executive officer now directly owns 473,735 shares of the company’s stock, valued at $119,475,967. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Susan Patricia Griffith sold 43,370 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total value of $10,937,914.00. Following the completion of the transaction, the chief executive officer now owns 473,735 shares of the company’s stock, valued at approximately $119,475,967. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Mariann Wojtkun Marshall sold 650 shares of the firm’s stock in a transaction that occurred 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 in the company, valued at $828,485.91. The disclosure for this sale can be found here. Insiders sold a total of 147,354 shares of company stock valued at $33,502,680 in the last three months. 0.34% of the stock is currently owned by corporate insiders.

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.