Ritholtz Wealth Management Has $1.85 Million Stock Holdings in The Progressive Co. (NYSE:PGR)

Ritholtz Wealth Management increased its holdings in shares of The Progressive Co. (NYSE:PGR) by 5.4% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 7,270 shares of the insurance provider’s stock after purchasing an additional 375 shares during the period. Ritholtz Wealth Management’s holdings in Progressive were worth $1,845,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the business. SG Americas Securities LLC raised its holdings in Progressive by 4,545.0% in the 1st quarter. SG Americas Securities LLC now owns 705,243 shares of the insurance provider’s stock valued at $145,858,000 after acquiring an additional 690,060 shares in the last quarter. Canada Pension Plan Investment Board raised its holdings in Progressive by 548.2% in the 1st quarter. Canada Pension Plan Investment Board now owns 811,653 shares of the insurance provider’s stock valued at $167,866,000 after acquiring an additional 686,433 shares in the last quarter. Capital International Investors raised its holdings in Progressive by 15.7% in the 1st quarter. Capital International Investors now owns 4,925,019 shares of the insurance provider’s stock valued at $1,018,592,000 after acquiring an additional 670,006 shares in the last quarter. Swedbank AB acquired a new position in Progressive in the 1st quarter valued at approximately $116,852,000. Finally, Skandinaviska Enskilda Banken AB publ raised its holdings in Progressive by 457.2% in the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 651,707 shares of the insurance provider’s stock valued at $135,366,000 after acquiring an additional 534,754 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on PGR shares. Hsbc Global Res upgraded Progressive from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 12th. Roth Mkm upped their price objective on Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a research note on Monday, September 16th. HSBC upgraded Progressive from a “hold” rating to a “buy” rating and set a $253.00 price objective on the stock in a research note on Monday, August 12th. Barclays started coverage on Progressive in a research note on Wednesday, September 4th. They issued an “equal weight” rating and a $367.00 price objective on the stock. Finally, Morgan Stanley upped their price objective on Progressive from $260.00 to $300.00 and gave the company an “overweight” rating in a research note on Monday, September 16th. Six 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’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $260.53.

Insider Activity

In other news, Director Dyke Kahina Van sold 2,180 shares of the stock in a transaction on Friday, September 27th. The stock was sold at an average price of $252.28, for a total value of $549,970.40. Following the transaction, the director now 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 document filed with the SEC, which is available through this hyperlink. In other news, CEO Susan Patricia Griffith sold 43,371 shares of the stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total value of $9,281,827.71. Following the transaction, the chief executive officer now owns 517,105 shares of the company’s stock, valued at $110,665,641.05. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Dyke Kahina Van sold 2,180 shares of the firm’s stock in a transaction on Friday, September 27th. The stock was 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 in the company, valued at $3,462,038.44. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 146,512 shares of company stock valued at $33,912,874 in the last 90 days. 0.34% of the stock is owned by company insiders.

Progressive Stock Up 0.9 %

Shares of PGR opened at $254.09 on Monday. The firm has a market capitalization of $148.82 billion, a price-to-earnings ratio of 26.01, a PEG ratio of 0.69 and a beta of 0.35. 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 business’s fifty day moving average price is $245.20 and its two-hundred day moving average price is $222.71. The Progressive Co. has a 52 week low of $142.87 and a 52 week high of $260.46.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 EPS for the quarter, beating analysts’ consensus estimates of $2.04 by $0.61. The firm had revenue of $17.90 billion for the quarter, compared to analyst estimates of $17.54 billion. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The business’s quarterly revenue was up 21.6% compared to the same quarter last year. During the same period last year, the company earned $0.57 EPS. On average, analysts predict that The Progressive Co. will post 13.07 earnings per share for the current year.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Thursday, October 3rd were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.16%. The ex-dividend date of this dividend was Thursday, October 3rd. Progressive’s dividend payout ratio (DPR) is currently 4.09%.

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.