Jackson Wealth Management LLC Makes New $281,000 Investment in The Progressive Co. (NYSE:PGR)

24 Oct 2024, 14:14 by Renee Jackson · The Cerbat Gem

Jackson Wealth Management LLC acquired a new stake in shares of The Progressive Co. (NYSE:PGR – Free Report) in the third quarter, HoldingsChannel.com reports. The institutional investor acquired 1,109 shares of the insurance provider’s stock, valued at approximately $281,000.

Other large investors have also modified their holdings of the company. Vanguard Group Inc. increased its holdings in Progressive by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 51,751,851 shares of the insurance provider’s stock valued at $10,703,318,000 after purchasing an additional 285,070 shares in the last quarter. Capital International Investors lifted 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 worth $1,018,592,000 after buying an additional 670,006 shares in the last quarter. Legal & General Group Plc boosted its position in Progressive by 1.9% in the 2nd quarter. Legal & General Group Plc now owns 4,922,743 shares of the insurance provider’s stock valued at $1,022,507,000 after buying an additional 92,212 shares during the last quarter. American Century Companies Inc. lifted its stake in shares of Progressive by 3.0% in the second quarter. American Century Companies Inc. now owns 2,392,773 shares of the insurance provider’s stock worth $497,003,000 after acquiring an additional 69,709 shares in the last quarter. Finally, TD Asset Management Inc grew its stake in Progressive by 16.8% during the 1st quarter. TD Asset Management Inc now owns 1,698,526 shares of the insurance provider’s stock valued at $351,289,000 after purchasing an additional 244,541 shares in the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Progressive Stock Up 0.6 %

Progressive stock traded up $1.40 during midday trading on Thursday, hitting $248.65. 194,195 shares of the stock were exchanged, compared to its average volume of 2,475,950. The Progressive Co. has a 52-week low of $149.14 and a 52-week high of $260.46. The stock has a market capitalization of $145.63 billion, a price-to-earnings ratio of 18.06, a price-to-earnings-growth ratio of 0.69 and a beta of 0.35. The business’s 50-day moving average price is $250.14 and its 200-day moving average price is $224.95. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.30.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Thursday, October 3rd were paid a dividend of $0.10 per share. 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 payout ratio is currently 2.91%.

Analyst Ratings Changes

Several research firms recently issued reports on PGR. Keefe, Bruyette & Woods upped their price target on shares of Progressive from $280.00 to $290.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Jefferies Financial Group raised their price target on shares of Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Roth Mkm lifted their price objective on shares of Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a research note on Monday, September 16th. Evercore ISI raised their target price on Progressive from $243.00 to $246.00 and gave the company an “outperform” rating in a research note on Wednesday, August 7th. Finally, StockNews.com raised shares of Progressive from a “hold” rating to a “buy” rating in a research report on Thursday. Six investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Progressive has an average rating of “Moderate Buy” and an average price target of $263.19.

Get Our Latest Research Report on Progressive

Insider Activity at Progressive

In related news, Director Dyke Kahina Van sold 2,180 shares of the company’s stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $252.28, for a total transaction of $549,970.40. Following the sale, the director now owns 13,723 shares of the company’s stock, valued at approximately $3,462,038.44. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, insider Steven Broz sold 2,981 shares of Progressive stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $251.15, for a total transaction of $748,678.15. Following the sale, the insider now owns 26,353 shares of the company’s stock, valued at approximately $6,618,555.95. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Dyke Kahina Van sold 2,180 shares of Progressive stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $252.28, for a total transaction 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. In the last ninety days, insiders have sold 74,843 shares of company stock worth $18,674,912. 0.34% of the stock is owned by corporate insiders.

Progressive Company Profile

(Free Report)