3,307 Shares in The Progressive Co. (NYSE:PGR) Purchased by IRON Financial LLC

31 Oct 2024, 17:00 by Danessa Lincoln · The Markets Daily

IRON Financial LLC bought a new stake in shares of The Progressive Co. (NYSE:PGR – Free Report) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 3,307 shares of the insurance provider’s stock, valued at approximately $839,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Norden Group LLC purchased a new position in shares of Progressive in the 1st quarter worth about $987,000. New Century Financial Group LLC purchased a new stake in Progressive in the first quarter worth approximately $249,000. Hartline Investment Corp bought a new position in Progressive during the first quarter valued at approximately $265,000. Private Advisor Group LLC grew its position in Progressive by 7.4% during the 1st quarter. Private Advisor Group LLC now owns 10,610 shares of the insurance provider’s stock worth $2,194,000 after acquiring an additional 727 shares during the last quarter. Finally, Sequoia Financial Advisors LLC increased its stake in Progressive by 0.3% in the 1st quarter. Sequoia Financial Advisors LLC now owns 55,623 shares of the insurance provider’s stock worth $11,504,000 after purchasing an additional 172 shares during the period. 85.34% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on PGR shares. HSBC upgraded shares of Progressive from a “hold” rating to a “buy” rating and set a $253.00 target price on the stock in a report on Monday, August 12th. Wells Fargo & Company raised their price objective on Progressive from $281.00 to $282.00 and gave the company an “overweight” rating in a research report on Tuesday, September 10th. Bank of America upped their price objective on shares of Progressive from $319.00 to $331.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Morgan Stanley lifted their target price on shares of Progressive from $300.00 to $310.00 and gave the company an “overweight” rating in a report on Friday, October 18th. Finally, Barclays upped their price target on Progressive from $267.00 to $277.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 23rd. Six analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $263.19.

Check Out Our Latest Stock Analysis on Progressive

Insider Buying and Selling at Progressive

In other Progressive news, insider John Jo Murphy sold 9,512 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $237.50, for a total value of $2,259,100.00. Following the transaction, the insider now directly owns 45,787 shares of the company’s stock, valued at approximately $10,874,412.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, insider John Jo Murphy sold 9,512 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $237.50, for a total transaction of $2,259,100.00. Following the completion of the sale, the insider now owns 45,787 shares of the company’s stock, valued at $10,874,412.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Steven Broz sold 6,122 shares of Progressive stock in a transaction on Monday, August 19th. The shares were sold at an average price of $235.19, for a total value of $1,439,833.18. Following the transaction, the insider now owns 32,316 shares in the company, valued at $7,600,400.04. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 74,843 shares of company stock worth $18,674,912. Insiders own 0.34% of the company’s stock.

Progressive Stock Performance

NYSE:PGR traded up $1.99 during mid-day trading on Thursday, reaching $244.99. The company’s stock had a trading volume of 898,260 shares, compared to its average volume of 2,454,851. 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 stock has a market cap of $143.48 billion, a P/E ratio of 17.75, a PEG ratio of 0.67 and a beta of 0.35. The firm’s fifty day moving average price is $250.80 and its two-hundred day moving average price is $226.29. The Progressive Co. has a 12-month low of $149.14 and a 12-month high of $260.46.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Thursday, October 3rd were issued a dividend of $0.10 per share. The ex-dividend date was Thursday, October 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.16%. Progressive’s payout ratio is 2.91%.

About Progressive

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