Sequoia Financial Advisors LLC Boosts Holdings in The Progressive Co. (NYSE:PGR)

22 Oct 2024, 13:06 by Teresa Graham · The Cerbat Gem

Sequoia Financial Advisors LLC grew its holdings in The Progressive Co. (NYSE:PGR – Free Report) by 4.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 58,505 shares of the insurance provider’s stock after acquiring an additional 2,750 shares during the period. Sequoia Financial Advisors LLC’s holdings in Progressive were worth $14,846,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of PGR. Raleigh Capital Management Inc. grew its holdings in Progressive by 20.9% during the third quarter. Raleigh Capital Management Inc. now owns 237 shares of the insurance provider’s stock valued at $60,000 after purchasing an additional 41 shares during the period. Castleview Partners LLC increased its stake in Progressive by 2.7% in the 3rd quarter. Castleview Partners LLC now owns 1,712 shares of the insurance provider’s stock worth $434,000 after buying an additional 45 shares in the last quarter. Sunbelt Securities Inc. grew its position in shares of Progressive by 21.3% during the second quarter. Sunbelt Securities Inc. now owns 262 shares of the insurance provider’s stock worth $54,000 after purchasing an additional 46 shares in the last quarter. Whittier Trust Co. of Nevada Inc. grew its holdings in Progressive by 11.8% during the 2nd 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 in the last quarter. Finally, Farmers & Merchants Investments Inc. raised its position in shares of Progressive by 10.4% during the second quarter. Farmers & Merchants Investments Inc. now owns 509 shares of the insurance provider’s stock valued at $106,000 after buying an additional 48 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently commented on PGR. Barclays initiated coverage on Progressive in a research note on Wednesday, September 4th. They set an “equal weight” rating and a $367.00 price target for the company. 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 note on Thursday, August 15th. Evercore ISI upped their price target on shares of Progressive from $243.00 to $246.00 and gave the company an “outperform” rating in a report on Wednesday, August 7th. Hsbc Global Res raised Progressive from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 12th. Finally, Bank of America increased their price target on Progressive from $319.00 to $331.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. Seven investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $268.81.

Get Our Latest Stock Analysis on PGR

Progressive Stock Down 1.7 %

Shares of NYSE PGR traded down $4.26 during mid-day trading on Tuesday, reaching $246.48. The company had a trading volume of 507,635 shares, compared to its average volume of 2,487,670. The firm has a 50 day simple moving average of $249.36 and a two-hundred day simple moving average of $224.53. The Progressive Co. has a 52-week low of $149.14 and a 52-week high of $260.46. 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 $144.36 billion, a P/E ratio of 25.46, a PEG ratio of 0.70 and a beta of 0.35.

Progressive Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Thursday, October 3rd were given 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 was Thursday, October 3rd. Progressive’s dividend payout ratio (DPR) is currently 4.09%.

Insider Activity

In other Progressive news, Director Dyke Kahina Van sold 2,180 shares of Progressive stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $252.28, for a total transaction 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. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, insider Steven Broz sold 2,982 shares of the business’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $260.00, for a total value of $775,320.00. Following the transaction, the insider now owns 29,334 shares in the company, valued at $7,626,840. 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 the SEC website. Also, 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 value of $549,970.40. Following the sale, the director now directly owns 13,723 shares of the company’s stock, valued at approximately $3,462,038.44. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 71,862 shares of company stock valued at $17,926,234. Insiders own 0.34% of the company’s stock.

Progressive Company Profile

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