Great Lakes Retirement Inc. Boosts Holdings in The Progressive Co. (NYSE:PGR)

24 Oct 2024, 10:40 by Amy Steele · The Cerbat Gem

Great Lakes Retirement Inc. grew its position in shares of The Progressive Co. (NYSE:PGR – Free Report) by 1,327.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,423 shares of the insurance provider’s stock after purchasing an additional 5,043 shares during the period. Great Lakes Retirement Inc.’s holdings in Progressive were worth $1,376,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in PGR. Global Assets Advisory LLC purchased a new stake in shares of Progressive in the 1st quarter valued at about $2,301,000. Wealthcare Advisory Partners LLC raised its stake in Progressive by 882.9% in the first quarter. Wealthcare Advisory Partners LLC now owns 13,967 shares of the insurance provider’s stock valued at $2,889,000 after purchasing an additional 12,546 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in Progressive by 96.5% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 65,382 shares of the insurance provider’s stock valued at $13,522,000 after purchasing an additional 32,115 shares during the last quarter. 180 Wealth Advisors LLC grew its stake in Progressive by 64.3% in the 1st quarter. 180 Wealth Advisors LLC now owns 3,670 shares of the insurance provider’s stock worth $759,000 after buying an additional 1,436 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC bought a new position in shares of Progressive in the 1st quarter worth $323,000. Institutional investors own 85.34% of the company’s stock.

Progressive Stock Down 0.4 %

NYSE PGR opened at $247.25 on Thursday. The Progressive Co. has a 1 year low of $149.14 and a 1 year high of $260.46. The stock has a market capitalization of $144.81 billion, a PE ratio of 17.97, a PEG ratio of 0.69 and a beta of 0.35. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.31 and a quick ratio of 0.31. The business’s 50-day moving average is $250.14 and its 200 day moving average is $224.95.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Thursday, October 3rd were paid 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 dividend payout ratio (DPR) is presently 2.91%.

Analyst Upgrades and Downgrades

Several research analysts 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 for the company in a research report on Monday, August 12th. Piper Sandler increased their price objective on Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a research report on Thursday, August 15th. The Goldman Sachs Group boosted their target price on Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Keefe, Bruyette & Woods increased their price target on shares of Progressive from $280.00 to $290.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Progressive from $242.00 to $251.00 and gave the stock an “overweight” rating in a report on Thursday, October 10th. Six analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $263.19.

Read Our Latest Analysis on PGR

Insider Activity at Progressive

In related news, 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 sale, the insider now owns 32,316 shares in the company, valued at $7,600,400.04. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, Director Dyke Kahina Van sold 2,180 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the director now owns 13,723 shares in the company, valued at $3,462,038.44. This trade 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, insider Steven Broz sold 6,122 shares of the company’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $235.19, for a total value of $1,439,833.18. Following the completion of the sale, the insider now directly owns 32,316 shares in the company, valued at approximately $7,600,400.04. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 74,843 shares of company stock worth $18,674,912 over the last quarter. 0.34% of the stock is owned by corporate insiders.

About Progressive

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