Pallas Capital Advisors LLC Grows Holdings in The Progressive Co. (NYSE:PGR)

30 Oct 2024, 09:32 by Sarita Garza · The Markets Daily

Pallas Capital Advisors LLC increased its holdings in The Progressive Co. (NYSE:PGR – Free Report) by 121.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,503 shares of the insurance provider’s stock after acquiring an additional 3,016 shares during the quarter. Pallas Capital Advisors LLC’s holdings in Progressive were worth $1,359,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. Orrstown Financial Services Inc. raised its stake in Progressive by 31.3% during the third quarter. Orrstown Financial Services Inc. now owns 2,186 shares of the insurance provider’s stock valued at $555,000 after buying an additional 521 shares during the last quarter. Nisa Investment Advisors LLC grew its stake in shares of Progressive by 13.9% in the third quarter. Nisa Investment Advisors LLC now owns 192,344 shares of the insurance provider’s stock worth $48,809,000 after acquiring an additional 23,421 shares during the last quarter. TCI Wealth Advisors Inc. bought a new position in shares of Progressive during the third quarter valued at $201,000. Asahi Life Asset Management CO. LTD. raised its position in shares of Progressive by 101.2% in the 3rd quarter. Asahi Life Asset Management CO. LTD. now owns 2,535 shares of the insurance provider’s stock worth $643,000 after purchasing an additional 1,275 shares during the last quarter. Finally, Cavalier Investments LLC boosted its stake in Progressive by 6.7% in the 3rd quarter. Cavalier Investments LLC now owns 16,570 shares of the insurance provider’s stock worth $4,205,000 after purchasing an additional 1,035 shares in the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider Steven Broz sold 2,981 shares of Progressive stock in a transaction that occurred on 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 in the company, valued at $6,618,555.95. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, insider Steven Broz sold 2,981 shares of Progressive stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $251.15, for a total value of $748,678.15. Following the sale, the insider now directly 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Susan Patricia Griffith sold 43,370 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total value of $10,937,914.00. Following the transaction, the chief executive officer now directly owns 473,735 shares of the company’s stock, valued at approximately $119,475,967. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 74,843 shares of company stock worth $18,674,912 in the last three months. 0.34% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Bank of America increased their price objective on Progressive from $319.00 to $331.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. The Goldman Sachs Group raised their price target on shares of Progressive from $262.00 to $280.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. Citigroup decreased their price objective on shares of Progressive from $232.00 to $225.00 and set a “neutral” rating for the company in a report on Wednesday, July 17th. Wells Fargo & Company raised their target price on shares of Progressive from $281.00 to $282.00 and gave the stock an “overweight” rating in a report on Tuesday, September 10th. Finally, Hsbc Global Res raised Progressive from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. Six equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Progressive has a consensus rating of “Moderate Buy” and a consensus target price of $263.19.

Check Out Our Latest Analysis on PGR

Progressive Price Performance

Shares of Progressive stock opened at $241.68 on Wednesday. The company has a market capitalization of $141.54 billion, a price-to-earnings ratio of 17.56, a PEG ratio of 0.67 and a beta of 0.35. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.30. The stock’s 50-day simple moving average is $250.69 and its 200-day simple moving average is $226.17. The Progressive Co. has a 52 week low of $149.14 and a 52 week high of $260.46.

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 issued a $0.10 dividend. The ex-dividend date of this dividend was Thursday, October 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.17%. Progressive’s dividend payout ratio is presently 2.91%.

About Progressive

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