The Progressive Co. (NYSE:PGR) Shares Acquired by Mezzasalma Advisors LLC

17 Oct 2024, 18:56 by Michael Walen · The Markets Daily

Mezzasalma Advisors LLC raised its position in shares of The Progressive Co. (NYSE:PGR – Free Report) by 28.9% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,089 shares of the insurance provider’s stock after buying an additional 1,367 shares during the quarter. Mezzasalma Advisors LLC’s holdings in Progressive were worth $1,545,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Davis Capital Management acquired a new position in Progressive in the third quarter valued at approximately $25,000. WR Wealth Planners LLC boosted its position in Progressive by 119.6% during the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after purchasing an additional 67 shares during the period. Indiana Trust & Investment Management CO acquired a new position in Progressive during the 1st quarter valued at approximately $32,000. Hilltop National Bank increased its position in Progressive by 126.0% in the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after buying an additional 92 shares during the period. Finally, Register Financial Advisors LLC bought a new stake in Progressive in the first quarter valued at $35,000. Institutional investors own 85.34% of the company’s stock.

Progressive Price Performance

Shares of NYSE:PGR opened at $256.05 on Thursday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.31 and a current ratio of 0.31. The company has a market capitalization of $149.97 billion, a PE ratio of 26.14, a price-to-earnings-growth ratio of 0.69 and a beta of 0.35. The stock has a fifty day moving average of $247.56 and a 200-day moving average of $223.57. The Progressive Co. has a one year low of $149.14 and a one year high of $260.46.

Progressive (NYSE:PGR – Get Free Report) last issued its quarterly earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share for the quarter, topping analysts’ consensus estimates of $2.04 by $0.61. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The firm had revenue of $17.90 billion for the quarter, compared to analysts’ expectations of $17.54 billion. During the same quarter last year, the business posted $0.57 EPS. Progressive’s revenue was up 21.6% on a year-over-year basis. As a group, equities analysts anticipate that The Progressive Co. will post 13.07 EPS for the current fiscal year.

Progressive Announces Dividend

The company also recently declared 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 of this dividend was Thursday, October 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.16%. Progressive’s dividend payout ratio is currently 4.09%.

Insider Activity at Progressive

In other Progressive news, insider Andrew J. Quigg sold 3,975 shares of Progressive stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $214.01, for a total transaction of $850,689.75. Following the transaction, the insider now directly owns 32,780 shares in the company, valued at approximately $7,015,247.80. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Progressive news, CFO John P. Sauerland sold 22,708 shares of the stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $214.01, for a total value of $4,859,739.08. Following the completion of the sale, the chief financial officer now owns 302,958 shares in the company, valued at $64,836,041.58. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Andrew J. Quigg sold 3,975 shares of the business’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $214.01, for a total transaction of $850,689.75. Following the transaction, the insider now owns 32,780 shares in the company, valued at approximately $7,015,247.80. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 144,383 shares of company stock worth $33,446,453. 0.34% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. JPMorgan Chase & Co. upped their price target on shares of Progressive from $242.00 to $251.00 and gave the stock an “overweight” rating in a research report on Thursday, October 10th. Jefferies Financial Group lifted their price target on Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. The Goldman Sachs Group increased their price objective on Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Keefe, Bruyette & Woods boosted their price target on Progressive from $280.00 to $290.00 and gave the stock an “outperform” rating in a research report on Wednesday. Finally, HSBC upgraded shares of Progressive from a “hold” rating to a “buy” rating and set a $253.00 price objective on the stock in a research note on Monday, August 12th. Seven analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $268.19.

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