AdvisorNet Financial Inc Sells 3,043 Shares of The Progressive Co. (NYSE:PGR)

AdvisorNet Financial Inc lessened its holdings in shares of The Progressive Co. (NYSE:PGRGet Rating) by 36.1% in the second quarter, HoldingsChannel.com reports. The firm owned 5,386 shares of the insurance provider’s stock after selling 3,043 shares during the period. AdvisorNet Financial Inc’s holdings in Progressive were worth $626,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of PGR. EverSource Wealth Advisors LLC boosted its stake in shares of Progressive by 14.4% during the first quarter. EverSource Wealth Advisors LLC now owns 697 shares of the insurance provider’s stock valued at $79,000 after purchasing an additional 88 shares during the period. Parkside Financial Bank & Trust lifted its stake in Progressive by 2.0% in the first quarter. Parkside Financial Bank & Trust now owns 4,753 shares of the insurance provider’s stock worth $542,000 after acquiring an additional 95 shares during the period. Thoroughbred Financial Services LLC lifted its stake in Progressive by 4.6% in the first quarter. Thoroughbred Financial Services LLC now owns 2,406 shares of the insurance provider’s stock worth $274,000 after acquiring an additional 106 shares during the period. Prosperity Consulting Group LLC lifted its stake in Progressive by 1.7% in the first quarter. Prosperity Consulting Group LLC now owns 6,677 shares of the insurance provider’s stock worth $761,000 after acquiring an additional 111 shares during the period. Finally, GHE LLC lifted its stake in Progressive by 0.4% in the first quarter. GHE LLC now owns 27,067 shares of the insurance provider’s stock worth $3,085,000 after acquiring an additional 113 shares during the period. Institutional investors own 85.05% of the company’s stock.

Insider Activity

In related news, insider Andrew J. Quigg sold 3,180 shares of Progressive stock in a transaction dated Friday, August 26th. The stock was sold at an average price of $126.43, for a total value of $402,047.40. Following the completion of the sale, the insider now directly owns 24,061 shares in the company, valued at approximately $3,042,032.23. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.33% of the company’s stock.

Wall Street Analyst Weigh In

PGR has been the subject of a number of research analyst reports. Evercore ISI set a $129.00 price target on Progressive in a research note on Tuesday, July 19th. Raymond James raised their price target on Progressive from $135.00 to $140.00 and gave the stock an “outperform” rating in a research note on Monday, August 29th. Morgan Stanley raised their price target on Progressive from $121.00 to $130.00 and gave the stock an “equal weight” rating in a research note on Friday, August 19th. Credit Suisse Group increased their price objective on Progressive from $124.00 to $127.00 and gave the stock a “neutral” rating in a report on Thursday, August 18th. Finally, Wells Fargo & Company reiterated a “sell” rating and issued a $98.00 price objective on shares of Progressive in a report on Friday, July 15th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, Progressive currently has a consensus rating of “Hold” and an average price target of $118.08.

Progressive Price Performance

Shares of NYSE:PGR opened at $124.89 on Monday. The Progressive Co. has a 1-year low of $89.35 and a 1-year high of $129.76. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.40 and a quick ratio of 0.40. The business has a fifty day moving average price of $120.46 and a 200-day moving average price of $115.61. The company has a market capitalization of $73.05 billion, a PE ratio of 89.21, a PEG ratio of 1.48 and a beta of 0.42.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, October 7th will be issued a dividend of $0.10 per share. The ex-dividend date is Thursday, October 6th. This represents a $0.40 annualized dividend and a dividend yield of 0.32%. Progressive’s payout ratio is presently 28.57%.

About Progressive

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The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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