Janney Montgomery Scott LLC Raises Stock Position in The Progressive Co. (NYSE:PGR)

Janney Montgomery Scott LLC boosted its position in shares of The Progressive Co. (NYSE:PGRFree Report) by 1.2% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 84,605 shares of the insurance provider’s stock after buying an additional 971 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Progressive were worth $11,786,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. MRA Advisory Group bought a new stake in Progressive during the 3rd quarter valued at $215,000. Parnassus Investments LLC increased its position in Progressive by 102.9% during the 3rd quarter. Parnassus Investments LLC now owns 2,131,601 shares of the insurance provider’s stock valued at $296,932,000 after purchasing an additional 1,080,834 shares during the period. Barometer Capital Management Inc. purchased a new position in Progressive during the 3rd quarter valued at $8,480,000. Ipswich Investment Management Co. Inc. increased its position in Progressive by 0.6% during the 3rd quarter. Ipswich Investment Management Co. Inc. now owns 37,806 shares of the insurance provider’s stock valued at $5,266,000 after purchasing an additional 224 shares during the period. Finally, L2 Asset Management LLC increased its position in Progressive by 75.2% during the 3rd quarter. L2 Asset Management LLC now owns 2,648 shares of the insurance provider’s stock valued at $369,000 after purchasing an additional 1,137 shares during the period. 83.66% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on PGR shares. Piper Sandler boosted their price objective on shares of Progressive from $188.00 to $207.00 and gave the company an “overweight” rating in a research report on Thursday, January 25th. TD Cowen started coverage on shares of Progressive in a research report on Wednesday, January 10th. They set a “market perform” rating and a $174.00 price objective on the stock. Raymond James downgraded shares of Progressive from an “outperform” rating to a “market perform” rating in a research report on Tuesday, December 12th. Citigroup raised shares of Progressive from a “sell” rating to a “neutral” rating and boosted their price objective for the company from $120.00 to $158.00 in a research report on Tuesday, October 17th. Finally, The Goldman Sachs Group boosted their price objective on shares of Progressive from $140.00 to $160.00 and gave the company a “neutral” rating in a research report on Tuesday, November 7th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, Progressive currently has an average rating of “Hold” and an average target price of $169.22.

Check Out Our Latest Research Report on Progressive

Insider Buying and Selling at Progressive

In other news, insider Andrew J. Quigg sold 551 shares of the stock in a transaction that occurred on Wednesday, January 17th. The shares were sold at an average price of $169.24, for a total value of $93,251.24. Following the transaction, the insider now owns 27,921 shares in the company, valued at approximately $4,725,350.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Andrew J. Quigg sold 4,052 shares of the stock in a transaction that occurred on Tuesday, November 28th. The shares were sold at an average price of $164.28, for a total value of $665,662.56. Following the completion of the sale, the insider now directly owns 25,769 shares of the company’s stock, valued at approximately $4,233,331.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Andrew J. Quigg sold 551 shares of the stock in a transaction that occurred on Wednesday, January 17th. The stock was sold at an average price of $169.24, for a total transaction of $93,251.24. Following the completion of the sale, the insider now directly owns 27,921 shares of the company’s stock, valued at $4,725,350.04. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 114,862 shares of company stock worth $18,747,693. Company insiders own 0.34% of the company’s stock.

Progressive Price Performance

PGR opened at $182.96 on Friday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.33 and a current ratio of 0.35. The stock has a market capitalization of $107.04 billion, a P/E ratio of 27.81, a P/E/G ratio of 1.01 and a beta of 0.35. The company’s 50-day simple moving average is $166.69 and its two-hundred day simple moving average is $151.63. The Progressive Co. has a 52-week low of $111.41 and a 52-week high of $184.27.

Progressive (NYSE:PGRGet Free Report) last posted its earnings results on Wednesday, January 24th. The insurance provider reported $2.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.43 by $0.53. The business had revenue of $16.89 billion for the quarter, compared to analysts’ expectations of $16.10 billion. Progressive had a net margin of 6.28% and a return on equity of 21.10%. During the same quarter in the prior year, the business earned $1.52 EPS. As a group, analysts predict that The Progressive Co. will post 8.59 EPS for the current year.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, January 26th. Shareholders of record on Friday, January 19th were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.22%. The ex-dividend date was Thursday, January 18th. Progressive’s dividend payout ratio is currently 12.92%.

Progressive Company Profile

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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