Syon Capital LLC Raises Holdings in The Progressive Co. (NYSE:PGR)

Syon Capital LLC increased its position in The Progressive Co. (NYSE:PGR) by 17.1% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 10,411 shares of the insurance provider’s stock after buying an additional 1,522 shares during the period. Syon Capital LLC’s holdings in Progressive were worth $1,658,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in PGR. Compass Ion Advisors LLC grew its stake in Progressive by 0.8% in the fourth quarter. Compass Ion Advisors LLC now owns 7,443 shares of the insurance provider’s stock worth $1,186,000 after purchasing an additional 59 shares in the last quarter. Cary Street Partners Investment Advisory LLC grew its stake in Progressive by 10.2% in the third quarter. Cary Street Partners Investment Advisory LLC now owns 670 shares of the insurance provider’s stock worth $93,000 after purchasing an additional 62 shares in the last quarter. Quent Capital LLC grew its stake in Progressive by 19.3% in the fourth quarter. Quent Capital LLC now owns 427 shares of the insurance provider’s stock worth $68,000 after purchasing an additional 69 shares in the last quarter. BSW Wealth Partners boosted its stake in Progressive by 4.2% in the fourth quarter. BSW Wealth Partners now owns 1,727 shares of the insurance provider’s stock valued at $275,000 after acquiring an additional 69 shares during the period. Finally, Perigon Wealth Management LLC boosted its stake in Progressive by 2.2% in the fourth quarter. Perigon Wealth Management LLC now owns 3,231 shares of the insurance provider’s stock valued at $515,000 after acquiring an additional 70 shares during the period. 85.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Citigroup lifted their target price on Progressive from $202.00 to $225.00 and gave the company a “neutral” rating in a research note on Monday, April 15th. Keefe, Bruyette & Woods lifted their target price on Progressive from $190.00 to $200.00 and gave the company a “market perform” rating in a research note on Wednesday, April 10th. Piper Sandler reaffirmed an “overweight” rating and set a $240.00 price target on shares of Progressive in a report on Monday, April 1st. Bank of America cut their price target on Progressive from $279.00 to $273.00 and set a “buy” rating on the stock in a report on Wednesday, April 17th. Finally, HSBC lifted their price target on Progressive from $174.00 to $200.00 and gave the company a “hold” rating in a report on Thursday, March 28th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, Progressive has a consensus rating of “Hold” and a consensus price target of $211.88.

Progressive Price Performance

Progressive stock traded down $2.13 during mid-day trading on Thursday, hitting $210.07. The company’s stock had a trading volume of 1,882,044 shares, compared to its average volume of 2,610,816. The company has a quick ratio of 0.31, a current ratio of 0.36 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $123.04 billion, a P/E ratio of 21.72, a P/E/G ratio of 0.85 and a beta of 0.35. The Progressive Co. has a twelve month low of $111.41 and a twelve month high of $216.21. The stock’s fifty day moving average price is $201.66 and its two-hundred day moving average price is $176.83.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Friday, April 12th. The insurance provider reported $3.94 earnings per share for the quarter, topping the consensus estimate of $3.20 by $0.74. The firm had revenue of $18.96 billion for the quarter, compared to analysts’ expectations of $16.88 billion. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The company’s quarterly revenue was up 17.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.65 EPS. Research analysts forecast that The Progressive Co. will post 11.22 earnings per share for the current year.

Progressive Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Thursday, April 4th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.19%. The ex-dividend date of this dividend was Wednesday, April 3rd. Progressive’s dividend payout ratio (DPR) is 4.09%.

Insider Buying and Selling at Progressive

In other Progressive news, insider Patrick K. Callahan sold 29,675 shares of the company’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $190.26, for a total transaction of $5,645,965.50. Following the completion of the sale, the insider now directly owns 15,189 shares in the company, valued at $2,889,859.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Devin C. Johnson sold 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total transaction of $208,330.00. Following the completion of the sale, the director now owns 7,176 shares of the company’s stock, valued at $1,494,976.08. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Patrick K. Callahan sold 29,675 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $190.26, for a total transaction of $5,645,965.50. Following the sale, the insider now directly owns 15,189 shares of the company’s stock, valued at approximately $2,889,859.14. The disclosure for this sale can be found here. Insiders sold 39,139 shares of company stock worth $7,458,139 over the last ninety days. Company insiders own 0.34% of the company’s stock.

Progressive Company Profile

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related 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.