HBK Sorce Advisory LLC Purchases 4,029 Shares of The Progressive Corporation $PGR

HBK Sorce Advisory LLC lifted its holdings in The Progressive Corporation (NYSE:PGR) by 102.1% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 7,976 shares of the insurance provider’s stock after purchasing an additional 4,029 shares during the period. HBK Sorce Advisory LLC’s holdings in Progressive were worth $1,939,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the business. Atlantic Union Bankshares Corp bought a new position in Progressive in the second quarter worth approximately $33,000. Westside Investment Management Inc. increased its stake in shares of Progressive by 900.0% in the 2nd quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 117 shares in the last quarter. Howard Hughes Medical Institute bought a new position in Progressive in the 2nd quarter worth $34,000. Ransom Advisory Ltd purchased a new position in Progressive during the first quarter valued at $35,000. Finally, Activest Wealth Management grew its holdings in Progressive by 6,350.0% during the first quarter. Activest Wealth Management now owns 129 shares of the insurance provider’s stock valued at $37,000 after purchasing an additional 127 shares during the period. 85.34% of the stock is currently owned by institutional investors.

Progressive Trading Up 0.2%

Shares of Progressive stock opened at $227.74 on Wednesday. The Progressive Corporation has a twelve month low of $199.90 and a twelve month high of $292.99. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.19. The business has a 50-day moving average price of $222.33 and a 200-day moving average price of $239.80. The firm has a market cap of $133.55 billion, a price-to-earnings ratio of 12.49, a PEG ratio of 1.27 and a beta of 0.36.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Wednesday, October 15th. The insurance provider reported $4.45 EPS for the quarter, missing analysts’ consensus estimates of $5.04 by ($0.59). Progressive had a net margin of 12.57% and a return on equity of 33.88%. The firm had revenue of $21.38 billion for the quarter, compared to the consensus estimate of $21.64 billion. During the same period in the previous year, the company posted $3.58 earnings per share. Equities research analysts anticipate that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 8th. Stockholders of record on Friday, January 2nd will be issued a $0.10 dividend. The ex-dividend date is Friday, January 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive’s payout ratio is 2.19%.

Wall Street Analysts Forecast Growth

PGR has been the topic of a number of analyst reports. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Progressive in a research report on Monday. Mizuho started coverage on shares of Progressive in a report on Monday, December 15th. They set a “neutral” rating and a $242.00 price target on the stock. Evercore ISI reduced their price objective on shares of Progressive from $275.00 to $273.00 and set an “in-line” rating for the company in a research note on Wednesday, October 1st. Raymond James Financial decreased their price objective on shares of Progressive from $305.00 to $265.00 and set an “outperform” rating on the stock in a research report on Friday, October 17th. Finally, Wolfe Research began coverage on shares of Progressive in a report on Monday, September 15th. They issued a “peer perform” rating for the company. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, thirteen have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $264.98.

Insider Activity

In related news, CFO John P. Sauerland sold 5,000 shares of Progressive stock in a transaction dated Friday, November 28th. The stock was sold at an average price of $228.48, for a total value of $1,142,400.00. Following the completion of the transaction, the chief financial officer owned 223,024 shares in the company, valued at approximately $50,956,523.52. This trade represents a 2.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Steven Broz sold 1,344 shares of the firm’s stock in a transaction that occurred on Friday, December 19th. The shares were sold at an average price of $224.80, for a total value of $302,131.20. Following the completion of the sale, the insider directly owned 26,354 shares of the company’s stock, valued at $5,924,379.20. The trade was a 4.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 9,034 shares of company stock worth $2,047,481 over the last 90 days. Corporate insiders own 0.33% of the company’s stock.

Progressive Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.