Revolve Wealth Partners LLC Buys New Holdings in The Progressive Co. (NYSE:PGR)

Revolve Wealth Partners LLC acquired a new position in The Progressive Co. (NYSE:PGRFree Report) during the fourth quarter, according to its most recent filing with the SEC. The firm acquired 1,122 shares of the insurance provider’s stock, valued at approximately $269,000.

Other large investors have also recently made changes to their positions in the company. NewEdge Advisors LLC increased its position in Progressive by 20.6% during the 2nd quarter. NewEdge Advisors LLC now owns 30,429 shares of the insurance provider’s stock valued at $6,320,000 after purchasing an additional 5,199 shares during the period. Sunbelt Securities Inc. increased its stake in shares of Progressive by 21.3% during the second quarter. Sunbelt Securities Inc. now owns 262 shares of the insurance provider’s stock valued at $54,000 after purchasing an additional 46 shares in the last quarter. Kimelman & Baird LLC purchased a new position in shares of Progressive during the second quarter valued at approximately $36,000. EP Wealth Advisors LLC boosted its position in shares of Progressive by 19.8% in the 2nd quarter. EP Wealth Advisors LLC now owns 1,892 shares of the insurance provider’s stock worth $393,000 after purchasing an additional 313 shares in the last quarter. Finally, Truist Financial Corp grew its stake in shares of Progressive by 27.7% in the 2nd quarter. Truist Financial Corp now owns 289,341 shares of the insurance provider’s stock worth $60,099,000 after buying an additional 62,693 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. BMO Capital Markets dropped their target price on Progressive from $273.00 to $267.00 and set an “outperform” rating on the stock in a report on Monday, December 16th. Bank of America increased their price objective on shares of Progressive from $331.00 to $335.00 and gave the company a “buy” rating in a research report on Monday, November 18th. TD Cowen lifted their target price on shares of Progressive from $197.00 to $237.00 and gave the stock a “hold” rating in a report on Friday, November 8th. Morgan Stanley cut their price target on shares of Progressive from $310.00 to $300.00 and set an “overweight” rating on the stock in a report on Tuesday, January 21st. Finally, Evercore ISI boosted their price objective on shares of Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a report on Wednesday, November 6th. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, Progressive has a consensus rating of “Moderate Buy” and an average target price of $274.65.

Get Our Latest Stock Report on Progressive

Progressive Stock Down 0.8 %

PGR stock opened at $244.86 on Wednesday. The business’s 50-day moving average is $248.08 and its two-hundred day moving average is $244.03. The company has a market cap of $143.44 billion, a price-to-earnings ratio of 17.80, a P/E/G ratio of 0.62 and a beta of 0.41. The Progressive Co. has a fifty-two week low of $175.50 and a fifty-two week high of $270.62. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30.

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 16th. Investors of record on Thursday, January 9th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.16%. The ex-dividend date of this dividend was Friday, January 10th. Progressive’s payout ratio is 2.91%.

Insider Activity at Progressive

In other news, CFO John P. Sauerland sold 10,000 shares of Progressive stock in a transaction on Friday, November 29th. The shares were sold at an average price of $268.09, for a total transaction of $2,680,900.00. Following the transaction, the chief financial officer now owns 292,958 shares in the company, valued at $78,539,110.22. This trade represents a 3.30 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Mariann Wojtkun Marshall sold 191 shares of the company’s stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $242.10, for a total value of $46,241.10. Following the completion of the sale, the chief accounting officer now owns 3,982 shares of the company’s stock, valued at $964,042.20. This trade represents a 4.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 42,506 shares of company stock worth $10,531,159. 0.34% of the stock is owned by company insiders.

About Progressive

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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