iA Global Asset Management Inc. Buys 7,463 Shares of The Progressive Co. (NYSE:PGR)

iA Global Asset Management Inc. increased its stake in shares of The Progressive Co. (NYSE:PGR) by 101.9% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 14,788 shares of the insurance provider’s stock after acquiring an additional 7,463 shares during the quarter. iA Global Asset Management Inc.’s holdings in Progressive were worth $3,072,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Sachetta LLC purchased a new position in shares of Progressive during the fourth quarter valued at about $25,000. Northwest Bank & Trust Co purchased a new position in Progressive during the 4th quarter valued at approximately $25,000. Indiana Trust & Investment Management CO bought a new stake in Progressive in the 1st quarter worth approximately $32,000. Hilltop National Bank raised its holdings in shares of Progressive by 126.0% during the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 92 shares in the last quarter. Finally, Register Financial Advisors LLC bought a new position in shares of Progressive during the 1st quarter valued at approximately $35,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Progressive

In related news, insider Steven Broz sold 6,122 shares of Progressive stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $235.19, for a total value of $1,439,833.18. Following the completion of the sale, the insider now directly owns 32,316 shares in the company, valued at $7,600,400.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Progressive news, CEO Susan Patricia Griffith sold 43,371 shares of the stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total transaction of $9,281,827.71. Following the sale, the chief executive officer now owns 517,105 shares of the company’s stock, valued at approximately $110,665,641.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Steven Broz sold 6,122 shares of the business’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $235.19, for a total value of $1,439,833.18. Following the completion of the transaction, the insider now directly owns 32,316 shares of the company’s stock, valued at $7,600,400.04. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 103,984 shares of company stock valued at $22,564,766. 0.34% of the stock is currently owned by corporate insiders.

Progressive Trading Up 0.9 %

Shares of PGR opened at $252.20 on Friday. The firm has a market capitalization of $147.71 billion, a price-to-earnings ratio of 25.81, a PEG ratio of 0.79 and a beta of 0.35. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.31 and a quick ratio of 0.31. The Progressive Co. has a 1-year low of $131.87 and a 1-year high of $254.35. The company has a 50-day moving average of $221.26 and a 200 day moving average of $210.45.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share for the quarter, beating the consensus estimate of $2.04 by $0.61. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The firm had revenue of $17.90 billion during the quarter, compared to the consensus estimate of $17.54 billion. During the same quarter in the previous year, the firm posted $0.57 earnings per share. The company’s revenue was up 21.6% on a year-over-year basis. On average, research analysts expect that The Progressive Co. will post 12.16 EPS for the current year.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Thursday, October 3rd will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.16%. The ex-dividend date of this dividend is Thursday, October 3rd. Progressive’s dividend payout ratio is 4.09%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on PGR. Wells Fargo & Company boosted their price target on shares of Progressive from $262.00 to $281.00 and gave the stock an “overweight” rating in a research report on Thursday, August 15th. Piper Sandler boosted their target price on shares of Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a report on Thursday, August 15th. Bank of America lowered their price target on shares of Progressive from $296.00 to $294.00 and set a “buy” rating for the company in a report on Thursday, August 15th. Keefe, Bruyette & Woods raised Progressive from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $210.00 to $245.00 in a research note on Wednesday, July 17th. Finally, Roth Mkm raised their price objective on Progressive from $235.00 to $270.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $234.41.

About Progressive

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.