Daymark Wealth Partners LLC Sells 1,290 Shares of The Progressive Co. (NYSE:PGR)

Daymark Wealth Partners LLC cut its stake in The Progressive Co. (NYSE:PGR) by 0.7% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 172,661 shares of the insurance provider’s stock after selling 1,290 shares during the quarter. Progressive comprises about 1.3% of Daymark Wealth Partners LLC’s holdings, making the stock its 18th biggest holding. Daymark Wealth Partners LLC’s holdings in Progressive were worth $35,863,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of PGR. WR Wealth Planners LLC raised its stake in Progressive by 119.6% in the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after buying an additional 67 shares in the last quarter. Indiana Trust & Investment Management CO bought a new position in shares of Progressive in the 1st quarter worth approximately $32,000. Northwest Bank & Trust Co purchased a new position in shares of Progressive in the 4th quarter valued at approximately $25,000. Hilltop National Bank boosted its position in shares of Progressive by 126.0% during the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 92 shares in the last quarter. Finally, Register Financial Advisors LLC bought a new position in Progressive in the first quarter worth $35,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Stock Up 0.2 %

PGR opened at $257.08 on Thursday. The stock has a market capitalization of $150.56 billion, a price-to-earnings ratio of 26.31, a PEG ratio of 0.72 and a beta of 0.35. The firm has a 50 day moving average price of $235.90 and a 200-day moving average price of $218.25. The Progressive Co. has a twelve month low of $137.59 and a twelve month high of $260.46. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.30.

Progressive (NYSE:PGR) last announced its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share for the quarter, beating analysts’ consensus estimates of $2.04 by $0.61. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The business had revenue of $17.90 billion during the quarter, compared to analyst estimates of $17.54 billion. During the same period in the previous year, the business earned $0.57 EPS. The company’s quarterly revenue was up 21.6% compared to the same quarter last year. Equities research analysts forecast that The Progressive Co. will post 12.9 earnings per share for the current year.

Progressive Announces Dividend

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

Insider Activity

In related news, CEO Susan Patricia Griffith sold 43,371 shares of the firm’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $214.01, for a total value of $9,281,827.71. Following the transaction, the chief executive officer now owns 517,105 shares of the company’s stock, valued at $110,665,641.05. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CEO Susan Patricia Griffith sold 43,371 shares of the firm’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total value of $9,281,827.71. Following the transaction, the chief executive officer now directly 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 SEC, which is available through the SEC website. Also, CFO John P. Sauerland sold 10,000 shares of the business’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $210.40, for a total value of $2,104,000.00. Following the sale, the chief financial officer now directly owns 302,958 shares of the company’s stock, valued at approximately $63,742,363.20. The disclosure for this sale can be found here. Insiders sold 154,332 shares of company stock valued at $35,466,904 in the last quarter. 0.34% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on PGR. Bank of America boosted their target price on shares of Progressive from $294.00 to $312.00 and gave the company a “buy” rating in a report on Tuesday, September 3rd. Piper Sandler upped their price objective on shares of Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a report on Thursday, August 15th. Citigroup lowered their target price on shares of Progressive from $232.00 to $225.00 and set a “neutral” rating for the company in a report on Wednesday, July 17th. BMO Capital Markets cut their price target on Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Finally, HSBC raised Progressive from a “hold” rating to a “buy” rating and set a $253.00 price objective for the company in a research report on Monday, August 12th. Six equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $257.18.

Progressive 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.