Truist Financial Corp Buys 62,693 Shares of The Progressive Co. (NYSE:PGR)

Truist Financial Corp grew its stake in The Progressive Co. (NYSE:PGR) by 27.7% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 289,341 shares of the insurance provider’s stock after purchasing an additional 62,693 shares during the quarter. Truist Financial Corp’s holdings in Progressive were worth $60,099,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. EP Wealth Advisors LLC lifted its stake in Progressive by 19.8% during the 2nd quarter. EP Wealth Advisors LLC now owns 1,892 shares of the insurance provider’s stock valued at $393,000 after acquiring an additional 313 shares in the last quarter. Kimelman & Baird LLC bought a new position in shares of Progressive during the second quarter valued at about $36,000. Second Line Capital LLC boosted its holdings in Progressive by 3.3% during the second quarter. Second Line Capital LLC now owns 12,631 shares of the insurance provider’s stock worth $2,624,000 after purchasing an additional 409 shares during the last quarter. Sunbelt Securities Inc. grew its position in Progressive by 21.3% in the 2nd quarter. Sunbelt Securities Inc. now owns 262 shares of the insurance provider’s stock worth $54,000 after purchasing an additional 46 shares in the last quarter. Finally, Front Row Advisors LLC grew its position in Progressive by 229.4% in the 2nd quarter. Front Row Advisors LLC now owns 2,286 shares of the insurance provider’s stock worth $475,000 after purchasing an additional 1,592 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on PGR shares. Bank of America boosted their target price on Progressive from $294.00 to $312.00 and gave the stock a “buy” rating in a research note on Tuesday, September 3rd. The Goldman Sachs Group boosted their price objective on Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Barclays began coverage on Progressive in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $367.00 target price for the company. Wells Fargo & Company boosted their price target on shares of Progressive from $281.00 to $282.00 and gave the stock an “overweight” rating in a report on Tuesday, September 10th. Finally, BMO Capital Markets lowered their price objective on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Six investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $257.18.

Progressive Trading Up 0.2 %

NYSE:PGR opened at $254.37 on Wednesday. The company has a market cap of $148.98 billion, a P/E ratio of 26.04, a P/E/G ratio of 0.72 and a beta of 0.35. The Progressive Co. has a 1 year low of $137.59 and a 1 year high of $260.46. 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 stock’s fifty day moving average price is $239.33 and its two-hundred day moving average price is $220.12.

Progressive (NYSE:PGR) last issued its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 EPS for the quarter, topping the consensus estimate of $2.04 by $0.61. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The business had revenue of $17.90 billion during the quarter, compared to the consensus estimate of $17.54 billion. During the same quarter last year, the company earned $0.57 EPS. The firm’s revenue was up 21.6% compared to the same quarter last year. As a group, analysts expect that The Progressive Co. will post 12.9 EPS for the current year.

Progressive Announces Dividend

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

Insiders Place Their Bets

In other news, Director Dyke Kahina Van sold 2,180 shares of the company’s stock in a transaction on Friday, September 27th. The shares were sold at an average price of $252.28, for a total value of $549,970.40. Following the transaction, the director now owns 13,723 shares of the company’s stock, valued at $3,462,038.44. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, Director Dyke Kahina Van sold 2,180 shares of Progressive stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $252.28, for a total transaction of $549,970.40. Following the completion of the sale, the director now owns 13,723 shares in the company, valued at approximately $3,462,038.44. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Philip Bleser sold 2,129 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $219.08, for a total transaction of $466,421.32. Following the completion of the sale, the director now directly owns 974 shares in the company, valued at $213,383.92. The disclosure for this sale can be found here. Insiders have sold 146,512 shares of company stock worth $33,912,874 in the last three months. 0.34% of the stock is currently owned by corporate insiders.

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.