Geneos Wealth Management Inc. Purchases 14,361 Shares of The Progressive Corporation $PGR

Geneos Wealth Management Inc. raised its position in The Progressive Corporation (NYSE:PGR) by 48.9% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 43,723 shares of the insurance provider’s stock after acquiring an additional 14,361 shares during the period. Geneos Wealth Management Inc.’s holdings in Progressive were worth $11,668,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Atlantic Union Bankshares Corp acquired a new position in shares of Progressive in the second quarter valued at $33,000. Westside Investment Management Inc. increased its holdings in Progressive by 900.0% in the 2nd quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock valued at $34,000 after buying an additional 117 shares during the period. Howard Hughes Medical Institute acquired a new position in shares of Progressive in the 2nd quarter valued at $34,000. Ransom Advisory Ltd acquired a new position in shares of Progressive in the 1st quarter valued at $35,000. Finally, Activest Wealth Management lifted its holdings in shares of Progressive by 6,350.0% during the 1st quarter. Activest Wealth Management now owns 129 shares of the insurance provider’s stock worth $37,000 after acquiring an additional 127 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Transactions at Progressive

In related news, insider Patrick K. Callahan sold 6,420 shares of Progressive stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $242.22, for a total value of $1,555,052.40. Following the completion of the sale, the insider directly owned 15,192 shares in the company, valued at $3,679,806.24. This trade represents a 29.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John Jo Murphy sold 2,218 shares of the company’s stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $242.10, for a total transaction of $536,977.80. Following the transaction, the insider owned 43,506 shares in the company, valued at approximately $10,532,802.60. The trade was a 4.85% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 17,673 shares of company stock valued at $4,163,005 over the last quarter. Corporate insiders own 0.34% of the company’s stock.

Progressive Price Performance

Progressive stock opened at $234.61 on Friday. The business’s fifty day moving average is $224.07 and its two-hundred day moving average is $242.72. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.29 and a current ratio of 0.29. The firm has a market cap of $137.58 billion, a P/E ratio of 12.87, a P/E/G ratio of 1.05 and a beta of 0.36. The Progressive Corporation has a 52 week low of $199.90 and a 52 week high of $292.99.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share (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 business had revenue of $21.38 billion during the quarter, compared to the consensus estimate of $21.64 billion. During the same period in the prior year, the firm earned $3.58 earnings per share. Equities research analysts forecast that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 8th. Shareholders of record on Friday, January 2nd will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Friday, January 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s dividend payout ratio is currently 2.19%.

Analysts Set New Price Targets

PGR has been the subject of several recent research reports. Weiss Ratings reissued a “hold (c+)” rating on shares of Progressive in a research report on Monday, December 8th. Morgan Stanley set a $214.00 target price on Progressive and gave the stock an “underweight” rating in a research report on Monday, October 20th. Raymond James Financial decreased their price target on Progressive from $305.00 to $265.00 and set an “outperform” rating on the stock in a research note on Friday, October 17th. Citigroup dropped their price objective on Progressive from $312.00 to $301.38 and set a “buy” rating for the company in a research note on Thursday, October 16th. Finally, Zacks Research cut Progressive from a “strong-buy” rating to a “hold” rating in a report on Friday, October 10th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $266.40.

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.