Diversify Advisory Services LLC Acquires New Holdings in The Progressive Co. (NYSE:PGR)

Diversify Advisory Services LLC purchased a new position in The Progressive Co. (NYSE:PGR) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 948 shares of the insurance provider’s stock, valued at approximately $235,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Norden Group LLC acquired a new position in Progressive in the 1st quarter worth approximately $987,000. Private Advisor Group LLC raised its holdings in shares of Progressive by 7.4% during the first quarter. Private Advisor Group LLC now owns 10,610 shares of the insurance provider’s stock worth $2,194,000 after purchasing an additional 727 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Progressive by 18.0% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 171,671 shares of the insurance provider’s stock valued at $35,505,000 after purchasing an additional 26,202 shares during the last quarter. Family Firm Inc. acquired a new stake in Progressive during the 1st quarter worth about $205,000. Finally, Tokio Marine Asset Management Co. Ltd. raised its stake in shares of Progressive by 13.4% during the 1st quarter. Tokio Marine Asset Management Co. Ltd. now owns 15,673 shares of the insurance provider’s stock valued at $3,241,000 after buying an additional 1,846 shares during the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Progressive

In other Progressive news, Director Dyke Kahina Van sold 2,180 shares of the company’s stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $252.28, for a total value of $549,970.40. Following the completion of the sale, the director now directly owns 13,723 shares in the company, valued at $3,462,038.44. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, Director Dyke Kahina Van sold 2,180 shares of the business’s stock in a transaction that occurred 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 sale, the director now directly owns 13,723 shares in the company, valued at $3,462,038.44. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Susan Patricia Griffith sold 43,370 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total value of $10,937,914.00. Following the completion of the transaction, the chief executive officer now directly owns 473,735 shares in the company, valued at $119,475,967. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 74,843 shares of company stock worth $18,674,912 over the last ninety days. 0.34% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Keefe, Bruyette & Woods raised their price objective on shares of Progressive from $280.00 to $290.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Morgan Stanley raised their price target on shares of Progressive from $300.00 to $310.00 and gave the company an “overweight” rating in a research report on Friday, October 18th. Wells Fargo & Company upped their price objective on shares of Progressive from $281.00 to $282.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 10th. Evercore ISI raised their target price on Progressive from $243.00 to $246.00 and gave the company an “outperform” rating in a research report on Wednesday, August 7th. Finally, Jefferies Financial Group upped their price target on Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Seven research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $263.19.

Progressive Stock Performance

NYSE:PGR opened at $242.75 on Friday. The Progressive Co. has a 1-year low of $149.14 and a 1-year high of $260.46. The firm has a 50 day simple moving average of $250.88 and a 200-day simple moving average of $226.66. The firm has a market cap of $142.17 billion, a PE ratio of 17.64, a P/E/G ratio of 0.67 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.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Thursday, October 3rd were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.16%. The ex-dividend date of this dividend was Thursday, October 3rd. Progressive’s payout ratio is currently 2.91%.

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.