Toroso Investments LLC Has $1.69 Million Position in The Progressive Co. (NYSE:PGR)

Toroso Investments LLC boosted its stake in shares of The Progressive Co. (NYSE:PGR) by 422.7% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 17,186 shares of the insurance provider’s stock after buying an additional 13,898 shares during the quarter. Toroso Investments LLC’s holdings in The Progressive were worth $1,688,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Hexagon Capital Partners LLC lifted its holdings in The Progressive by 57.6% during the 1st quarter. Hexagon Capital Partners LLC now owns 279 shares of the insurance provider’s stock worth $26,000 after buying an additional 102 shares during the period. Concord Wealth Partners acquired a new position in shares of The Progressive in the 1st quarter valued at about $27,000. Strategic Blueprint LLC acquired a new position in shares of The Progressive in the 2nd quarter valued at about $34,000. Eudaimonia Partners LLC lifted its stake in shares of The Progressive by 35.7% in the 1st quarter. Eudaimonia Partners LLC now owns 369 shares of the insurance provider’s stock valued at $35,000 after purchasing an additional 97 shares during the period. Finally, Massmutual Trust Co. FSB ADV lifted its stake in shares of The Progressive by 121.1% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 398 shares of the insurance provider’s stock valued at $38,000 after purchasing an additional 218 shares during the period. 82.14% of the stock is currently owned by hedge funds and other institutional investors.

PGR has been the topic of a number of research reports. Wells Fargo & Company reaffirmed a “sell” rating on shares of The Progressive in a research note on Thursday, June 17th. Bank of America reduced their target price on The Progressive from $127.00 to $123.00 and set a “buy” rating for the company in a report on Thursday, June 17th. Wolfe Research assumed coverage on The Progressive in a report on Monday, August 16th. They issued an “underperform” rating and a $85.00 target price for the company. reduced their target price on The Progressive from $97.00 to $95.00 and set a “neutral” rating for the company in a report on Monday, June 21st. Finally, Raymond James dropped their price objective on The Progressive from $115.00 to $105.00 and set an “outperform” rating on the stock in a research note on Friday, July 16th. Six investment analysts have rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, The Progressive currently has an average rating of “Hold” and a consensus price target of $95.21.

Shares of PGR stock opened at $90.82 on Thursday. The firm has a market cap of $53.14 billion, a P/E ratio of 9.78, a P/E/G ratio of 3.51 and a beta of 0.46. The Progressive Co. has a fifty-two week low of $84.89 and a fifty-two week high of $107.58. The business’s 50 day moving average price is $94.04 and its 200-day moving average price is $96.70. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.35 and a current ratio of 0.35.

The Progressive (NYSE:PGR) last issued its quarterly earnings data on Tuesday, August 3rd. The insurance provider reported $0.72 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.08 by ($0.36). The Progressive had a return on equity of 23.52% and a net margin of 12.00%. As a group, equities analysts predict that The Progressive Co. will post 4.42 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, October 15th. Investors of record on Thursday, October 7th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Wednesday, October 6th. This represents a $0.40 annualized dividend and a dividend yield of 0.44%. The Progressive’s dividend payout ratio is presently 5.35%.

In other news, insider Steven Broz sold 2,311 shares of the business’s stock in a transaction on Tuesday, September 21st. The stock was sold at an average price of $92.39, for a total value of $213,513.29. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Susan Patricia Griffith sold 45,000 shares of the business’s stock in a transaction on Friday, September 17th. The stock was sold at an average price of $92.60, for a total value of $4,167,000.00. The disclosure for this sale can be found here. Insiders have sold 89,063 shares of company stock worth $8,373,977 over the last 90 days. 0.37% of the stock is currently owned by corporate insiders.

The Progressive Profile

Progressive Corp. is an insurance holding company, which engages in the provision of personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services. It operates through the following segments: Personal Lines, Commercial Lines and Property.

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Institutional Ownership by Quarter for The Progressive (NYSE:PGR)

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