Aviance Capital Partners LLC Increases Holdings in The Progressive Corporation $PGR

Aviance Capital Partners LLC lifted its position in The Progressive Corporation (NYSE:PGR) by 31.8% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 23,103 shares of the insurance provider’s stock after purchasing an additional 5,575 shares during the period. Aviance Capital Partners LLC’s holdings in Progressive were worth $5,261,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of PGR. Dagco Inc. purchased a new stake in shares of Progressive in the fourth quarter valued at approximately $28,000. Ameriflex Group Inc. boosted its holdings in shares of Progressive by 106.6% in the third quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock valued at $31,000 after purchasing an additional 65 shares during the period. Entrust Financial LLC purchased a new stake in shares of Progressive in the fourth quarter valued at approximately $33,000. Bangor Savings Bank boosted its holdings in shares of Progressive by 60.4% in the fourth quarter. Bangor Savings Bank now owns 154 shares of the insurance provider’s stock valued at $35,000 after purchasing an additional 58 shares during the period. Finally, Riverview Trust Co boosted its holdings in shares of Progressive by 48.6% in the fourth quarter. Riverview Trust Co now owns 162 shares of the insurance provider’s stock valued at $37,000 after purchasing an additional 53 shares during the period. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Stock Performance

Shares of NYSE:PGR opened at $203.91 on Tuesday. The company has a market capitalization of $119.15 billion, a price-to-earnings ratio of 10.37, a price-to-earnings-growth ratio of 5.77 and a beta of 0.31. The Progressive Corporation has a 52 week low of $191.75 and a 52 week high of $289.96. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.26. The firm has a 50 day moving average of $200.89 and a 200 day moving average of $210.40.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.67 by $0.13. The business had revenue of $22.19 billion for the quarter, compared to the consensus estimate of $23.51 billion. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The business’s quarterly revenue was up 6.5% on a year-over-year basis. During the same period in the prior year, the firm posted $4.37 earnings per share. On average, sell-side analysts predict that The Progressive Corporation will post 16.4 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, July 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive’s dividend payout ratio is presently 2.03%.

Insiders Place Their Bets

In other news, CAO Carl G. Joyce sold 270 shares of the company’s stock in a transaction on Friday, March 20th. The stock was sold at an average price of $206.50, for a total transaction of $55,755.00. Following the transaction, the chief accounting officer directly owned 558 shares of the company’s stock, valued at approximately $115,227. This represents a 32.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Maribel Pumarejo sold 739 shares of the company’s stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $203.25, for a total value of $150,201.75. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 6,933 shares of company stock valued at $1,441,564. Company insiders own 0.32% of the company’s stock.

Analyst Ratings Changes

PGR has been the subject of a number of research reports. The Goldman Sachs Group reiterated a “buy” rating and issued a $225.00 price target on shares of Progressive in a report on Monday, February 23rd. Mizuho reduced their price objective on shares of Progressive from $235.00 to $223.00 and set a “neutral” rating for the company in a research note on Friday, March 20th. Zacks Research raised shares of Progressive from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 24th. Evercore reissued a “negative” rating on shares of Progressive in a research note on Wednesday, March 18th. Finally, Piper Sandler reissued an “overweight” rating and issued a $259.00 price objective on shares of Progressive in a research note on Monday, March 2nd. Six investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $238.39.

Progressive Company Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.