Prospector Partners LLC decreased its holdings in The Progressive Corporation (NYSE:PGR – Free Report) by 60.5% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 21,290 shares of the insurance provider’s stock after selling 32,551 shares during the quarter. Progressive accounts for 10.4% of Prospector Partners LLC’s holdings, making the stock its 2nd largest position. Prospector Partners LLC’s holdings in Progressive were worth $4,848,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. Bard Associates Inc. acquired a new position in Progressive in the 4th quarter worth approximately $27,000. Dagco Inc. acquired a new position in Progressive in the 4th quarter worth approximately $28,000. Ameriflex Group Inc. boosted its stake in Progressive by 106.6% in the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock worth $31,000 after purchasing an additional 65 shares during the period. IFC & Insurance Marketing Inc. acquired a new position in Progressive in the 4th quarter worth approximately $29,000. Finally, Acumen Wealth Advisors LLC acquired a new position in Progressive in the 4th quarter worth approximately $33,000. Institutional investors and hedge funds own 85.34% of the company’s stock.
Progressive Trading Down 0.1%
Shares of NYSE:PGR opened at $202.86 on Monday. The firm has a fifty day moving average of $199.20 and a two-hundred day moving average of $207.93. The firm has a market capitalization of $118.54 billion, a P/E ratio of 10.31, a price-to-earnings-growth ratio of 5.89 and a beta of 0.28. The Progressive Corporation has a 12-month low of $189.20 and a 12-month high of $269.84. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.26.
Progressive Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Thursday, July 2nd will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend is Thursday, July 2nd. Progressive’s payout ratio is presently 2.03%.
Insider Activity at Progressive
In related news, insider John Jo Murphy sold 5,916 shares of Progressive stock in a transaction on Friday, June 5th. The shares were sold at an average price of $200.00, for a total value of $1,183,200.00. Following the completion of the sale, the insider owned 41,290 shares of the company’s stock, valued at approximately $8,258,000. The trade was a 12.53% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steven Broz sold 1,157 shares of Progressive stock in a transaction on Friday, June 5th. The shares were sold at an average price of $200.00, for a total transaction of $231,400.00. Following the completion of the sale, the insider directly owned 28,668 shares of the company’s stock, valued at approximately $5,733,600. The trade was a 3.88% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 7,343 shares of company stock valued at $1,470,355. Insiders own 0.32% of the company’s stock.
Analyst Ratings Changes
A number of equities analysts recently commented on the stock. Weiss Ratings lowered shares of Progressive from a “hold (c+)” rating to a “hold (c)” rating in a research note on Wednesday, May 6th. Wells Fargo & Company raised their price objective on shares of Progressive from $218.00 to $222.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 21st. Argus raised shares of Progressive to a “hold” rating in a research note on Thursday, March 5th. BMO Capital Markets reaffirmed a “market perform” rating and issued a $220.00 price objective on shares of Progressive in a research note on Wednesday, May 20th. Finally, Jefferies Financial Group decreased their price objective on shares of Progressive from $216.00 to $215.00 and set a “hold” rating for the company in a research note on Tuesday, March 24th. Six analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $238.11.
View Our Latest Stock Report on PGR
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.
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