Front Street Capital Management Inc. lifted its stake in The Progressive Corporation (NYSE:PGR – Free Report) by 133.9% during the first quarter, Holdings Channel reports. The fund owned 5,164 shares of the insurance provider’s stock after acquiring an additional 2,956 shares during the quarter. Front Street Capital Management Inc.’s holdings in Progressive were worth $1,024,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Brighton Jones LLC lifted its stake in shares of Progressive by 15.6% in the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock worth $813,000 after buying an additional 457 shares during the last quarter. Revolve Wealth Partners LLC acquired a new position in Progressive in the 4th quarter valued at $269,000. Bison Wealth LLC grew its stake in Progressive by 3.2% in the 4th quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock valued at $615,000 after buying an additional 80 shares during the last quarter. HUB Investment Partners LLC raised its holdings in Progressive by 7.8% in the 2nd quarter. HUB Investment Partners LLC now owns 2,282 shares of the insurance provider’s stock worth $609,000 after acquiring an additional 166 shares during the period. Finally, Diversify Wealth Management LLC raised its holdings in Progressive by 12.0% in the 2nd quarter. Diversify Wealth Management LLC now owns 15,146 shares of the insurance provider’s stock worth $3,681,000 after acquiring an additional 1,622 shares during the period. 85.34% of the stock is currently owned by institutional investors and hedge funds.
Insider Activity at Progressive
In other news, CEO Susan Patricia Griffith sold 37,338 shares of the stock in a transaction on Monday, July 27th. The shares were sold at an average price of $212.71, for a total value of $7,942,165.98. Following the completion of the transaction, the chief executive officer owned 522,776 shares in the company, valued at approximately $111,199,682.96. This represents a 6.67% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Andrew J. Quigg sold 3,499 shares of the firm’s stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $220.00, for a total transaction of $769,780.00. Following the transaction, the chief financial officer directly owned 42,595 shares of the company’s stock, valued at $9,370,900. The trade was a 7.59% decrease in their ownership of the stock. 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. Insiders have sold 74,885 shares of company stock worth $15,880,459 in the last three months. Company insiders own 0.32% of the company’s stock.
Progressive Stock Down 3.1%
Progressive Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Thursday, July 2nd were given a $0.10 dividend. The ex-dividend date was 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 (DPR) is currently 2.01%.
Analyst Upgrades and Downgrades
A number of equities research analysts have issued reports on the stock. Keefe, Bruyette & Woods decreased their price target on shares of Progressive from $231.00 to $226.00 and set a “market perform” rating for the company in a report on Thursday, July 16th. Bank of America dropped their price objective on Progressive from $313.00 to $308.00 and set a “buy” rating on the stock in a research note on Thursday, July 16th. JPMorgan Chase & Co. reissued a “neutral” rating and set a $250.00 price objective on shares of Progressive in a research report on Tuesday, July 14th. Wells Fargo & Company decreased their target price on Progressive from $205.00 to $198.00 and set an “underweight” rating for the company in a research note on Thursday, July 16th. Finally, Evercore set a $240.00 target price on Progressive in a report on Friday, July 10th. Five equities research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $236.11.
View Our Latest Stock Analysis on PGR
About Progressive
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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