Founders Financial Alliance LLC reduced its holdings in shares of The Progressive Corporation (NYSE:PGR – Free Report) by 37.1% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 7,544 shares of the insurance provider’s stock after selling 4,450 shares during the period. Founders Financial Alliance LLC’s holdings in Progressive were worth $1,718,000 at the end of the most recent reporting period.
Several other institutional investors have also made changes to their positions in the business. Illinois Municipal Retirement Fund boosted its position in Progressive by 30.2% in the third quarter. Illinois Municipal Retirement Fund now owns 102,778 shares of the insurance provider’s stock valued at $25,381,000 after buying an additional 23,833 shares in the last quarter. Allstate Corp boosted its position in Progressive by 106.1% in the fourth quarter. Allstate Corp now owns 44,513 shares of the insurance provider’s stock valued at $10,136,000 after buying an additional 22,915 shares in the last quarter. Prospera Financial Services Inc boosted its position in Progressive by 36.9% in the third quarter. Prospera Financial Services Inc now owns 19,240 shares of the insurance provider’s stock valued at $4,752,000 after buying an additional 5,184 shares in the last quarter. Norges Bank acquired a new position in Progressive in the fourth quarter valued at about $1,836,094,000. Finally, Mariner LLC boosted its position in Progressive by 7.9% in the third quarter. Mariner LLC now owns 644,636 shares of the insurance provider’s stock valued at $159,183,000 after buying an additional 47,248 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.
Progressive Trading Down 0.9%
PGR opened at $202.41 on Friday. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.27 and a quick ratio of 0.27. The company has a market cap of $118.27 billion, a price-to-earnings ratio of 10.29, a price-to-earnings-growth ratio of 5.92 and a beta of 0.28. The firm has a 50 day simple moving average of $199.01 and a 200 day simple moving average of $208.09. The Progressive Corporation has a fifty-two week low of $189.20 and a fifty-two week high of $269.84.
Progressive Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Thursday, July 2nd will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend is Thursday, July 2nd. Progressive’s payout ratio is 2.03%.
Insider Buying and Selling
In related news, insider John Jo Murphy sold 5,916 shares of the business’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $200.00, for a total transaction of $1,183,200.00. Following the completion of the sale, the insider directly owned 41,290 shares of the company’s stock, valued at $8,258,000. The trade was a 12.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Carl G. Joyce sold 270 shares of the company’s stock in a transaction that occurred on Friday, March 20th. The shares were sold at an average price of $206.50, for a total transaction of $55,755.00. Following the completion of the sale, the chief accounting officer directly owned 558 shares of the company’s stock, valued at $115,227. The trade was a 32.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 7,343 shares of company stock valued at $1,470,355 over the last ninety days. Insiders own 0.32% of the company’s stock.
Analysts Set New Price Targets
A number of equities analysts have commented on the stock. Argus upgraded shares of Progressive to a “hold” rating in a research report on Thursday, March 5th. Morgan Stanley reduced their price target on shares of Progressive from $205.00 to $190.00 and set an “underweight” rating on the stock in a research report on Tuesday, March 31st. Evercore restated a “negative” rating on shares of Progressive in a research report on Wednesday, March 18th. UBS Group boosted their price target on shares of Progressive from $218.00 to $220.00 and gave the company a “neutral” rating in a research report on Monday, March 23rd. Finally, Royal Bank Of Canada set a $208.00 price target on shares of Progressive in a research report on Friday, May 22nd. Six equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Progressive has a consensus rating of “Hold” and an average target price of $238.11.
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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