Burford Brothers Inc. bought a new position in shares of The Progressive Corporation (NYSE:PGR – Free Report) in the 1st quarter, Holdings Channel.com reports. The firm bought 6,816 shares of the insurance provider’s stock, valued at approximately $1,351,000.
A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Allstate Corp increased its holdings in shares of Progressive by 106.1% in the 4th quarter. Allstate Corp now owns 44,513 shares of the insurance provider’s stock valued at $10,136,000 after acquiring an additional 22,915 shares during the period. Norges Bank purchased a new stake in Progressive in the 4th quarter valued at approximately $1,836,094,000. Mariner LLC grew its holdings in Progressive by 7.9% during the third quarter. Mariner LLC now owns 644,636 shares of the insurance provider’s stock worth $159,183,000 after acquiring an additional 47,248 shares during the period. Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Progressive by 5.7% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,807,068 shares of the insurance provider’s stock worth $411,506,000 after purchasing an additional 97,275 shares during the period. Finally, Investment House LLC purchased a new position in Progressive in the fourth quarter valued at about $8,447,000. 85.34% of the stock is currently owned by institutional investors.
Progressive Price Performance
PGR stock opened at $231.75 on Friday. The firm has a market cap of $135.42 billion, a P/E ratio of 11.78, a price-to-earnings-growth ratio of 7.03 and a beta of 0.26. The stock has a 50-day simple moving average of $203.97 and a 200-day simple moving average of $206.81. The Progressive Corporation has a 1 year low of $189.20 and a 1 year high of $261.66. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.27 and a current ratio of 0.27.
Progressive Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, July 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive’s payout ratio is 2.03%.
Insiders Place Their Bets
In related news, insider John Jo Murphy sold 5,916 shares of the firm’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $200.00, for a total transaction of $1,183,200.00. Following the completion of the transaction, the insider owned 41,290 shares of the company’s stock, valued at $8,258,000. This trade represents a 12.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeffrey D. Kelly sold 7,000 shares of Progressive stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $216.33, for a total transaction of $1,514,310.00. Following the completion of the transaction, the director owned 22,546 shares in the company, valued at approximately $4,877,376.18. This trade represents a 23.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 15,230 shares of company stock worth $3,165,817. Insiders own 0.32% of the company’s stock.
Analyst Upgrades and Downgrades
A number of equities analysts have issued reports on PGR shares. Evercore restated a “negative” rating on shares of Progressive in a research report on Wednesday, March 18th. Weiss Ratings downgraded Progressive from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, May 6th. Morgan Stanley reduced their target price on Progressive from $205.00 to $190.00 and set an “underweight” rating on the stock in a research note on Tuesday, March 31st. Wells Fargo & Company cut Progressive from an “equal weight” rating to an “underweight” rating and set a $205.00 target price on the stock. in a report on Monday. Finally, BMO Capital Markets reissued a “market perform” rating and set a $220.00 price target on shares of Progressive in a research report on Wednesday, May 20th. Six investment analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $237.37.
View Our Latest 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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