SCS Capital Management LLC purchased a new position in The Progressive Corporation (NYSE:PGR – Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 3,291 shares of the insurance provider’s stock, valued at approximately $719,000.
Several other institutional investors and hedge funds have also made changes to their positions in PGR. Bogart Wealth LLC raised its stake in Progressive by 235.1% in the 1st quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider’s stock worth $25,000 after acquiring an additional 87 shares during the last quarter. Bard Associates Inc. acquired a new stake in Progressive during the 4th quarter worth about $27,000. HHM Wealth Advisors LLC grew its stake in Progressive by 700.0% during the 1st quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider’s stock valued at $29,000 after purchasing an additional 126 shares during the last quarter. IFC & Insurance Marketing Inc. acquired a new position in shares of Progressive in the fourth quarter valued at about $29,000. Finally, Axiom Investment Management LLC acquired a new position in shares of Progressive in the first quarter valued at about $31,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.
Progressive Stock Down 0.1%
Shares of PGR opened at $209.48 on Monday. The company has a market capitalization of $121.79 billion, a price-to-earnings ratio of 10.51, a PEG ratio of 2.82 and a beta of 0.27. The Progressive Corporation has a 52 week low of $189.20 and a 52 week high of $254.93. The stock’s 50-day moving average price is $214.36 and its 200-day moving average price is $206.46. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.24.
Progressive Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Thursday, October 1st will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend is Thursday, October 1st. Progressive’s payout ratio is 2.01%.
Insider Activity
In related news, Director Jeffrey D. Kelly sold 7,000 shares of the firm’s stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $216.33, for a total transaction of $1,514,310.00. Following the sale, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Karen Bailo sold 8,452 shares of Progressive stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $212.71, for a total value of $1,797,824.92. Following the completion of the transaction, the insider owned 32,348 shares of the company’s stock, valued at approximately $6,880,743.08. This represents a 20.72% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 74,885 shares of company stock worth $15,880,459. 0.32% of the stock is currently owned by corporate insiders.
Wall Street Analyst Weigh In
PGR has been the subject of several research analyst reports. Keefe, Bruyette & Woods reduced their price objective on Progressive from $231.00 to $226.00 and set a “market perform” rating for the company in a research note on Thursday, July 16th. HSBC increased their price target on shares of Progressive from $214.00 to $221.00 and gave the stock a “hold” rating in a report on Monday, July 6th. BMO Capital Markets reduced their price target on shares of Progressive from $220.00 to $205.00 and set a “market perform” rating for the company in a research report on Thursday, July 16th. Weiss Ratings restated a “hold (c)” rating on shares of Progressive in a research note on Monday, August 3rd. Finally, William Blair reaffirmed a “market perform” rating on shares of Progressive in a report on Wednesday, July 15th. Five research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $235.00.
Read 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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