Sivia Capital Partners LLC Has $1.53 Million Stock Holdings in The Progressive Corporation $PGR

Sivia Capital Partners LLC raised its holdings in The Progressive Corporation (NYSE:PGR) by 228.7% during the fourth quarter, HoldingsChannel reports. The firm owned 6,702 shares of the insurance provider’s stock after acquiring an additional 4,663 shares during the quarter. Sivia Capital Partners LLC’s holdings in Progressive were worth $1,526,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Dagco Inc. acquired a new stake in shares of Progressive in the 4th quarter valued at $28,000. Ameriflex Group Inc. boosted its holdings in shares of Progressive by 106.6% in the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock valued at $31,000 after purchasing an additional 65 shares in the last quarter. Entrust Financial LLC acquired a new stake in shares of Progressive in the 4th quarter valued at $33,000. Kingdom Financial Group LLC. acquired a new stake in shares of Progressive in the 4th quarter valued at $34,000. Finally, Bangor Savings Bank boosted its holdings in shares of Progressive by 60.4% in the 4th quarter. Bangor Savings Bank now owns 154 shares of the insurance provider’s stock valued at $35,000 after purchasing an additional 58 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on PGR. BMO Capital Markets reissued a “market perform” rating and set a $220.00 price objective on shares of Progressive in a report on Wednesday, May 20th. Piper Sandler reissued an “overweight” rating and set a $259.00 price objective on shares of Progressive in a report on Monday, March 2nd. Jefferies Financial Group cut their price objective on Progressive from $216.00 to $215.00 and set a “hold” rating on the stock in a report on Tuesday, March 24th. Wells Fargo & Company raised their price objective on Progressive from $218.00 to $222.00 and gave the company an “equal weight” rating in a report on Thursday, May 21st. Finally, Bank of America cut their price objective on Progressive from $325.00 to $320.00 and set a “buy” rating on the stock in a report on Wednesday, May 20th. Six investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $238.11.

Progressive Trading Down 1.7%

NYSE PGR opened at $193.54 on Thursday. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.26. The Progressive Corporation has a twelve month low of $189.20 and a twelve month high of $288.35. The company has a market cap of $113.09 billion, a price-to-earnings ratio of 9.84, a price-to-earnings-growth ratio of 5.71 and a beta of 0.28. The business’s fifty day moving average is $199.07 and its 200 day moving average is $209.11.

Progressive (NYSE:PGR) last announced its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.67 by $0.13. The business had revenue of $22.19 billion during the quarter, compared to analyst estimates of $23.51 billion. Progressive had a return on equity of 33.47% and a net margin of 12.92%.Progressive’s revenue for the quarter was up 6.5% compared to the same quarter last year. During the same period last year, the company earned $4.37 EPS. As a group, sell-side analysts expect that The Progressive Corporation will post 16.33 EPS for the current fiscal year.

Progressive Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Thursday, July 2nd will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend is Thursday, July 2nd. Progressive’s dividend payout ratio (DPR) is currently 2.03%.

Insider Transactions at Progressive

In related news, CAO Carl G. Joyce sold 270 shares of the firm’s stock in a transaction on Friday, March 20th. The stock was sold at an average price of $206.50, for a total transaction of $55,755.00. Following the completion of the transaction, the chief accounting officer directly owned 558 shares of the company’s stock, valued at $115,227. This trade represents a 32.61% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.32% of the stock is currently owned by corporate insiders.

Progressive 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.