The Progressive Corporation $PGR Shares Purchased by Stenger Family Office LLC

Stenger Family Office LLC boosted its holdings in The Progressive Corporation (NYSE:PGR) by 15.4% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 21,323 shares of the insurance provider’s stock after acquiring an additional 2,844 shares during the period. Stenger Family Office LLC’s holdings in Progressive were worth $4,227,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in shares of Progressive by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 55,261,140 shares of the insurance provider’s stock worth $12,584,067,000 after purchasing an additional 593,612 shares during the last quarter. State Street Corp boosted its position in Progressive by 0.3% during the 3rd quarter. State Street Corp now owns 25,808,762 shares of the insurance provider’s stock valued at $6,373,474,000 after purchasing an additional 78,374 shares during the period. Capital International Investors grew its stake in Progressive by 8.9% during the 4th quarter. Capital International Investors now owns 14,921,724 shares of the insurance provider’s stock worth $3,398,123,000 after buying an additional 1,217,527 shares during the last quarter. GQG Partners LLC grew its stake in Progressive by 11.7% during the 4th quarter. GQG Partners LLC now owns 10,432,549 shares of the insurance provider’s stock worth $2,375,706,000 after buying an additional 1,092,151 shares during the last quarter. Finally, Norges Bank acquired a new stake in Progressive in the fourth quarter worth $1,836,094,000. 85.34% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, insider John Jo Murphy sold 5,916 shares of the firm’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 transaction, the insider owned 41,290 shares in the company, valued at $8,258,000. This trade represents a 12.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, 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 the business’s stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $216.33, for a total value of $1,514,310.00. Following the sale, the director directly owned 22,546 shares in the company, valued at approximately $4,877,376.18. The trade was a 23.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 15,230 shares of company stock worth $3,165,817. 0.32% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

PGR has been the topic of a number of recent research reports. Mizuho cut their target price on Progressive from $235.00 to $223.00 and set a “neutral” rating on the stock in a research note on Friday, March 20th. Bank of America lowered their price target on shares of Progressive from $331.00 to $313.00 and set a “buy” rating for the company in a research report on Thursday, June 18th. HSBC lifted their price objective on shares of Progressive from $214.00 to $221.00 and gave the company a “hold” rating in a research report on Monday. Wells Fargo & Company lowered shares of Progressive from an “equal weight” rating to an “underweight” rating and set a $205.00 target price for the company. in a research note on Monday, June 29th. Finally, Morgan Stanley decreased their target price on shares of Progressive from $205.00 to $190.00 and set an “underweight” rating for the company in a research report on Tuesday, March 31st. Six research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, Progressive presently has an average rating of “Hold” and a consensus target price of $236.47.

Progressive Trading Down 0.8%

NYSE:PGR opened at $232.62 on Thursday. The Progressive Corporation has a 1 year low of $189.20 and a 1 year high of $254.93. The stock has a market cap of $135.93 billion, a price-to-earnings ratio of 11.83, a PEG ratio of 4.44 and a beta of 0.26. The business has a fifty day moving average of $205.78 and a 200-day moving average of $206.70. 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 (NYSE:PGR) last issued its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, beating analysts’ consensus estimates of $4.67 by $0.13. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The company had revenue of $22.19 billion for the quarter, compared to analyst estimates of $23.51 billion. During the same period last year, the company earned $4.37 earnings per share. The company’s quarterly revenue was up 6.5% compared to the same quarter last year. Equities analysts predict that The Progressive Corporation will post 17.26 earnings per share for the current year.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Thursday, July 2nd will be paid 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 yield of 0.2%. Progressive’s dividend payout ratio (DPR) is presently 2.03%.

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.