Lido Advisors LLC Grows Holdings in The Progressive Corporation $PGR

Lido Advisors LLC lifted its stake in shares of The Progressive Corporation (NYSE:PGR) by 33.4% in the first quarter, Holdings Channel reports. The institutional investor owned 33,239 shares of the insurance provider’s stock after buying an additional 8,325 shares during the quarter. Lido Advisors LLC’s holdings in Progressive were worth $6,590,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Brighton Jones LLC raised its stake in shares of Progressive by 15.6% in the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock valued at $813,000 after purchasing an additional 457 shares in the last quarter. Revolve Wealth Partners LLC acquired a new position in Progressive in the fourth quarter worth about $269,000. Bison Wealth LLC grew its stake in Progressive by 3.2% in the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock worth $615,000 after purchasing an additional 80 shares in the last quarter. HUB Investment Partners LLC increased its holdings in Progressive by 7.8% in the second quarter. HUB Investment Partners LLC now owns 2,282 shares of the insurance provider’s stock valued at $609,000 after buying an additional 166 shares during the last quarter. Finally, Diversify Wealth Management LLC increased its holdings in Progressive by 12.0% in the second quarter. Diversify Wealth Management LLC now owns 15,146 shares of the insurance provider’s stock valued at $3,681,000 after buying an additional 1,622 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

Progressive Price Performance

Shares of PGR opened at $213.85 on Friday. The Progressive Corporation has a 12 month low of $189.20 and a 12 month high of $254.93. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.32 and a quick ratio of 0.27. The stock has a fifty day moving average price of $209.88 and a 200 day moving average price of $205.92. The company has a market cap of $124.96 billion, a P/E ratio of 10.72, a PEG ratio of 2.79 and a beta of 0.26.

Progressive Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd were given a dividend of $0.10 per share. The ex-dividend date was Thursday, July 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive’s dividend payout ratio is currently 2.01%.

Analysts Set New Price Targets

PGR has been the topic of a number of research analyst reports. William Blair reaffirmed a “market perform” rating on shares of Progressive in a report on Wednesday, July 15th. Bank of America lowered their price target on Progressive from $313.00 to $308.00 and set a “buy” rating for the company in a report on Thursday, July 16th. Weiss Ratings lowered Progressive from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, May 6th. Royal Bank Of Canada set a $208.00 price objective on Progressive in a research note on Friday, May 22nd. Finally, HSBC boosted their target price on shares of Progressive from $214.00 to $221.00 and gave the company a “hold” rating in a research note on Monday, July 6th. Five research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $236.11.

Insider Buying and Selling

In related news, insider Steven Broz sold 1,157 shares of Progressive stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $204.76, for a total value of $236,907.32. Following the sale, the insider directly owned 27,511 shares in the company, valued at $5,633,152.36. This trade represents a 4.04% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 dated 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 transaction, the director directly owned 22,546 shares of the company’s stock, valued at $4,877,376.18. The trade was a 23.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 15,230 shares of company stock valued at $3,165,817 in the last quarter. Company insiders own 0.32% of the company’s stock.

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.