The Progressive Corporation $PGR Shares Acquired by Mariner LLC

Mariner LLC boosted its stake in The Progressive Corporation (NYSE:PGR) by 7.9% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 644,636 shares of the insurance provider’s stock after purchasing an additional 47,248 shares during the quarter. Mariner LLC owned about 0.11% of Progressive worth $159,183,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Davis Capital Management acquired a new stake in shares of Progressive during the 3rd quarter worth $25,000. Ameriflex Group Inc. boosted its holdings in Progressive by 106.6% in the third quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock valued at $31,000 after acquiring an additional 65 shares during the last quarter. Howard Hughes Medical Institute purchased a new stake in Progressive during the second quarter valued at about $34,000. TruNorth Capital Management LLC grew its position in Progressive by 450.0% during the third quarter. TruNorth Capital Management LLC now owns 165 shares of the insurance provider’s stock valued at $41,000 after acquiring an additional 135 shares during the period. Finally, Richardson Financial Services Inc. increased its stake in Progressive by 41.0% during the third quarter. Richardson Financial Services Inc. now owns 196 shares of the insurance provider’s stock worth $48,000 after acquiring an additional 57 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on PGR shares. Mizuho set a $240.00 price objective on Progressive in a report on Wednesday, January 14th. Wells Fargo & Company dropped their target price on shares of Progressive from $220.00 to $214.00 and set an “equal weight” rating for the company in a research report on Thursday, February 19th. Citigroup cut their price target on shares of Progressive from $300.60 to $261.00 and set a “buy” rating on the stock in a report on Tuesday, February 3rd. Keefe, Bruyette & Woods lifted their price target on shares of Progressive from $225.00 to $232.00 and gave the company a “market perform” rating in a research report on Thursday, February 19th. Finally, Bank of America decreased their price objective on shares of Progressive from $315.00 to $308.00 and set a “buy” rating for the company in a research note on Tuesday, March 10th. Seven analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Progressive presently has a consensus rating of “Hold” and a consensus price target of $241.94.

Progressive Price Performance

PGR opened at $204.60 on Tuesday. The Progressive Corporation has a twelve month low of $197.92 and a twelve month high of $292.99. The firm has a market cap of $119.88 billion, a price-to-earnings ratio of 10.63, a PEG ratio of 8.94 and a beta of 0.33. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.23. The company has a fifty day simple moving average of $206.80 and a 200 day simple moving average of $222.02.

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 10th. Stockholders of record on Thursday, April 2nd will be paid a dividend of $0.10 per share. The ex-dividend date is Thursday, April 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive’s dividend payout ratio (DPR) is currently 2.08%.

Insider Activity at Progressive

In other Progressive news, insider Maribel Pumarejo sold 739 shares of the firm’s stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $203.25, for a total transaction of $150,201.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CIO Jonathan S. Bauer sold 2,266 shares of Progressive stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $203.05, for a total value of $460,111.30. Following the sale, the executive owned 26,250 shares in the company, valued at $5,330,062.50. This represents a 7.95% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 12,761 shares of company stock valued at $2,659,420. 0.33% of the stock is currently owned by insiders.

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.