Meeder Advisory Services Inc. Has $2.95 Million Stake in The Progressive Corporation $PGR

Meeder Advisory Services Inc. boosted its stake in The Progressive Corporation (NYSE:PGR) by 22.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,882 shares of the insurance provider’s stock after acquiring an additional 2,773 shares during the quarter. Meeder Advisory Services Inc.’s holdings in Progressive were worth $2,950,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PGR. Bogart Wealth LLC lifted its holdings in shares of Progressive by 235.1% in the first quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider’s stock valued at $25,000 after purchasing an additional 87 shares in the last quarter. Bard Associates Inc. bought a new position in shares of Progressive during the fourth quarter worth about $27,000. Dagco Inc. bought a new position in shares of Progressive during the fourth quarter worth about $28,000. HHM Wealth Advisors LLC raised its position in Progressive by 700.0% in the 1st quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider’s stock valued at $29,000 after buying an additional 126 shares during the last quarter. Finally, IFC & Insurance Marketing Inc. bought a new stake in Progressive in the 4th quarter valued at approximately $29,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Progressive

In related news, Director Jeffrey D. Kelly sold 7,000 shares of the business’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 transaction, 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider John Jo Murphy sold 5,916 shares of the company’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $200.00, for a total transaction of $1,183,200.00. Following the sale, the insider directly 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 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 three months, insiders sold 15,230 shares of company stock valued at $3,165,817. 0.32% of the stock is owned by corporate insiders.

Progressive Stock Down 0.1%

PGR stock opened at $207.73 on Monday. The company has a market cap of $121.38 billion, a price-to-earnings ratio of 10.42, a P/E/G ratio of 4.86 and a beta of 0.26. The Progressive Corporation has a twelve month low of $189.20 and a twelve month high of $254.93. The business has a 50 day moving average price of $208.77 and a two-hundred day moving average price of $206.35. The company has a quick ratio of 0.27, a current ratio of 0.32 and a debt-to-equity ratio of 0.24.

Progressive Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. HSBC upped their price target on Progressive from $214.00 to $221.00 and gave the stock a “hold” rating in a research report on Monday, July 6th. Weiss Ratings lowered shares of Progressive from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, May 6th. Mizuho increased their target price on shares of Progressive from $217.00 to $243.00 and gave the stock a “neutral” rating in a report on Thursday, July 9th. Royal Bank Of Canada set a $208.00 target price on shares of Progressive in a research report on Friday, May 22nd. Finally, UBS Group lifted their price target on shares of Progressive from $220.00 to $230.00 and gave the company a “neutral” rating in a research note on Tuesday, June 30th. Five research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $235.05.

Key Headlines Impacting Progressive

Here are the key news stories impacting Progressive this week:

• Positive Sentiment: Reuters reported that Progressive’s quarterly profit rose on higher auto insurance demand, reinforcing the view that core underwriting and pricing trends remain healthy. Progressive’s quarterly profit rises on higher auto insurance demand
• Positive Sentiment: Some commentary remains constructive after Q2, noting that Progressive continues to grow policies and remains a leading property and casualty insurer, which may help investor confidence. Progressive Is The P&C Insurer To Hold, After Policies Grow In Q2
• Neutral Sentiment: Bank of America raised its price target to $308 and kept a buy rating, signaling optimism even though the target was trimmed slightly from prior levels. Progressive Given New $308.00 Price Target at Bank of America
• Neutral Sentiment: Other analysts also reduced their forecasts after the mixed Q2 report, but several still view the shares as fairly valued to modestly attractive from current levels. Progressive Analysts Slash Their Forecasts After Q2 Results
• Negative Sentiment: BMO Capital Markets cut its price target to $205 and kept a market perform rating, reflecting a more cautious stance following the earnings release. BMO Capital Markets price target cut
• Negative Sentiment: Keefe, Bruyette & Woods also lowered its target to $226 and maintained a market perform rating, adding to the post-earnings analyst headwinds. KBW price target cut

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.