CacheTech Inc. Has $3.08 Million Holdings in The Progressive Corporation $PGR

CacheTech Inc. grew its holdings in The Progressive Corporation (NYSE:PGR) by 26.2% during the 1st quarter, Holdings Channel reports. The firm owned 15,534 shares of the insurance provider’s stock after purchasing an additional 3,223 shares during the period. CacheTech Inc.’s holdings in Progressive were worth $3,079,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. raised its stake in shares of Progressive by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 55,261,140 shares of the insurance provider’s stock worth $12,584,067,000 after buying an additional 593,612 shares during the last quarter. State Street Corp boosted its stake in Progressive by 0.3% in the third quarter. State Street Corp now owns 25,808,762 shares of the insurance provider’s stock valued at $6,373,474,000 after acquiring an additional 78,374 shares during the last quarter. Capital International Investors grew its holdings 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 acquiring an additional 1,217,527 shares during the period. GQG Partners LLC grew its holdings 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 acquiring an additional 1,092,151 shares during the period. Finally, Norges Bank bought a new stake in shares of Progressive during the 4th quarter valued at $1,836,094,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Transactions at Progressive

In other Progressive news, insider Steven Broz sold 1,157 shares of the company’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $204.76, for a total transaction of $236,907.32. Following the sale, the insider directly owned 27,511 shares of the company’s stock, valued at approximately $5,633,152.36. This represents a 4.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing 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 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 completion of the sale, the director owned 22,546 shares of the company’s stock, valued at approximately $4,877,376.18. This represents a 23.69% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 15,230 shares of company stock worth $3,165,817 in the last 90 days. Corporate insiders own 0.32% of the company’s stock.

Analysts Set New Price Targets

PGR has been the topic of a number of analyst reports. BMO Capital Markets cut their price target on Progressive from $220.00 to $205.00 and set a “market perform” rating on the stock in a research note on Thursday, July 16th. Mizuho lifted their price objective on Progressive from $217.00 to $243.00 and gave the stock a “neutral” rating in a research note on Thursday, July 9th. Evercore set a $240.00 price objective on Progressive in a report on Friday, July 10th. HSBC increased their target price on Progressive from $214.00 to $221.00 and gave the company a “hold” rating in a research note on Monday, July 6th. Finally, Royal Bank Of Canada set a $208.00 target price on Progressive in a report on Friday, May 22nd. Five equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $235.05.

Progressive Stock Performance

Shares of PGR stock opened at $205.78 on Wednesday. The company’s fifty day simple moving average is $209.23 and its 200-day simple moving average is $206.06. The Progressive Corporation has a 12 month low of $189.20 and a 12 month high of $254.93. The company has a quick ratio of 0.27, a current ratio of 0.32 and a debt-to-equity ratio of 0.24. The firm has a market cap of $120.25 billion, a PE ratio of 10.32, a P/E/G ratio of 2.86 and a beta of 0.26.

Progressive Dividend Announcement

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

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.