Thoroughbred Financial Services LLC Reduces Stock Position in The Progressive Corporation $PGR

Thoroughbred Financial Services LLC lessened its stake in The Progressive Corporation (NYSE:PGR) by 60.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,576 shares of the insurance provider’s stock after selling 4,020 shares during the period. Thoroughbred Financial Services LLC’s holdings in Progressive were worth $636,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the stock. Illinois Municipal Retirement Fund lifted its stake in Progressive by 30.2% during the third quarter. Illinois Municipal Retirement Fund now owns 102,778 shares of the insurance provider’s stock worth $25,381,000 after purchasing an additional 23,833 shares during the last quarter. Allstate Corp raised its holdings in shares of Progressive by 1,614.1% during the third quarter. Allstate Corp now owns 21,598 shares of the insurance provider’s stock worth $5,334,000 after purchasing an additional 20,338 shares during the period. Gateway Investment Advisers LLC raised its holdings in shares of Progressive by 91.7% during the third quarter. Gateway Investment Advisers LLC now owns 11,710 shares of the insurance provider’s stock worth $2,892,000 after purchasing an additional 5,600 shares during the period. Mather Group LLC. lifted its position in shares of Progressive by 40.6% in the 3rd quarter. Mather Group LLC. now owns 16,840 shares of the insurance provider’s stock worth $4,159,000 after buying an additional 4,865 shares during the last quarter. Finally, Arkadios Wealth Advisors boosted its holdings in shares of Progressive by 471.3% in the 3rd quarter. Arkadios Wealth Advisors now owns 22,496 shares of the insurance provider’s stock valued at $5,556,000 after buying an additional 18,558 shares during the period. 85.34% of the stock is currently owned by institutional investors.

Progressive Stock Up 3.5%

PGR stock opened at $211.60 on Friday. The firm’s 50-day moving average is $210.77 and its two-hundred day moving average is $225.62. The company has a market capitalization of $124.08 billion, a price-to-earnings ratio of 11.00, a price-to-earnings-growth ratio of 8.94 and a beta of 0.32. The Progressive Corporation has a 52 week low of $197.92 and a 52 week high of $292.99. The company has a current ratio of 0.38, a quick ratio of 0.29 and a debt-to-equity ratio of 0.23.

Progressive Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 8th. Shareholders of record on Friday, January 2nd were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend was Friday, January 2nd. Progressive’s dividend payout ratio (DPR) is presently 2.08%.

Insider Transactions at Progressive

In other news, insider Maribel Pumarejo sold 739 shares of the business’s stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $203.25, for a total value of $150,201.75. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CIO Jonathan S. Bauer sold 3,105 shares of the firm’s stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total value of $634,506.75. Following the transaction, the executive directly owned 26,249 shares of the company’s stock, valued at $5,363,983.15. This represents a 10.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 9,103 shares of company stock valued at $1,883,924 in the last quarter. Company insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

PGR has been the topic of several research reports. HSBC lowered shares of Progressive from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 16th. The Goldman Sachs Group restated a “buy” rating and set a $225.00 price objective on shares of Progressive in a research note on Monday. Zacks Research upgraded Progressive from a “strong sell” rating to a “hold” rating in a research note on Tuesday. Weiss Ratings reissued a “hold (c+)” rating on shares of Progressive in a report on Monday, December 29th. Finally, Wells Fargo & Company lowered their price target 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. Six research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Progressive presently has an average rating of “Hold” and an average price target of $244.71.

About Progressive

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.