The Progressive Corporation $PGR Position Lessened by PB Investment Partners L.P.

PB Investment Partners L.P. lowered its position in shares of The Progressive Corporation (NYSE:PGR) by 60.1% during the third quarter, Holdings Channel reports. The fund owned 23,199 shares of the insurance provider’s stock after selling 34,887 shares during the quarter. Progressive makes up approximately 3.9% of PB Investment Partners L.P.’s investment portfolio, making the stock its 8th biggest position. PB Investment Partners L.P.’s holdings in Progressive were worth $5,729,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Quantbot Technologies LP lifted its stake in shares of Progressive by 111.2% during the 3rd quarter. Quantbot Technologies LP now owns 71,893 shares of the insurance provider’s stock worth $17,754,000 after purchasing an additional 37,856 shares during the period. Accredited Wealth Management LLC increased its stake in Progressive by 114.9% in the third quarter. Accredited Wealth Management LLC now owns 404 shares of the insurance provider’s stock valued at $100,000 after purchasing an additional 216 shares during the last quarter. Gentry Private Wealth LLC lifted its position in Progressive by 3.5% during the third quarter. Gentry Private Wealth LLC now owns 2,053 shares of the insurance provider’s stock worth $507,000 after buying an additional 70 shares during the period. Ibex Wealth Advisors boosted its stake in Progressive by 5.6% in the 3rd quarter. Ibex Wealth Advisors now owns 19,047 shares of the insurance provider’s stock worth $4,704,000 after buying an additional 1,018 shares during the last quarter. Finally, Handelsbanken Fonder AB boosted its stake in Progressive by 46.0% in the 3rd quarter. Handelsbanken Fonder AB now owns 294,418 shares of the insurance provider’s stock worth $72,707,000 after buying an additional 92,817 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Trading Up 0.7%

NYSE:PGR opened at $213.11 on Friday. The business’s 50-day moving average is $210.55 and its two-hundred day moving average is $225.40. The firm has a market capitalization of $124.97 billion, a PE ratio of 11.08, a price-to-earnings-growth ratio of 9.25 and a beta of 0.32. The Progressive Corporation has a 12 month low of $197.92 and a 12 month high of $292.99. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.38 and a quick ratio of 0.29.

Progressive Dividend Announcement

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

Insider Buying and Selling

In related news, CIO Jonathan S. Bauer sold 3,105 shares of the firm’s stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total transaction of $634,506.75. Following the completion of the sale, the executive directly owned 26,249 shares of the company’s stock, valued at approximately $5,363,983.15. This trade represents a 10.58% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 transaction of $150,201.75. The SEC filing for this sale provides additional information. Insiders have sold 9,103 shares of company stock worth $1,883,924 in the last 90 days. 0.34% of the stock is owned by insiders.

Analyst Ratings Changes

PGR has been the subject of a number of research analyst reports. BMO Capital Markets dropped their price objective on shares of Progressive from $239.00 to $232.00 and set a “market perform” rating for the company in a research note on Thursday, January 29th. Wells Fargo & Company dropped 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. William Blair lowered shares of Progressive from an “outperform” rating to a “market perform” rating in a report on Thursday, December 18th. JPMorgan Chase & Co. dropped their price objective on Progressive from $303.00 to $275.00 and set an “overweight” rating for the company in a report on Wednesday, January 7th. Finally, Roth Mkm set a $235.00 target price on Progressive in a research report on Thursday, February 19th. Six analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Progressive presently has a consensus rating of “Hold” and an average target price of $244.71.

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.