Marietta Investment Partners LLC Invests $2.39 Million in The Progressive Corporation $PGR

Marietta Investment Partners LLC purchased a new stake in The Progressive Corporation (NYSE:PGR) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 9,681 shares of the insurance provider’s stock, valued at approximately $2,391,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Brighton Jones LLC increased its position in shares of Progressive by 15.6% during the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock valued at $813,000 after buying an additional 457 shares during the period. Revolve Wealth Partners LLC purchased a new stake in shares of Progressive in the fourth quarter worth $269,000. Bison Wealth LLC boosted its stake in Progressive by 3.2% during the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock valued at $615,000 after buying an additional 80 shares during the period. Sigma Planning Corp grew its position in Progressive by 19.1% during the second quarter. Sigma Planning Corp now owns 5,212 shares of the insurance provider’s stock worth $1,391,000 after buying an additional 836 shares in the last quarter. Finally, NewSquare Capital LLC increased its stake in Progressive by 28.9% in the 2nd quarter. NewSquare Capital LLC now owns 245 shares of the insurance provider’s stock worth $65,000 after acquiring an additional 55 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors.

Insider Activity

In other news, insider Andrew J. Quigg sold 1,649 shares of Progressive stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $204.35, for a total value of $336,973.15. Following the sale, the insider directly owned 39,626 shares in the company, valued at approximately $8,097,573.10. This trade represents a 4.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CIO Jonathan S. Bauer sold 2,266 shares of the firm’s stock in a transaction 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 completion of the sale, the executive directly owned 26,250 shares of the company’s stock, valued at $5,330,062.50. The trade was a 7.95% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 9,103 shares of company stock valued at $1,883,924. Company insiders own 0.34% of the company’s stock.

Progressive Stock Performance

NYSE:PGR opened at $210.55 on Friday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.29 and a current ratio of 0.35. The Progressive Corporation has a fifty-two week low of $197.92 and a fifty-two week high of $292.99. The firm has a market cap of $123.36 billion, a PE ratio of 10.94, a price-to-earnings-growth ratio of 9.24 and a beta of 0.33. The business has a 50 day moving average price of $209.31 and a 200-day moving average price of $224.42.

Progressive Dividend Announcement

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

Wall Street Analyst Weigh In

Several brokerages have recently commented on PGR. BMO Capital Markets cut their price objective on Progressive from $239.00 to $232.00 and set a “market perform” rating for the company in a report on Thursday, January 29th. HSBC downgraded shares of Progressive from a “strong-buy” rating to a “hold” rating in a report on Friday, January 16th. Weiss Ratings restated a “hold (c+)” rating on shares of Progressive in a research report on Monday, December 29th. William Blair lowered Progressive from an “outperform” rating to a “market perform” rating in a research report on Thursday, December 18th. Finally, Morgan Stanley dropped their target price on Progressive from $214.00 to $205.00 and set an “underweight” rating for the company in a research report on Wednesday, January 28th. Seven research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $245.50.

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.