Stenger Family Office LLC Has $5.25 Million Stake in The Progressive Corporation $PGR

Stenger Family Office LLC boosted its stake in The Progressive Corporation (NYSE:PGR) by 12.8% during the 2nd quarter, HoldingsChannel reports. The fund owned 24,052 shares of the insurance provider’s stock after acquiring an additional 2,729 shares during the quarter. Stenger Family Office LLC’s holdings in Progressive were worth $5,254,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the company. Klingman & Associates LLC raised its stake in shares of Progressive by 1.7% in the 4th quarter. Klingman & Associates LLC now owns 2,927 shares of the insurance provider’s stock valued at $667,000 after purchasing an additional 48 shares during the period. Revisor Wealth Management LLC boosted its position in shares of Progressive by 2.7% during the fourth quarter. Revisor Wealth Management LLC now owns 1,902 shares of the insurance provider’s stock worth $395,000 after buying an additional 50 shares during the period. Pines Wealth Management LLC grew its holdings in shares of Progressive by 3.9% during the fourth quarter. Pines Wealth Management LLC now owns 1,399 shares of the insurance provider’s stock worth $319,000 after buying an additional 52 shares in the last quarter. Northwestern Mutual Investment Management Company LLC raised its position in Progressive by 0.3% in the 4th quarter. Northwestern Mutual Investment Management Company LLC now owns 18,736 shares of the insurance provider’s stock valued at $4,267,000 after buying an additional 52 shares during the last quarter. Finally, Phillips Wealth Planners LLC raised its position in Progressive by 2.8% in the 4th quarter. Phillips Wealth Planners LLC now owns 1,916 shares of the insurance provider’s stock valued at $436,000 after buying an additional 52 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

Progressive Stock Down 2.5%

Progressive stock opened at $207.04 on Thursday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29. The company’s 50-day moving average is $213.99 and its 200-day moving average is $206.43. The firm has a market capitalization of $120.37 billion, a PE ratio of 10.38, a P/E/G ratio of 2.86 and a beta of 0.27. The Progressive Corporation has a fifty-two week low of $189.20 and a fifty-two week high of $254.93.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Thursday, October 1st will be given 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 is Thursday, October 1st. Progressive’s payout ratio is 2.01%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. Evercore set a $240.00 target price on Progressive in a research note on Friday, July 10th. Morgan Stanley upgraded shares of Progressive from an “underweight” rating to an “equal weight” rating and lifted their price objective for the company from $190.00 to $210.00 in a report on Friday, July 24th. JPMorgan Chase & Co. cut their price objective on shares of Progressive from $250.00 to $241.00 and set a “neutral” rating on the stock in a research report on Tuesday, August 4th. UBS Group increased their target price on shares of Progressive from $220.00 to $230.00 and gave the stock a “neutral” rating in a report on Tuesday, June 30th. Finally, Bank of America decreased their target price on shares of Progressive from $313.00 to $308.00 and set a “buy” rating for the company in a research report on Thursday, July 16th. Five investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $235.00.

Insider Transactions at Progressive

In related news, CIO Jonathan S. Bauer sold 2,242 shares of the business’s stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $212.71, for a total transaction of $476,895.82. Following the transaction, the executive directly owned 26,250 shares of the company’s stock, valued at approximately $5,583,637.50. The trade was a 7.87% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Karen Bailo sold 8,452 shares of the stock in a transaction on Monday, July 27th. The shares were sold at an average price of $212.71, for a total value of $1,797,824.92. Following the completion of the sale, the insider owned 32,348 shares in the company, valued at approximately $6,880,743.08. This trade represents a 20.72% decrease in their position. 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 ninety days, insiders have sold 74,885 shares of company stock valued at $15,880,459. Company insiders own 0.32% of the company’s stock.

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.