Mirabella Financial Services LLP Has $5.25 Million Holdings in The Progressive Corporation $PGR

Mirabella Financial Services LLP raised its stake in The Progressive Corporation (NYSE:PGR) by 176.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 21,300 shares of the insurance provider’s stock after buying an additional 13,609 shares during the quarter. Mirabella Financial Services LLP’s holdings in Progressive were worth $5,250,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Brighton Jones LLC boosted 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 worth $813,000 after purchasing an additional 457 shares in the last quarter. Revolve Wealth Partners LLC acquired a new position in Progressive in the fourth quarter valued at about $269,000. Bison Wealth LLC increased its holdings in shares of Progressive by 3.2% in the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock worth $615,000 after acquiring an additional 80 shares in the last quarter. Creative Planning raised its holdings in Progressive by 0.9% during the 2nd quarter. Creative Planning now owns 88,878 shares of the insurance provider’s stock worth $23,718,000 after buying an additional 763 shares during the period. Finally, Cetera Investment Advisers lifted its stake in Progressive by 27.7% in the second quarter. Cetera Investment Advisers now owns 97,414 shares of the insurance provider’s stock valued at $25,996,000 after buying an additional 21,131 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Progressive

In related news, CIO Jonathan S. Bauer sold 2,266 shares of the stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $203.05, for a total transaction of $460,111.30. Following the sale, the executive owned 26,250 shares of the company’s stock, valued at $5,330,062.50. This represents a 7.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Carl G. Joyce sold 141 shares of the company’s stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $212.00, for a total value of $29,892.00. Following the sale, the chief accounting officer owned 828 shares of the company’s stock, valued at approximately $175,536. The trade was a 14.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 12,761 shares of company stock worth $2,659,420 in the last ninety days. Insiders own 0.33% of the company’s stock.

Progressive Price Performance

NYSE:PGR opened at $204.60 on Tuesday. The stock has a market capitalization of $119.88 billion, a PE ratio of 10.63, a P/E/G ratio of 8.94 and a beta of 0.33. The Progressive Corporation has a 1-year low of $197.92 and a 1-year high of $292.99. The firm has a fifty day simple moving average of $206.80 and a 200 day simple moving average of $222.02. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.23.

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 10th. Shareholders of record on Thursday, April 2nd will be paid a $0.10 dividend. The ex-dividend date is Thursday, April 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s dividend payout ratio is currently 2.08%.

Analyst Ratings Changes

A number of equities analysts have issued reports on PGR shares. JPMorgan Chase & Co. lowered their target price on Progressive from $303.00 to $275.00 and set an “overweight” rating for the company in a report on Wednesday, January 7th. Mizuho set a $240.00 price target on Progressive in a report on Wednesday, January 14th. Wells Fargo & Company reduced their price objective on Progressive from $220.00 to $214.00 and set an “equal weight” rating for the company in a research report on Thursday, February 19th. BMO Capital Markets dropped their target price on Progressive from $232.00 to $208.00 and set a “market perform” rating on the stock in a research report on Wednesday, March 11th. Finally, Citigroup reduced their price target on Progressive from $300.60 to $261.00 and set a “buy” rating for the company in a research report on Tuesday, February 3rd. Seven research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $241.94.

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.