6,500 Shares in The Progressive Corporation $PGR Purchased by Hingham Institution for Savings

Hingham Institution for Savings bought a new position in The Progressive Corporation (NYSE:PGR) during the 4th quarter, Holdings Channel reports. The fund bought 6,500 shares of the insurance provider’s stock, valued at approximately $1,480,000. Progressive accounts for about 1.2% of Hingham Institution for Savings’ holdings, making the stock its 9th largest position.

Several other large investors also recently modified their holdings of PGR. Davis Capital Management bought a new stake in shares of Progressive in the third quarter worth about $25,000. Dagco Inc. bought a new stake in shares of Progressive in the fourth quarter worth about $28,000. Ameriflex Group Inc. grew its stake in shares of Progressive by 106.6% in the third quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock worth $31,000 after purchasing an additional 65 shares during the last quarter. Bangor Savings Bank grew its stake in shares of Progressive by 60.4% in the fourth quarter. Bangor Savings Bank now owns 154 shares of the insurance provider’s stock worth $35,000 after purchasing an additional 58 shares during the last quarter. Finally, Riverview Trust Co grew its stake in shares of Progressive by 48.6% in the fourth quarter. Riverview Trust Co now owns 162 shares of the insurance provider’s stock worth $37,000 after purchasing an additional 53 shares during the last quarter. 85.34% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Piper Sandler reissued an “overweight” rating and issued a $259.00 target price on shares of Progressive in a research note on Monday, March 2nd. Jefferies Financial Group cut their target price on Progressive from $216.00 to $215.00 and set a “hold” rating on the stock in a research note on Tuesday, March 24th. Zacks Research raised Progressive from a “strong sell” rating to a “hold” rating in a research report on Tuesday, February 24th. Roth Mkm set a $235.00 price objective on Progressive in a research report on Thursday, February 19th. Finally, Bank of America lifted their price objective on Progressive from $295.00 to $298.00 and gave the company a “buy” rating in a research report on Tuesday, April 14th. Six investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Progressive presently has a consensus rating of “Hold” and a consensus price target of $238.39.

Progressive Stock Performance

Shares of PGR opened at $200.62 on Monday. The company has a quick ratio of 0.35, a current ratio of 0.33 and a debt-to-equity ratio of 0.26. The business’s 50 day moving average price is $203.38 and its 200-day moving average price is $213.08. The Progressive Corporation has a 52 week low of $192.02 and a 52 week high of $289.96. The stock has a market cap of $117.35 billion, a P/E ratio of 10.20, a P/E/G ratio of 6.63 and a beta of 0.34.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, topping analysts’ consensus estimates of $4.67 by $0.13. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The firm had revenue of $22.19 billion for the quarter, compared to analysts’ expectations of $23.51 billion. During the same period in the previous year, the firm posted $4.37 EPS. The business’s revenue for the quarter was up 6.5% compared to the same quarter last year. Equities research analysts anticipate that The Progressive Corporation will post 16.38 earnings per share for the current fiscal year.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 10th. Stockholders of record on Thursday, April 2nd were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend was Thursday, April 2nd. Progressive’s payout ratio is currently 2.03%.

Insider Buying and Selling

In related news, insider Maribel Pumarejo sold 739 shares of the business’s stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $203.25, for a total value of $150,201.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Karen Bailo sold 3,517 shares of the business’s stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $212.00, for a total transaction of $745,604.00. Following the completion of the transaction, the insider owned 32,348 shares of the company’s stock, valued at approximately $6,857,776. The trade was a 9.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 6,933 shares of company stock valued at $1,441,564. 0.32% of the stock is owned by company insiders.

Progressive 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.