Global Retirement Partners LLC Raises Stock Position in The Progressive Corporation $PGR

Global Retirement Partners LLC increased its position in shares of The Progressive Corporation (NYSE:PGR) by 95.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 7,326 shares of the insurance provider’s stock after buying an additional 3,581 shares during the period. Global Retirement Partners LLC’s holdings in Progressive were worth $1,668,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in PGR. Capital International Investors increased its stake in shares of Progressive by 78.9% during the third quarter. Capital International Investors now owns 13,704,197 shares of the insurance provider’s stock worth $3,384,082,000 after buying an additional 6,045,732 shares during the period. Capital Research Global Investors increased its stake in shares of Progressive by 26.1% during the third quarter. Capital Research Global Investors now owns 11,167,940 shares of the insurance provider’s stock worth $2,757,905,000 after buying an additional 2,314,864 shares during the period. CIBC Private Wealth Group LLC increased its stake in shares of Progressive by 2,012.0% during the third quarter. CIBC Private Wealth Group LLC now owns 767,549 shares of the insurance provider’s stock worth $189,546,000 after buying an additional 731,207 shares during the period. M&T Bank Corp increased its stake in shares of Progressive by 1,363.8% during the fourth quarter. M&T Bank Corp now owns 706,898 shares of the insurance provider’s stock worth $160,975,000 after buying an additional 658,607 shares during the period. Finally, Marshfield Associates increased its stake in shares of Progressive by 70.8% during the third quarter. Marshfield Associates now owns 1,577,453 shares of the insurance provider’s stock worth $389,552,000 after buying an additional 653,763 shares during the period. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Morgan Stanley cut their target price on shares of Progressive from $205.00 to $190.00 and set an “underweight” rating on the stock in a research note on Tuesday, March 31st. Evercore restated a “negative” rating on shares of Progressive in a research note on Wednesday, March 18th. Mizuho cut their target price on shares of Progressive from $235.00 to $223.00 and set a “neutral” rating on the stock in a research note on Friday, March 20th. Argus upgraded shares of Progressive to a “hold” rating in a research note on Thursday, March 5th. Finally, UBS Group upped their target price on shares of Progressive from $218.00 to $220.00 and gave the stock a “neutral” rating in a research note on Monday, March 23rd. Six equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Progressive has an average rating of “Hold” and a consensus target price of $238.11.

Insider Buying and Selling at Progressive

In other Progressive news, insider Maribel Pumarejo sold 739 shares of the 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 SEC, which is available through this link. Also, insider Karen Bailo sold 3,517 shares of the stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $212.00, for a total value of $745,604.00. Following the completion of the sale, the insider directly owned 32,348 shares of the company’s stock, valued at $6,857,776. The trade was a 9.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 4,667 shares of company stock worth $981,453 over the last three months. Insiders own 0.32% of the company’s stock.

Progressive Stock Performance

Shares of Progressive stock opened at $199.28 on Monday. The firm has a market capitalization of $116.45 billion, a P/E ratio of 10.13, a P/E/G ratio of 7.30 and a beta of 0.31. The Progressive Corporation has a 52 week low of $191.75 and a 52 week high of $289.96. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.26. The firm’s 50 day moving average is $200.46 and its two-hundred day moving average is $210.26.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, beating the consensus estimate of $4.67 by $0.13. The company had revenue of $22.19 billion for the quarter, compared to analyst estimates of $23.51 billion. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The firm’s revenue was up 6.5% on a year-over-year basis. During the same period in the prior year, the firm posted $4.37 earnings per share. Research analysts forecast that The Progressive Corporation will post 16.36 EPS for the current fiscal year.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Thursday, July 2nd will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date is Thursday, July 2nd. Progressive’s dividend payout ratio is currently 2.03%.

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.