Tobam Raises Stake in The Progressive Corporation $PGR

Tobam increased its holdings in shares of The Progressive Corporation (NYSE:PGR) by 7,479.2% in the fourth quarter, Holdings Channel reports. The firm owned 5,457 shares of the insurance provider’s stock after acquiring an additional 5,385 shares during the period. Tobam’s holdings in Progressive were worth $1,243,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the business. NCM Capital Management LLC increased its position in shares of Progressive by 32.0% in the fourth quarter. NCM Capital Management LLC now owns 1,109 shares of the insurance provider’s stock worth $253,000 after acquiring an additional 269 shares in the last quarter. Wick Capital Partners LLC purchased a new position in shares of Progressive in the 4th quarter valued at $266,000. Tempo Wealth LLC acquired a new position in shares of Progressive during the 4th quarter valued at $33,605,000. River Road Asset Management LLC lifted its holdings in shares of Progressive by 6.5% during the 4th quarter. River Road Asset Management LLC now owns 441,224 shares of the insurance provider’s stock valued at $100,476,000 after acquiring an additional 27,086 shares in the last quarter. Finally, SG Trading Solutions LLC purchased a new stake in Progressive during the 4th quarter worth $1,561,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on PGR shares. Piper Sandler reiterated an “overweight” rating and issued a $259.00 price target on shares of Progressive in a report on Monday, March 2nd. Mizuho decreased their target price on Progressive from $235.00 to $223.00 and set a “neutral” rating for the company in a research report on Friday, March 20th. Bank of America lowered their target price on Progressive from $331.00 to $313.00 and set a “buy” rating for the company in a research note on Thursday. Barclays set a $247.00 price target on Progressive in a research report on Wednesday, March 18th. Finally, Keefe, Bruyette & Woods upped their price target on Progressive from $208.00 to $210.00 and gave the stock a “market perform” rating in a report on Thursday. Six 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. Based on data from MarketBeat.com, Progressive currently has an average rating of “Hold” and a consensus price target of $237.58.

Progressive Stock Performance

Shares of PGR stock opened at $204.42 on Friday. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.27 and a quick ratio of 0.27. The company’s fifty day moving average price is $200.01 and its two-hundred day moving average price is $207.23. The firm has a market capitalization of $119.45 billion, a P/E ratio of 10.39, a P/E/G ratio of 5.88 and a beta of 0.28. The Progressive Corporation has a 12 month low of $189.20 and a 12 month high of $267.92.

Progressive (NYSE:PGR) last announced its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share for the quarter, beating the consensus estimate of $4.67 by $0.13. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The company had revenue of $22.19 billion during the quarter, compared to the consensus estimate of $23.51 billion. During the same period last year, the firm earned $4.37 earnings per share. The company’s revenue was up 6.5% on a year-over-year basis. On average, research analysts anticipate that The Progressive Corporation will post 16.52 earnings per share for the current fiscal year.

Progressive Announces Dividend

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

Insider Buying and Selling

In other Progressive news, insider Steven Broz sold 1,157 shares of Progressive stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $200.00, for a total transaction of $231,400.00. Following the sale, the insider directly owned 28,668 shares in the company, valued at $5,733,600. The trade was a 3.88% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider John Jo Murphy sold 5,916 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $200.00, for a total value of $1,183,200.00. Following the completion of the transaction, the insider directly owned 41,290 shares in the company, valued at approximately $8,258,000. The trade was a 12.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.32% of the stock is owned by company insiders.

Key Progressive News

Here are the key news stories impacting Progressive this week:

• Positive Sentiment: May results showed stronger earnings momentum, with higher premiums, investment income, and underwriting performance helping drive a 36% year-over-year earnings increase. Progressive’s May Earnings Increase Y/Y on Higher Investment Income
• Positive Sentiment: Bank of America kept a Buy rating on Progressive despite trimming its price target, which still implies meaningful upside from current levels. Progressive price target lowered by Bank of America Corporation
• Positive Sentiment: Keefe, Bruyette & Woods raised its price target for Progressive, signaling continued confidence in the company’s outlook. Progressive price target raised by Keefe, Bruyette & Woods
• Neutral Sentiment: Progressive is getting attention from investors and appears on undervalued-stock screens, but these are more sentiment-driven than company-specific catalysts. 5 Most Undervalued NYSE Stocks to Invest In
• Neutral Sentiment: Analysts remain split on Progressive, with conflicting views highlighting uncertainty around valuation and future earnings durability. Analysts Have Conflicting Sentiments on These Financial Companies: Progressive (PGR) and Open Lending (LPRO)

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.