Stenger Family Office LLC Raises Stock Position in The Progressive Corporation $PGR

Stenger Family Office LLC grew its stake in The Progressive Corporation (NYSE:PGR) by 549.1% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 18,479 shares of the insurance provider’s stock after purchasing an additional 15,632 shares during the quarter. Progressive comprises about 0.9% of Stenger Family Office LLC’s holdings, making the stock its 29th biggest holding. Stenger Family Office LLC’s holdings in Progressive were worth $4,208,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. WMS Group LLC bought a new position in Progressive in the fourth quarter worth about $319,000. Reflection Asset Management bought a new stake in Progressive during the 4th quarter valued at approximately $139,000. Tobam grew its holdings in shares of Progressive by 7,479.2% during the 4th quarter. Tobam now owns 5,457 shares of the insurance provider’s stock worth $1,243,000 after acquiring an additional 5,385 shares during the period. NCM Capital Management LLC grew its holdings in shares of Progressive by 32.0% during the 4th 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 during the period. Finally, Wick Capital Partners LLC bought a new position in shares of Progressive in the 4th quarter worth approximately $266,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

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

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Royal Bank Of Canada set a $208.00 price target on Progressive in a research report on Friday, May 22nd. Bank of America decreased their price objective on Progressive from $331.00 to $313.00 and set a “buy” rating for the company in a report on Thursday. Barclays set a $247.00 price objective on Progressive in a research report on Wednesday, March 18th. Argus upgraded shares of Progressive to a “hold” rating in a report on Thursday, March 5th. Finally, Morgan Stanley reduced their target price on shares of Progressive from $205.00 to $190.00 and set an “underweight” rating on the stock in a research report on Tuesday, March 31st. Six analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $237.58.

Progressive News Summary

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)

Progressive Stock Down 0.2%

PGR stock opened at $204.42 on Friday. The Progressive Corporation has a twelve month low of $189.20 and a twelve month high of $267.92. 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 has a market cap of $119.45 billion, a PE ratio of 10.39, a price-to-earnings-growth ratio of 5.88 and a beta of 0.28. The business has a 50 day moving average of $200.01 and a 200 day moving average of $207.23.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, beating 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 business had revenue of $22.19 billion during the quarter, compared to analysts’ expectations of $23.51 billion. During the same quarter in the previous year, the business earned $4.37 earnings per share. The firm’s quarterly revenue was up 6.5% compared to the same quarter last year. On average, research analysts forecast that The Progressive Corporation will post 16.52 EPS for the current fiscal year.

Progressive Announces Dividend

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

Progressive Company 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.