Diamant Asset Management Inc. Raises Stock Position in The Progressive Corporation $PGR

Diamant Asset Management Inc. lifted its holdings in shares of The Progressive Corporation (NYSE:PGR) by 19,724.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,068,876 shares of the insurance provider’s stock after buying an additional 4,048,351 shares during the period. Progressive comprises 2.7% of Diamant Asset Management Inc.’s holdings, making the stock its 8th largest position. Diamant Asset Management Inc.’s holdings in Progressive were worth $806,614,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of PGR. Klingman & Associates LLC increased its position in shares of Progressive by 1.7% in the fourth quarter. Klingman & Associates LLC now owns 2,927 shares of the insurance provider’s stock valued at $667,000 after acquiring an additional 48 shares during the last quarter. Revisor Wealth Management LLC boosted its position in Progressive by 2.7% during the fourth quarter. Revisor Wealth Management LLC now owns 1,902 shares of the insurance provider’s stock valued at $395,000 after purchasing an additional 50 shares during the last quarter. Cullen Investment Group LTD. grew its stake in Progressive by 0.7% in the fourth quarter. Cullen Investment Group LTD. now owns 7,463 shares of the insurance provider’s stock valued at $1,606,000 after purchasing an additional 52 shares in the last quarter. Pines Wealth Management LLC grew its stake in Progressive by 3.9% in the fourth quarter. Pines Wealth Management LLC now owns 1,399 shares of the insurance provider’s stock valued at $319,000 after purchasing an additional 52 shares in the last quarter. Finally, Northwestern Mutual Investment Management Company LLC increased its position in shares of Progressive by 0.3% during the 4th quarter. Northwestern Mutual Investment Management Company LLC now owns 18,736 shares of the insurance provider’s stock worth $4,267,000 after purchasing an additional 52 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

Progressive Trading Up 4.0%

Shares of PGR stock opened at $224.11 on Friday. The firm has a 50 day moving average price of $201.86 and a two-hundred day moving average price of $206.89. 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 company has a market capitalization of $130.96 billion, a PE ratio of 11.39, a price-to-earnings-growth ratio of 6.81 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 posted its 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 the consensus estimate of $23.51 billion. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The firm’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $4.37 earnings per share. As a group, analysts predict that The Progressive Corporation will post 17.08 earnings per share for the current year.

Progressive Dividend Announcement

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

Analyst Ratings Changes

PGR has been the topic of a number of analyst reports. UBS Group upped their price objective on Progressive from $218.00 to $220.00 and gave the stock a “neutral” rating in a research note on Monday, March 23rd. Jefferies Financial Group lowered their target price on shares of Progressive from $216.00 to $215.00 and set a “hold” rating on the stock in a report on Tuesday, March 24th. Piper Sandler reaffirmed an “overweight” rating and set a $259.00 price target on shares of Progressive in a research report on Monday, March 2nd. Wells Fargo & Company cut their price target on shares of Progressive from $222.00 to $219.00 and set an “equal weight” rating for the company in a research note on Thursday, June 18th. Finally, BMO Capital Markets reissued a “market perform” rating and issued a $220.00 price objective on shares of Progressive in a research report on Wednesday, May 20th. Six investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $237.58.

Insider Buying and Selling at Progressive

In other news, insider Steven Broz sold 1,157 shares of the business’s stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $204.76, for a total value of $236,907.32. Following the completion of the sale, the insider owned 27,511 shares of the company’s stock, valued at approximately $5,633,152.36. The trade was a 4.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 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 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 completion of the transaction, the insider 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. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 15,230 shares of company stock valued at $3,165,817 in the last ninety days. 0.32% of the stock is currently owned by corporate 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.