The Progressive Co. (NYSE:PGR) Stock Position Increased by MBB Public Markets I LLC

MBB Public Markets I LLC boosted its position in shares of The Progressive Co. (NYSE:PGR) by 2,198.8% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 41,701 shares of the insurance provider’s stock after buying an additional 39,887 shares during the quarter. MBB Public Markets I LLC’s holdings in Progressive were worth $8,662,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of PGR. Northwest Bank & Trust Co acquired a new position in shares of Progressive in the 4th quarter worth approximately $25,000. WR Wealth Planners LLC grew its position in Progressive by 119.6% in the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after buying an additional 67 shares during the last quarter. Indiana Trust & Investment Management CO bought a new position in shares of Progressive in the first quarter valued at $32,000. Hilltop National Bank lifted its position in shares of Progressive by 126.0% during the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after acquiring an additional 92 shares during the last quarter. Finally, Register Financial Advisors LLC acquired a new position in shares of Progressive in the 1st quarter worth $35,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Progressive Trading Down 1.8 %

Progressive stock opened at $252.40 on Friday. The business’s 50-day simple moving average is $236.62 and its 200-day simple moving average is $218.52. The Progressive Co. has a 52 week low of $137.59 and a 52 week high of $260.46. The firm has a market capitalization of $147.83 billion, a PE ratio of 25.83, a PEG ratio of 0.72 and a beta of 0.35. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.31 and a current ratio of 0.31.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share for the quarter, beating analysts’ consensus estimates of $2.04 by $0.61. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The firm had revenue of $17.90 billion for the quarter, compared to analysts’ expectations of $17.54 billion. During the same period in the prior year, the business posted $0.57 earnings per share. The business’s revenue was up 21.6% compared to the same quarter last year. Equities research analysts forecast that The Progressive Co. will post 12.9 earnings per share for the current year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Thursday, October 3rd will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.16%. The ex-dividend date is Thursday, October 3rd. Progressive’s dividend payout ratio is currently 4.09%.

Insider Transactions at Progressive

In related news, insider Steven Broz sold 2,982 shares of Progressive stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $260.00, for a total transaction of $775,320.00. Following the completion of the sale, the insider now directly owns 29,334 shares of the company’s stock, valued at $7,626,840. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Progressive news, insider Steven Broz sold 2,982 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $260.00, for a total transaction of $775,320.00. Following the sale, the insider now directly owns 29,334 shares in the company, valued at approximately $7,626,840. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Susan Patricia Griffith sold 43,371 shares of the firm’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total transaction of $9,281,827.71. Following the sale, the chief executive officer now owns 517,105 shares in the company, valued at $110,665,641.05. The disclosure for this sale can be found here. Insiders sold a total of 144,332 shares of company stock worth $33,362,904 over the last 90 days. 0.34% of the stock is owned by insiders.

Analysts Set New Price Targets

PGR has been the subject of several analyst reports. HSBC raised Progressive from a “hold” rating to a “buy” rating and set a $253.00 target price for the company in a report on Monday, August 12th. Morgan Stanley boosted their price target on shares of Progressive from $260.00 to $300.00 and gave the company an “overweight” rating in a report on Monday, September 16th. Roth Mkm increased their target price on Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a report on Monday, September 16th. Bank of America increased their price objective on Progressive from $294.00 to $312.00 and gave the stock a “buy” rating in a research note on Tuesday, September 3rd. Finally, Jefferies Financial Group lifted their target price on Progressive from $256.00 to $257.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. Six equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $257.18.

About Progressive

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.