Qsemble Capital Management LP Sells 3,884 Shares of The Progressive Co. (NYSE:PGR)

Qsemble Capital Management LP lessened its holdings in shares of The Progressive Co. (NYSE:PGR) by 58.0% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,816 shares of the insurance provider’s stock after selling 3,884 shares during the quarter. Qsemble Capital Management LP’s holdings in Progressive were worth $582,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Balentine LLC grew its stake in Progressive by 0.3% in the 4th quarter. Balentine LLC now owns 22,162 shares of the insurance provider’s stock valued at $3,530,000 after buying an additional 58 shares in the last quarter. Compass Ion Advisors LLC raised its stake in shares of Progressive by 0.8% during the 4th quarter. Compass Ion Advisors LLC now owns 7,443 shares of the insurance provider’s stock valued at $1,186,000 after purchasing an additional 59 shares during the period. Proficio Capital Partners LLC raised its stake in shares of Progressive by 3.2% during the 1st quarter. Proficio Capital Partners LLC now owns 2,053 shares of the insurance provider’s stock valued at $425,000 after purchasing an additional 63 shares during the period. Independent Advisor Alliance lifted its holdings in Progressive by 1.9% during the 4th quarter. Independent Advisor Alliance now owns 3,438 shares of the insurance provider’s stock worth $548,000 after purchasing an additional 64 shares in the last quarter. Finally, Choreo LLC boosted its stake in Progressive by 0.8% in the 1st quarter. Choreo LLC now owns 8,560 shares of the insurance provider’s stock worth $1,770,000 after purchasing an additional 64 shares during the period. Institutional investors own 85.34% of the company’s stock.

Insider Activity at Progressive

In other Progressive news, insider Steven Broz sold 7,361 shares of the business’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $207.25, for a total value of $1,525,567.25. Following the completion of the sale, the insider now owns 35,503 shares in the company, valued at $7,357,996.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CAO Mariann Wojtkun Marshall sold 650 shares of the company’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $208.11, for a total transaction of $135,271.50. Following the completion of the transaction, the chief accounting officer now directly owns 3,981 shares of the company’s stock, valued at $828,485.91. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Steven Broz sold 7,361 shares of the firm’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $207.25, for a total value of $1,525,567.25. Following the completion of the sale, the insider now directly owns 35,503 shares in the company, valued at $7,357,996.75. The disclosure for this sale can be found here. Insiders sold 33,518 shares of company stock worth $6,951,344 in the last ninety days. 0.34% of the stock is owned by company insiders.

Progressive Trading Up 4.2 %

NYSE:PGR traded up $8.90 during trading hours on Wednesday, reaching $218.90. The company’s stock had a trading volume of 1,134,356 shares, compared to its average volume of 2,563,544. The firm has a 50-day simple moving average of $209.49 and a 200-day simple moving average of $198.43. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.32 and a current ratio of 0.32. The Progressive Co. has a 1 year low of $117.64 and a 1 year high of $223.84. The firm has a market capitalization of $128.21 billion, a price-to-earnings ratio of 21.49, a PEG ratio of 0.84 and a beta of 0.35.

Progressive Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 12th. Stockholders of record on Wednesday, July 3rd were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.18%. The ex-dividend date was Wednesday, July 3rd. Progressive’s dividend payout ratio (DPR) is presently 4.09%.

Wall Street Analyst Weigh In

PGR has been the topic of several analyst reports. JPMorgan Chase & Co. upped their price target on Progressive from $210.00 to $239.00 and gave the company an “overweight” rating in a research report on Thursday, July 11th. BMO Capital Markets reiterated an “outperform” rating and issued a $235.00 target price on shares of Progressive in a research note on Monday, June 17th. HSBC boosted their price target on shares of Progressive from $174.00 to $200.00 and gave the company a “hold” rating in a research report on Thursday, March 28th. Morgan Stanley lowered their price objective on Progressive from $256.00 to $255.00 and set an “overweight” rating on the stock in a research report on Monday, June 10th. Finally, Piper Sandler restated an “overweight” rating and set a $240.00 target price on shares of Progressive in a research report on Monday, April 1st. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $222.38.

Progressive Profile

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.