Vanguard Personalized Indexing Management LLC Sells 3,823 Shares of The Progressive Corporation $PGR

Vanguard Personalized Indexing Management LLC cut its stake in The Progressive Corporation (NYSE:PGR) by 4.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 87,218 shares of the insurance provider’s stock after selling 3,823 shares during the quarter. Vanguard Personalized Indexing Management LLC’s holdings in Progressive were worth $21,542,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in PGR. Davis Capital Management purchased a new position in Progressive in the third quarter valued at about $25,000. Atlantic Union Bankshares Corp bought a new stake in shares of Progressive in the 2nd quarter valued at about $33,000. Westside Investment Management Inc. grew its position in shares of Progressive by 900.0% in the 2nd quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock worth $34,000 after buying an additional 117 shares during the last quarter. Howard Hughes Medical Institute bought a new position in shares of Progressive during the 2nd quarter worth approximately $34,000. Finally, Richardson Financial Services Inc. lifted its position in Progressive by 1,885.7% during the second quarter. Richardson Financial Services Inc. now owns 139 shares of the insurance provider’s stock valued at $37,000 after acquiring an additional 132 shares during the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Progressive Price Performance

NYSE:PGR opened at $206.04 on Monday. The firm has a market cap of $120.82 billion, a price-to-earnings ratio of 11.30, a PEG ratio of 1.26 and a beta of 0.34. The Progressive Corporation has a one year low of $198.50 and a one year high of $292.99. The firm’s fifty day moving average is $221.22 and its two-hundred day moving average is $232.02. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.29 and a current ratio of 0.29.

Progressive Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 8th. Investors of record on Friday, January 2nd were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date was Friday, January 2nd. Progressive’s dividend payout ratio (DPR) is currently 2.19%.

Insider Activity

In other Progressive news, insider Steven Broz sold 1,344 shares of the stock in a transaction that occurred on Friday, December 19th. The stock was sold at an average price of $224.80, for a total transaction of $302,131.20. Following the transaction, the insider owned 26,354 shares in the company, valued at approximately $5,924,379.20. This represents a 4.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO John P. Sauerland sold 5,000 shares of the stock in a transaction that occurred on Friday, November 28th. The shares were sold at an average price of $228.48, for a total value of $1,142,400.00. Following the transaction, the chief financial officer owned 223,024 shares in the company, valued at $50,956,523.52. This trade represents a 2.19% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 13,788 shares of company stock valued at $3,018,961. Insiders own 0.33% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Raymond James Financial lowered their price target on Progressive from $305.00 to $265.00 and set an “outperform” rating for the company in a report on Friday, October 17th. UBS Group lowered their target price on shares of Progressive from $268.00 to $261.00 and set a “neutral” rating for the company in a research note on Wednesday, October 8th. Zacks Research lowered shares of Progressive from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 10th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Progressive in a report on Monday, December 29th. Finally, HSBC set a $259.00 price objective on shares of Progressive and gave the company an “underperform” rating in a report on Monday, November 17th. Seven research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $259.39.

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.