Pelham Capital Ltd. Acquires 6,875 Shares of The Progressive Corporation $PGR

Pelham Capital Ltd. boosted its position in shares of The Progressive Corporation (NYSE:PGR) by 32.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 27,975 shares of the insurance provider’s stock after acquiring an additional 6,875 shares during the quarter. Progressive accounts for approximately 3.4% of Pelham Capital Ltd.’s investment portfolio, making the stock its 11th biggest holding. Pelham Capital Ltd.’s holdings in Progressive were worth $6,908,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Davis Capital Management bought a new stake in shares of Progressive in the third quarter valued at about $25,000. Atlantic Union Bankshares Corp acquired a new position in Progressive in the second quarter valued at about $33,000. Westside Investment Management Inc. lifted its position in Progressive by 900.0% during the second quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 117 shares during the period. Howard Hughes Medical Institute acquired a new stake in Progressive during the second quarter worth about $34,000. Finally, TruNorth Capital Management LLC raised its position in shares of Progressive by 450.0% in the 3rd quarter. TruNorth Capital Management LLC now owns 165 shares of the insurance provider’s stock valued at $41,000 after buying an additional 135 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Activity at Progressive

In other news, CFO John P. Sauerland sold 5,000 shares of the business’s stock in a transaction dated Friday, November 28th. The stock was sold at an average price of $228.48, for a total value of $1,142,400.00. Following the completion of the transaction, the chief financial officer owned 223,024 shares of the company’s stock, valued at $50,956,523.52. The trade was a 2.19% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Andrew J. Quigg sold 1,649 shares of the firm’s stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $204.35, for a total transaction of $336,973.15. Following the sale, the insider directly owned 39,626 shares in the company, valued at $8,097,573.10. The trade was a 4.00% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 12,443 shares of company stock worth $2,723,061. Corporate insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

PGR has been the subject of several research reports. Citigroup dropped their price objective on shares of Progressive from $300.60 to $261.00 and set a “buy” rating for the company in a research note on Tuesday, February 3rd. Bank of America dropped their price target on shares of Progressive from $350.00 to $348.00 and set a “buy” rating for the company in a research note on Tuesday, December 9th. Morgan Stanley cut their target price on shares of Progressive from $214.00 to $205.00 and set an “underweight” rating on the stock in a research note on Wednesday, January 28th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Progressive in a research note on Monday, December 29th. Finally, Evercore lowered their price target on Progressive from $250.00 to $237.00 and set an “in-line” rating for the company in a research report on Wednesday, January 7th. Seven investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Progressive presently has a consensus rating of “Hold” and a consensus target price of $250.35.

Progressive Stock Down 0.5%

Progressive stock opened at $204.43 on Friday. The Progressive Corporation has a twelve month low of $197.92 and a twelve month high of $292.99. The business has a fifty day moving average of $214.98 and a two-hundred day moving average of $227.90. The firm has a market cap of $119.88 billion, a P/E ratio of 10.63, a P/E/G ratio of 7.16 and a beta of 0.32. The company has a quick ratio of 0.29, a current ratio of 0.38 and a debt-to-equity ratio of 0.23.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, January 8th. Shareholders of record on Friday, January 2nd were paid a dividend of $0.10 per share. The ex-dividend date was Friday, January 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive’s dividend payout ratio is presently 2.08%.

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.