Marietta Investment Partners LLC Acquires Shares of 9,681 The Progressive Corporation $PGR

Marietta Investment Partners LLC purchased a new position in The Progressive Corporation (NYSE:PGR) during the 3rd quarter, HoldingsChannel.com reports. The fund purchased 9,681 shares of the insurance provider’s stock, valued at approximately $2,391,000.

Other hedge funds have also recently modified their holdings of the company. Illinois Municipal Retirement Fund raised its stake in Progressive by 30.2% during the third quarter. Illinois Municipal Retirement Fund now owns 102,778 shares of the insurance provider’s stock valued at $25,381,000 after buying an additional 23,833 shares during the last quarter. Allstate Corp boosted its stake in Progressive by 1,614.1% in the 3rd quarter. Allstate Corp now owns 21,598 shares of the insurance provider’s stock worth $5,334,000 after purchasing an additional 20,338 shares in the last quarter. Gateway Investment Advisers LLC grew its position in Progressive by 91.7% during the 3rd quarter. Gateway Investment Advisers LLC now owns 11,710 shares of the insurance provider’s stock valued at $2,892,000 after purchasing an additional 5,600 shares during the last quarter. Mather Group LLC. raised its holdings in Progressive by 40.6% in the third quarter. Mather Group LLC. now owns 16,840 shares of the insurance provider’s stock worth $4,159,000 after buying an additional 4,865 shares during the last quarter. Finally, Arkadios Wealth Advisors lifted its stake in shares of Progressive by 471.3% in the third quarter. Arkadios Wealth Advisors now owns 22,496 shares of the insurance provider’s stock worth $5,556,000 after buying an additional 18,558 shares in the last quarter. Institutional investors own 85.34% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on PGR shares. Bank of America decreased their price objective on shares of Progressive from $350.00 to $348.00 and set a “buy” rating for the company in a report on Tuesday, December 9th. BMO Capital Markets reduced their price objective on Progressive from $239.00 to $232.00 and set a “market perform” rating for the company in a report on Thursday, January 29th. Roth Mkm set a $235.00 target price on shares of Progressive in a research note on Thursday, February 19th. Keefe, Bruyette & Woods lifted their price target on shares of Progressive from $225.00 to $232.00 and gave the stock a “market perform” rating in a research note on Thursday, February 19th. Finally, Citigroup lowered their price objective on shares of Progressive from $300.60 to $261.00 and set a “buy” rating on the stock in a research report on Tuesday, February 3rd. Seven analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $245.50.

Insider Buying and Selling

In other Progressive news, insider Andrew J. Quigg sold 1,649 shares of the business’s stock in a transaction dated Wednesday, January 21st. The stock was sold at an average price of $204.35, for a total transaction of $336,973.15. Following the completion of the sale, the insider owned 39,626 shares of the company’s stock, valued at approximately $8,097,573.10. The trade was a 4.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Maribel Pumarejo sold 739 shares of the firm’s stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $203.25, for a total value of $150,201.75. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 9,103 shares of company stock valued at $1,883,924 over the last three months. 0.34% of the stock is currently owned by company insiders.

Progressive Stock Performance

PGR opened at $210.55 on Friday. The company’s 50 day moving average is $209.31 and its 200 day moving average is $224.42. The company has a current ratio of 0.35, a quick ratio of 0.29 and a debt-to-equity ratio of 0.23. The company has a market cap of $123.36 billion, a price-to-earnings ratio of 10.94, a PEG ratio of 9.24 and a beta of 0.33. The Progressive Corporation has a 12-month low of $197.92 and a 12-month high of $292.99.

Progressive Announces Dividend

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

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.