19,149 Shares in The Progressive Corporation $PGR Acquired by Gator Capital Management LLC

Gator Capital Management LLC purchased a new position in shares of The Progressive Corporation (NYSE:PGR) in the fourth quarter, HoldingsChannel reports. The firm purchased 19,149 shares of the insurance provider’s stock, valued at approximately $4,361,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of PGR. Brighton Jones LLC boosted its position in Progressive by 15.6% during the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock worth $813,000 after purchasing an additional 457 shares in the last quarter. Revolve Wealth Partners LLC acquired a new stake in Progressive during the fourth quarter valued at approximately $269,000. Bison Wealth LLC raised its position in shares of Progressive by 3.2% during the 4th quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock worth $615,000 after purchasing an additional 80 shares during the period. HUB Investment Partners LLC increased its position in Progressive by 7.8% in the 2nd quarter. HUB Investment Partners LLC now owns 2,282 shares of the insurance provider’s stock valued at $609,000 after acquiring an additional 166 shares during the period. Finally, Diversify Wealth Management LLC boosted its stake in shares of Progressive by 12.0% during the 2nd quarter. Diversify Wealth Management LLC now owns 15,146 shares of the insurance provider’s stock worth $3,681,000 after acquiring an additional 1,622 shares in the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Progressive

In other news, CAO Carl G. Joyce sold 270 shares of Progressive stock in a transaction dated Friday, March 20th. The shares were sold at an average price of $206.50, for a total transaction of $55,755.00. Following the sale, the chief accounting officer owned 558 shares of the company’s stock, valued at approximately $115,227. The trade was a 32.61% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider John Jo Murphy sold 5,916 shares of the business’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $200.00, for a total transaction of $1,183,200.00. Following the sale, the insider directly owned 41,290 shares in the company, valued at $8,258,000. The trade was a 12.53% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 7,343 shares of company stock worth $1,470,355. 0.32% of the stock is currently owned by company insiders.

Progressive Price Performance

PGR stock opened at $202.86 on Friday. The company’s fifty day simple moving average is $199.20 and its 200 day simple moving average is $208.05. The Progressive Corporation has a 12-month low of $189.20 and a 12-month high of $269.84. The firm has a market cap of $118.54 billion, a price-to-earnings ratio of 10.31, a PEG ratio of 5.86 and a beta of 0.28. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.26.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, beating the consensus estimate of $4.67 by $0.13. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The firm had revenue of $22.19 billion during the quarter, compared to analyst estimates of $23.51 billion. During the same quarter last year, the business posted $4.37 EPS. The company’s revenue for the quarter was up 6.5% on a year-over-year basis. On average, analysts expect that The Progressive Corporation will post 16.35 earnings per share for the current year.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Thursday, July 2nd will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date is Thursday, July 2nd. Progressive’s dividend payout ratio (DPR) is presently 2.03%.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Mizuho cut their target price on Progressive from $235.00 to $223.00 and set a “neutral” rating on the stock in a report on Friday, March 20th. The Goldman Sachs Group reiterated a “buy” rating and issued a $225.00 target price on shares of Progressive in a research note on Monday, February 23rd. Morgan Stanley dropped their target price on shares of Progressive from $205.00 to $190.00 and set an “underweight” rating for the company in a research report on Tuesday, March 31st. Royal Bank Of Canada set a $208.00 target price on shares of Progressive in a research note on Friday, May 22nd. Finally, Argus upgraded Progressive to a “hold” rating in a report on Thursday, March 5th. Six analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Progressive currently has an average rating of “Hold” and an average price target of $238.11.

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.