Delta Global Management LP Takes Position in The Progressive Corporation $PGR

Delta Global Management LP acquired a new stake in The Progressive Corporation (NYSE:PGR) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 9,812 shares of the insurance provider’s stock, valued at approximately $2,234,000.

Several other large investors have also modified their holdings of PGR. Norges Bank acquired a new stake in shares of Progressive in the fourth quarter valued at approximately $1,836,094,000. Capital International Investors boosted its holdings in shares of Progressive by 78.9% in the third quarter. Capital International Investors now owns 13,704,197 shares of the insurance provider’s stock valued at $3,384,082,000 after acquiring an additional 6,045,732 shares during the period. Capital Research Global Investors boosted its holdings in shares of Progressive by 26.1% in the third quarter. Capital Research Global Investors now owns 11,167,940 shares of the insurance provider’s stock valued at $2,757,905,000 after acquiring an additional 2,314,864 shares during the period. Life Cycle Investment Partners Ltd acquired a new stake in shares of Progressive in the fourth quarter valued at approximately $353,906,000. Finally, Arrowstreet Capital Limited Partnership boosted its holdings in shares of Progressive by 193.2% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,206,742 shares of the insurance provider’s stock valued at $502,519,000 after acquiring an additional 1,454,111 shares during the period. 85.34% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Progressive

In other news, insider John Jo Murphy sold 5,916 shares of the firm’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $200.00, for a total value of $1,183,200.00. Following the completion of the transaction, the insider owned 41,290 shares in the company, valued at $8,258,000. This trade represents a 12.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steven Broz sold 1,157 shares of the firm’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $200.00, for a total value of $231,400.00. Following the completion of the transaction, the insider owned 28,668 shares of the company’s stock, valued at approximately $5,733,600. This represents a 3.88% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 7,343 shares of company stock valued at $1,470,355. 0.32% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. UBS Group increased their price objective on Progressive from $218.00 to $220.00 and gave the company a “neutral” rating in a report on Monday, March 23rd. Argus raised Progressive to a “hold” rating in a report on Thursday, March 5th. Piper Sandler reaffirmed an “overweight” rating and set a $259.00 price target on shares of Progressive in a report on Monday, March 2nd. Morgan Stanley decreased their price target on Progressive from $205.00 to $190.00 and set an “underweight” rating for the company in a report on Tuesday, March 31st. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating on shares of Progressive in a report on Friday, May 22nd. Six research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Progressive currently has a consensus rating of “Hold” and an average target price of $238.11.

Progressive Price Performance

Progressive stock opened at $203.40 on Tuesday. The Progressive Corporation has a one year low of $189.20 and a one year high of $269.78. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.27 and a current ratio of 0.27. The business has a fifty day moving average of $199.37 and a two-hundred day moving average of $207.77. The company has a market cap of $118.85 billion, a P/E ratio of 10.34, a price-to-earnings-growth ratio of 5.89 and a beta of 0.28.

Progressive (NYSE:PGR) last released its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, beating analysts’ consensus estimates of $4.67 by $0.13. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The company had revenue of $22.19 billion during the quarter, compared to the consensus estimate of $23.51 billion. During the same quarter last year, the company earned $4.37 earnings per share. Progressive’s quarterly revenue was up 6.5% compared to the same quarter last year. As a group, analysts predict that The Progressive Corporation will post 16.35 earnings per share for the current fiscal year.

Progressive Announces Dividend

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

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.