CacheTech Inc. Buys 3,223 Shares of The Progressive Corporation $PGR

CacheTech Inc. increased its position in shares of The Progressive Corporation (NYSE:PGR) by 26.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 15,534 shares of the insurance provider’s stock after buying an additional 3,223 shares during the quarter. CacheTech Inc.’s holdings in Progressive were worth $3,079,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Bogart Wealth LLC lifted its position in shares of Progressive by 235.1% in the 1st quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider’s stock worth $25,000 after acquiring an additional 87 shares during the period. Bard Associates Inc. bought a new stake in shares of Progressive during the fourth quarter valued at approximately $27,000. HHM Wealth Advisors LLC raised its stake in shares of Progressive by 700.0% in the first quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider’s stock valued at $29,000 after purchasing an additional 126 shares in the last quarter. IFC & Insurance Marketing Inc. bought a new position in Progressive in the fourth quarter worth $29,000. Finally, Entrust Financial LLC bought a new position in Progressive in the fourth quarter worth $33,000. 85.34% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on PGR shares. Evercore set a $240.00 price target on shares of Progressive in a report on Friday, July 10th. Bank of America reduced their price objective on shares of Progressive from $313.00 to $308.00 and set a “buy” rating for the company in a report on Thursday, July 16th. BMO Capital Markets decreased their target price on shares of Progressive from $220.00 to $205.00 and set a “market perform” rating on the stock in a research report on Thursday, July 16th. Mizuho upped their target price on shares of Progressive from $217.00 to $243.00 and gave the company a “neutral” rating in a research note on Thursday, July 9th. Finally, Wells Fargo & Company dropped their price target on shares of Progressive from $205.00 to $198.00 and set an “underweight” rating for the company in a research report on Thursday, July 16th. Five investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $235.05.

Insider Activity

In related news, insider Steven Broz sold 1,157 shares of the business’s stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $204.76, for a total value of $236,907.32. Following the completion of the transaction, the insider owned 27,511 shares in the company, valued at $5,633,152.36. The trade was a 4.04% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeffrey D. Kelly sold 7,000 shares of the company’s stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $216.33, for a total value of $1,514,310.00. Following the transaction, the director directly owned 22,546 shares in the company, valued at approximately $4,877,376.18. This represents a 23.69% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 15,230 shares of company stock valued at $3,165,817 over the last three months. 0.32% of the stock is owned by insiders.

Progressive Price Performance

Progressive stock opened at $205.78 on Wednesday. The business’s fifty day moving average is $209.23 and its two-hundred day moving average is $206.06. The firm has a market cap of $120.25 billion, a P/E ratio of 10.32, a P/E/G ratio of 2.86 and a beta of 0.26. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.27 and a current ratio of 0.32. The Progressive Corporation has a 52 week low of $189.20 and a 52 week high of $254.93.

Progressive Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date was Thursday, July 2nd. Progressive’s dividend payout ratio is presently 2.01%.

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.