Mirabella Financial Services LLP Acquires 13,609 Shares of The Progressive Corporation $PGR

Mirabella Financial Services LLP lifted its holdings in shares of The Progressive Corporation (NYSE:PGR) by 176.9% in the third quarter, Holdings Channel.com reports. The institutional investor owned 21,300 shares of the insurance provider’s stock after acquiring an additional 13,609 shares during the period. Mirabella Financial Services LLP’s holdings in Progressive were worth $5,250,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of PGR. Davis Capital Management acquired a new position in Progressive during the third quarter worth about $25,000. Ameriflex Group Inc. boosted its stake in shares of Progressive by 106.6% in the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock valued at $31,000 after purchasing an additional 65 shares in the last quarter. Howard Hughes Medical Institute acquired a new stake in shares of Progressive in the 2nd quarter valued at approximately $34,000. TruNorth Capital Management LLC grew its holdings in shares of Progressive by 450.0% during the 3rd quarter. TruNorth Capital Management LLC now owns 165 shares of the insurance provider’s stock valued at $41,000 after purchasing an additional 135 shares during the last quarter. Finally, Richardson Financial Services Inc. increased its position in Progressive by 41.0% during the 3rd quarter. Richardson Financial Services Inc. now owns 196 shares of the insurance provider’s stock worth $48,000 after purchasing an additional 57 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts recently commented on PGR shares. Roth Mkm set a $235.00 price objective on shares of Progressive in a research note on Thursday, February 19th. Barclays raised shares of Progressive from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $257.00 to $265.00 in a research note on Thursday, January 8th. The Goldman Sachs Group restated a “buy” rating and issued a $225.00 price objective on shares of Progressive in a report on Monday, February 23rd. Morgan Stanley lowered their price objective on Progressive from $214.00 to $205.00 and set an “underweight” rating for the company in a research report on Wednesday, January 28th. Finally, JPMorgan Chase & Co. dropped their price objective on Progressive from $303.00 to $275.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 7th. Seven research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $241.94.

Insiders Place Their Bets

In other Progressive news, 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 value 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. This trade represents a 4.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Steven Broz sold 1,344 shares of the business’s stock in a transaction that occurred on Friday, December 19th. The shares were sold at an average price of $224.80, for a total value of $302,131.20. Following the sale, the insider owned 26,354 shares of the company’s stock, valued at approximately $5,924,379.20. This represents a 4.85% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 12,761 shares of company stock valued at $2,659,420. 0.33% of the stock is currently owned by corporate insiders.

Progressive Price Performance

Shares of NYSE PGR opened at $204.60 on Tuesday. The firm has a market capitalization of $119.88 billion, a P/E ratio of 10.63, a P/E/G ratio of 8.94 and a beta of 0.33. The firm’s 50-day moving average price is $206.80 and its 200-day moving average price is $222.02. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.23. The Progressive Corporation has a 1-year low of $197.92 and a 1-year high of $292.99.

Progressive Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, April 10th. Investors of record on Thursday, April 2nd will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend is Thursday, April 2nd. Progressive’s dividend payout ratio is 2.08%.

About Progressive

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.