The Progressive Corporation $PGR Shares Purchased by Stenger Family Office LLC

Stenger Family Office LLC raised its stake in The Progressive Corporation (NYSE:PGR) by 15.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 21,323 shares of the insurance provider’s stock after purchasing an additional 2,844 shares during the quarter. Stenger Family Office LLC’s holdings in Progressive were worth $4,227,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of PGR. Bogart Wealth LLC boosted its position in shares of Progressive by 235.1% in the first quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider’s stock worth $25,000 after buying an additional 87 shares during the period. Bard Associates Inc. purchased a new stake in shares of Progressive during the 4th quarter valued at about $27,000. Dagco Inc. purchased a new stake in shares of Progressive during the 4th quarter valued at about $28,000. HHM Wealth Advisors LLC lifted its position in Progressive by 700.0% during the 1st quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider’s stock worth $29,000 after acquiring an additional 126 shares in the last quarter. Finally, IFC & Insurance Marketing Inc. acquired a new position in Progressive during the 4th quarter worth approximately $29,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Stock Performance

Shares of PGR stock opened at $232.62 on Thursday. 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 Progressive Corporation has a one year low of $189.20 and a one year high of $254.93. The company’s 50-day simple moving average is $205.78 and its 200-day simple moving average is $206.70. The stock has a market capitalization of $135.93 billion, a price-to-earnings ratio of 11.83, a PEG ratio of 4.44 and a beta of 0.26.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, topping 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 business had revenue of $22.19 billion during the quarter, compared to the consensus estimate of $23.51 billion. During the same period last year, the firm earned $4.37 earnings per share. The company’s revenue for the quarter was up 6.5% compared to the same quarter last year. Equities analysts anticipate that The Progressive Corporation will post 17.26 earnings per share for the current fiscal year.

Progressive Dividend Announcement

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

Insider Transactions at Progressive

In other news, insider Steven Broz sold 1,157 shares of the business’s stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $204.76, for a total value of $236,907.32. Following the completion of the sale, the insider directly owned 27,511 shares in the company, valued at approximately $5,633,152.36. The trade was a 4.04% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider John Jo Murphy sold 5,916 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $200.00, for a total value of $1,183,200.00. Following the sale, the insider directly owned 41,290 shares in the company, valued at approximately $8,258,000. This represents a 12.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 15,230 shares of company stock worth $3,165,817. 0.32% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Evercore reaffirmed a “negative” rating on shares of Progressive in a research report on Wednesday, March 18th. Mizuho decreased their target price on shares of Progressive from $235.00 to $223.00 and set a “neutral” rating for the company in a research note on Friday, March 20th. Keefe, Bruyette & Woods raised their price target on shares of Progressive from $210.00 to $231.00 and gave the company a “market perform” rating in a report on Wednesday. Wells Fargo & Company downgraded shares of Progressive from an “equal weight” rating to an “underweight” rating and set a $205.00 price target on the stock. in a research note on Monday, June 29th. Finally, BMO Capital Markets reiterated a “market perform” rating and issued a $220.00 price objective on shares of Progressive in a report on Wednesday, May 20th. Six analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $236.47.

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.