Lido Advisors LLC Grows Position in The Progressive Corporation $PGR

Lido Advisors LLC boosted its stake in shares of The Progressive Corporation (NYSE:PGR) by 33.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 33,239 shares of the insurance provider’s stock after purchasing an additional 8,325 shares during the period. Lido Advisors LLC’s holdings in Progressive were worth $6,590,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Klingman & Associates LLC raised its position in shares of Progressive by 1.7% in the 4th quarter. Klingman & Associates LLC now owns 2,927 shares of the insurance provider’s stock worth $667,000 after buying an additional 48 shares during the period. Revisor Wealth Management LLC grew its position in Progressive by 2.7% during the fourth quarter. Revisor Wealth Management LLC now owns 1,902 shares of the insurance provider’s stock valued at $395,000 after acquiring an additional 50 shares during the period. Pines Wealth Management LLC grew its position in Progressive by 3.9% during the fourth quarter. Pines Wealth Management LLC now owns 1,399 shares of the insurance provider’s stock valued at $319,000 after acquiring an additional 52 shares during the period. Northwestern Mutual Investment Management Company LLC increased its stake in Progressive by 0.3% during the fourth quarter. Northwestern Mutual Investment Management Company LLC now owns 18,736 shares of the insurance provider’s stock worth $4,267,000 after acquiring an additional 52 shares during the last quarter. Finally, Phillips Wealth Planners LLC increased its stake in Progressive by 2.8% during the fourth quarter. Phillips Wealth Planners LLC now owns 1,916 shares of the insurance provider’s stock worth $436,000 after acquiring an additional 52 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Stock Up 3.3%

NYSE PGR opened at $213.85 on Friday. The company has a quick ratio of 0.27, a current ratio of 0.32 and a debt-to-equity ratio of 0.24. The Progressive Corporation has a fifty-two week low of $189.20 and a fifty-two week high of $254.93. The business has a 50 day moving average price of $209.88 and a two-hundred day moving average price of $205.92. The stock has a market cap of $124.96 billion, a PE ratio of 10.72, a P/E/G ratio of 2.79 and a beta of 0.26.

Progressive Announces Dividend

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

Insider Activity at Progressive

In related news, insider John Jo Murphy sold 5,916 shares of Progressive stock in a transaction on Friday, June 5th. The shares were sold at an average price of $200.00, for a total transaction of $1,183,200.00. Following the sale, the insider owned 41,290 shares of the company’s stock, valued at $8,258,000. The trade was a 12.53% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through 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 business’s stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $216.33, for a total transaction of $1,514,310.00. Following the completion of the transaction, the director owned 22,546 shares in the company, valued at $4,877,376.18. This represents a 23.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 15,230 shares of company stock valued at $3,165,817. Corporate insiders own 0.32% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on PGR shares. Morgan Stanley raised Progressive from an “underweight” rating to an “equal weight” rating and lifted their price objective for the company from $190.00 to $210.00 in a research note on Friday. JPMorgan Chase & Co. reissued a “neutral” rating and set a $250.00 target price on shares of Progressive in a research report on Tuesday, July 14th. Wells Fargo & Company reduced their price target on shares of Progressive from $205.00 to $198.00 and set an “underweight” rating on the stock in a research report on Thursday, July 16th. Mizuho boosted their price objective on shares of Progressive from $217.00 to $243.00 and gave the stock a “neutral” rating in a research note on Thursday, July 9th. Finally, Keefe, Bruyette & Woods dropped their price objective on shares of Progressive from $231.00 to $226.00 and set a “market perform” rating for the company in a research report on Thursday, July 16th. Five equities research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $236.11.

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.