SWP Investment Management LLC Takes Position in The Progressive Corporation $PGR

SWP Investment Management LLC bought a new position in The Progressive Corporation (NYSE:PGR) in the second quarter, HoldingsChannel.com reports. The fund bought 11,403 shares of the insurance provider’s stock, valued at approximately $2,491,000.

Other hedge funds have also modified their holdings of the company. Brighton Jones LLC boosted its position in shares of Progressive by 15.6% in the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock worth $813,000 after purchasing an additional 457 shares during the last quarter. Revolve Wealth Partners LLC bought a new stake in Progressive in the fourth quarter valued at about $269,000. Bison Wealth LLC lifted its stake in Progressive by 3.2% in the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock valued at $615,000 after buying an additional 80 shares during the period. HUB Investment Partners LLC lifted its stake in Progressive by 7.8% in the second quarter. HUB Investment Partners LLC now owns 2,282 shares of the insurance provider’s stock valued at $609,000 after buying an additional 166 shares during the period. Finally, Diversify Wealth Management LLC boosted its holdings in Progressive by 12.0% during the second quarter. Diversify Wealth Management LLC now owns 15,146 shares of the insurance provider’s stock worth $3,681,000 after buying an additional 1,622 shares during the last quarter. 85.34% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, CFO Andrew J. Quigg sold 3,499 shares of the company’s stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $220.00, for a total value of $769,780.00. Following the transaction, the chief financial officer directly owned 42,595 shares in the company, valued at approximately $9,370,900. This represents a 7.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider John Jo Murphy sold 8,124 shares of the business’s stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $212.70, for a total value of $1,727,974.80. Following the completion of the sale, the insider owned 41,291 shares of the company’s stock, valued at approximately $8,782,595.70. This trade represents a 16.44% 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. Insiders sold a total of 74,885 shares of company stock worth $15,880,459 in the last three months. Insiders own 0.32% of the company’s stock.

Progressive Stock Performance

Shares of PGR opened at $210.19 on Tuesday. The stock has a market capitalization of $122.82 billion, a price-to-earnings ratio of 10.54, a PEG ratio of 2.86 and a beta of 0.27. The Progressive Corporation has a 12 month low of $189.20 and a 12 month high of $254.93. The firm has a fifty day simple moving average of $211.55 and a 200 day simple moving average of $206.01. The company has a current ratio of 0.32, a quick ratio of 0.27 and a debt-to-equity ratio of 0.24.

Progressive Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on PGR. UBS Group boosted their price objective on shares of Progressive from $220.00 to $230.00 and gave the company a “neutral” rating in a report on Tuesday, June 30th. Weiss Ratings cut shares of Progressive from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, May 6th. Evercore set a $240.00 price objective on Progressive in a research note on Friday, July 10th. Bank of America decreased their target price on Progressive from $313.00 to $308.00 and set a “buy” rating for the company in a research note on Thursday, July 16th. Finally, BMO Capital Markets dropped their price target on Progressive from $220.00 to $205.00 and set a “market perform” rating on the stock 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 given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $236.11.

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.