The Progressive Corporation $PGR Stock: Hingham Institution for Savings Raises Holdings

Hingham Institution for Savings lifted its stake in The Progressive Corporation (NYSE:PGR) by 39.2% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 35,500 shares of the insurance provider’s stock after purchasing an additional 10,000 shares during the quarter. Progressive accounts for 5.7% of Hingham Institution for Savings’ portfolio, making the stock its 7th largest position. Hingham Institution for Savings’ holdings in Progressive were worth $7,360,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the stock. Bogart Wealth LLC increased its stake in Progressive by 235.1% in the 1st quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider’s stock valued at $25,000 after buying an additional 87 shares during the period. IMG Wealth Management Inc. acquired a new stake in shares of Progressive during the 2nd quarter valued at $26,000. Meeder Asset Management Inc. purchased a new position in shares of Progressive during the 2nd quarter valued at $26,000. Kilter Group LLC purchased a new position in shares of Progressive during the 2nd quarter valued at $27,000. Finally, HHM Wealth Advisors LLC increased 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 worth $29,000 after acquiring an additional 126 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Progressive news, insider Lori A. Niederst sold 7,339 shares of the company’s stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $209.29, for a total transaction of $1,535,979.31. Following the completion of the sale, the insider directly owned 42,567 shares in the company, valued at $8,908,847.43. This represents a 14.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Susan Griffith sold 37,338 shares of the firm’s stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $219.50, for a total value of $8,195,691.00. Following the completion of the sale, the chief executive officer directly owned 485,438 shares in the company, valued at approximately $106,553,641. This represents a 7.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 106,782 shares of company stock worth $22,965,332 in the last ninety days. 0.32% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

PGR has been the subject of several recent research reports. Weiss Ratings upgraded Progressive from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, October 8th. BMO Capital Markets reaffirmed a “market perform” rating on shares of Progressive in a research report on Thursday. HSBC reaffirmed a “hold” rating and set a $216.00 price target (down from $221.00) on shares of Progressive in a research note on Wednesday, October 7th. Mizuho reduced their price target on Progressive from $236.00 to $230.00 and set a “neutral” rating for the company in a report on Wednesday, September 16th. Finally, Cantor Fitzgerald lowered their price target on Progressive from $220.00 to $200.00 and set a “neutral” rating for the company in a research note on Monday, August 17th. Nine analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $234.45.

Progressive Stock Up 0.3%

PGR stock opened at $219.12 on Tuesday. The company has a current ratio of 0.31, a quick ratio of 0.29 and a debt-to-equity ratio of 0.24. The Progressive Corporation has a 1 year low of $189.20 and a 1 year high of $239.38. The company has a fifty day simple moving average of $214.89 and a 200 day simple moving average of $209.64. The firm has a market cap of $127.39 billion, a PE ratio of 11.03, a PEG ratio of 2.63 and a beta of 0.25.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 9th. Shareholders of record on Thursday, October 1st were given a $0.10 dividend. The ex-dividend date of this dividend was Thursday, October 1st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive’s payout ratio is currently 2.01%.

Progressive Profile

Progressive Corporation is an insurance holding company headquartered in Mayfield Village, Ohio. Founded in 1937, the company provides insurance products primarily to consumers and businesses in the United States. Progressive distributes its products directly through its website, mobile channels and call centers, as well as through independent agents and brokers.

The company is best known for personal auto insurance, including coverage for cars, motorcycles, boats, recreational vehicles and other personal vehicles.