11,403 Shares in The Progressive Corporation $PGR Purchased by SWP Investment Management LLC

Key Points

• SWP Investment Management purchased 11,403 Progressive shares in the second quarter, valued at approximately $2.49 million. Institutional investors collectively own 85.34% of the insurer’s stock.
• Progressive insiders have recently sold shares, including CEO Susan Patricia Griffith’s $7.94 million sale and CFO Andrew J. Quigg’s $769,780 sale; insiders sold 74,885 shares worth about $15.88 million over the past 90 days.
• Analysts maintain a consensus “Hold” rating with a $236.11 target price, while Progressive traded at $210.19 and recently paid a quarterly dividend of $0.10 per share.

SWP Investment Management LLC purchased a new position in The Progressive Corporation (NYSE:PGR - Free Report) in the second quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 11,403 shares of the insurance provider's stock, valued at approximately $2,491,000.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Klingman & Associates LLC lifted its holdings in shares of Progressive by 1.7% in the fourth quarter. Klingman & Associates LLC now owns 2,927 shares of the insurance provider's stock valued at $667,000 after buying an additional 48 shares during the period. Revisor Wealth Management LLC grew its holdings in Progressive by 2.7% during the fourth quarter. Revisor Wealth Management LLC now owns 1,902 shares of the insurance provider's stock worth $395,000 after acquiring an additional 50 shares during the period. Pines Wealth Management LLC raised its position in Progressive by 3.9% in the fourth quarter. Pines Wealth Management LLC now owns 1,399 shares of the insurance provider's stock worth $319,000 after acquiring an additional 52 shares in the last quarter. Northwestern Mutual Investment Management Company LLC raised its position in Progressive by 0.3% in 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 in the last quarter. Finally, Phillips Wealth Planners LLC lifted its holdings in Progressive by 2.8% in the 4th quarter. Phillips Wealth Planners LLC now owns 1,916 shares of the insurance provider's stock valued at $436,000 after acquiring an additional 52 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors.

Insider Activity at Progressive

In related news, CFO Andrew J. Quigg sold 3,499 shares of the company's stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $220.00, for a total transaction of $769,780.00. Following the completion of the sale, the chief financial officer directly owned 42,595 shares of the company's stock, valued at approximately $9,370,900. This represents a 7.59% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Susan Patricia Griffith sold 37,338 shares of the company's stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $212.71, for a total transaction of $7,942,165.98. Following the sale, the chief executive officer owned 522,776 shares of the company's stock, valued at $111,199,682.96. This trade represents a 6.67% 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. Over the last 90 days, insiders have sold 74,885 shares of company stock valued at $15,880,459. 0.32% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on PGR shares. Royal Bank Of Canada set a $208.00 price target on Progressive in a report on Friday, May 22nd. Evercore set a $240.00 price objective on Progressive in a research note on Friday, July 10th. Wells Fargo & Company decreased their target price on Progressive from $205.00 to $198.00 and set an "underweight" rating on the stock in a report on Thursday, July 16th. UBS Group boosted their target price on Progressive from $220.00 to $230.00 and gave the stock a "neutral" rating in a research report on Tuesday, June 30th. Finally, JPMorgan Chase & Co. reaffirmed a "neutral" rating and set a $250.00 target price on shares of Progressive in a report on Tuesday, July 14th. Five research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $236.11.

Progressive Price Performance

PGR opened at $210.19 on Tuesday. The stock has a market cap 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 1 year low of $189.20 and a 1 year high of $254.93. The company has a current ratio of 0.32, a quick ratio of 0.27 and a debt-to-equity ratio of 0.24. The stock has a fifty day moving average price of $211.55 and a 200 day moving average price of $206.01.

Progressive Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Thursday, July 2nd were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, July 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive's dividend payout ratio is presently 2.01%.

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.

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