6,491 Shares in The Progressive Corporation $PGR Bought by Accurate Wealth Management LLC

Key Points

• Accurate Wealth Management LLC purchased 6,491 Progressive shares worth approximately $1.5 million in the second quarter, while institutional investors collectively own 85.34% of PGR.
• Analysts maintain a consensus “Hold” rating, with five Buy, fourteen Hold, and two Sell ratings and an average price target of $235.
• Progressive declared a quarterly dividend of $0.10 per share, representing a $0.40 annualized payout and a 0.2% yield; company insiders sold about $15.9 million of stock over the past 90 days.

Accurate Wealth Management LLC acquired a new position in shares of The Progressive Corporation (NYSE:PGR - Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 6,491 shares of the insurance provider's stock, valued at approximately $1,498,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in PGR. Vanguard Group Inc. boosted its holdings in Progressive by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 55,261,140 shares of the insurance provider's stock worth $12,584,067,000 after buying an additional 593,612 shares during the last quarter. State Street Corp raised its holdings in shares of Progressive by 0.3% during the third quarter. State Street Corp now owns 25,808,762 shares of the insurance provider's stock valued at $6,373,474,000 after acquiring an additional 78,374 shares during the last quarter. Capital International Investors lifted its position in shares of Progressive by 8.9% in the fourth quarter. Capital International Investors now owns 14,921,724 shares of the insurance provider's stock valued at $3,398,123,000 after acquiring an additional 1,217,527 shares in the last quarter. GQG Partners LLC lifted its position in shares of Progressive by 11.7% in the fourth quarter. GQG Partners LLC now owns 10,432,549 shares of the insurance provider's stock valued at $2,375,706,000 after acquiring an additional 1,092,151 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Progressive in the fourth quarter worth approximately $1,836,094,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PGR has been the subject of several recent research reports. Evercore set a $240.00 price objective on Progressive in a research note on Friday, July 10th. Keefe, Bruyette & Woods lowered their target price on shares of Progressive from $231.00 to $226.00 and set a "market perform" rating on the stock in a research note on Thursday, July 16th. Bank of America dropped their target price on shares of Progressive from $313.00 to $308.00 and set a "buy" rating for the company in a report on Thursday, July 16th. Wells Fargo & Company reduced their target price on shares of Progressive from $205.00 to $198.00 and set an "underweight" rating for the company in a research report on Thursday, July 16th. Finally, William Blair reissued a "market perform" rating on shares of Progressive in a research note on Wednesday, July 15th. Five investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Progressive presently has a consensus rating of "Hold" and a consensus price target of $235.00.

Progressive Price Performance

NYSE:PGR opened at $207.04 on Thursday. The Progressive Corporation has a 52 week low of $189.20 and a 52 week high of $254.93. The stock's fifty day moving average is $213.99 and its two-hundred day moving average is $206.43. The company has a market capitalization of $120.37 billion, a P/E ratio of 10.38, a P/E/G ratio of 2.86 and a beta of 0.27. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.24.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Thursday, October 1st will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date is Thursday, October 1st. Progressive's payout ratio is 2.01%.

Insider Transactions at Progressive

In other Progressive news, CIO Jonathan S. Bauer sold 2,242 shares of Progressive stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $212.71, for a total transaction of $476,895.82. Following the completion of the sale, the executive directly owned 26,250 shares in the company, valued at $5,583,637.50. This trade represents a 7.87% decrease in their ownership of the stock. The sale 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, CFO Andrew J. Quigg sold 3,499 shares of the business's stock in a transaction that occurred 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 in the company, valued at $9,370,900. This trade represents a 7.59% 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 74,885 shares of company stock worth $15,880,459 in the last 90 days. Insiders own 0.32% of the company's stock.

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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