7G Capital Management LLC Makes New Investment in The Progressive Corporation $PGR

Key Points

• 7G Capital Management initiated a 40,000-share position in Progressive during the first quarter, valued at approximately $7.93 million and representing 4.5% of its portfolio.
• Institutional investors own 85.34% of Progressive, with major additions from Norges Bank, Wellington Management, Diamant Asset Management and Arrowstreet Capital.
• Progressive shares opened at $211.50, while analysts maintain a consensus “Hold” rating with an average price target of $236.11; company insiders sold 74,885 shares worth about $15.88 million during the quarter.

7G Capital Management LLC acquired a new position in shares of The Progressive Corporation (NYSE:PGR - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 40,000 shares of the insurance provider's stock, valued at approximately $7,930,000. Progressive makes up about 4.5% of 7G Capital Management LLC's investment portfolio, making the stock its 6th biggest position.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Norges Bank bought a new stake in shares of Progressive during the 4th quarter valued at about $1,836,094,000. Wellington Management Group LLP lifted its position in shares of Progressive by 181.8% in the fourth quarter. Wellington Management Group LLP now owns 6,506,302 shares of the insurance provider's stock valued at $1,481,615,000 after acquiring an additional 4,197,212 shares in the last quarter. Diamant Asset Management Inc. increased its holdings in shares of Progressive by 19,724.0% in the first quarter. Diamant Asset Management Inc. now owns 4,068,876 shares of the insurance provider's stock worth $806,614,000 after purchasing an additional 4,048,351 shares during the last quarter. Life Cycle Investment Partners Ltd purchased a new position in shares of Progressive in the fourth quarter valued at $353,906,000. Finally, Arrowstreet Capital Limited Partnership grew its holdings in Progressive by 193.2% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,206,742 shares of the insurance provider's stock valued at $502,519,000 after purchasing an additional 1,454,111 shares during the last quarter. Institutional investors own 85.34% of the company's stock.

Insider Buying and Selling at Progressive

In other news, CEO Susan Patricia Griffith sold 37,338 shares of the stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $212.71, for a total value of $7,942,165.98. Following the completion of the sale, the chief executive officer owned 522,776 shares in the company, valued at approximately $111,199,682.96. This trade represents a 6.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Karen Bailo sold 8,452 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 $1,797,824.92. Following the completion of the transaction, the insider directly owned 32,348 shares of the company's stock, valued at approximately $6,880,743.08. The trade was a 20.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 74,885 shares of company stock valued at $15,880,459. 0.32% of the stock is owned by company insiders.

Progressive Stock Performance

Shares of PGR opened at $211.50 on Friday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.27 and a current ratio of 0.32. The company's fifty day moving average is $211.33 and its two-hundred day moving average is $206.05. The Progressive Corporation has a 1 year low of $189.20 and a 1 year high of $254.93. The stock has a market capitalization of $123.59 billion, a P/E ratio of 10.61, a P/E/G ratio of 2.88 and a beta of 0.26.

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 issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date was Thursday, July 2nd. Progressive's dividend payout ratio is 2.01%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on PGR. Keefe, Bruyette & Woods reduced their target price on shares of Progressive from $231.00 to $226.00 and set a "market perform" rating for the company in a report on Thursday, July 16th. Morgan Stanley upgraded shares of Progressive from an "underweight" rating to an "equal weight" rating and raised their price target for the stock from $190.00 to $210.00 in a report on Friday, July 24th. JPMorgan Chase & Co. restated a "neutral" rating and issued a $250.00 price objective on shares of Progressive in a report on Tuesday, July 14th. Mizuho raised their target price on shares of Progressive from $217.00 to $243.00 and gave the company a "neutral" rating in a report on Thursday, July 9th. Finally, Royal Bank Of Canada set a $208.00 price target on Progressive in a report on Friday, May 22nd. Five analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Progressive currently has an average rating of "Hold" and an average target price of $236.11.

Progressive Company 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.

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