Beck Mack & Oliver LLC Boosts Stock Position in The Progressive Corporation $PGR

Key Points

• Beck Mack & Oliver LLC increased its stake in The Progressive Corporation by 7.9%, holding 20,646 shares worth approximately $5.84 million as of the end of the first quarter.
• Multiple institutional investors have recently made significant changes to their positions in Progressive, with 85.34% of the stock now owned by institutional investors.
• Progressive announced a quarterly dividend of $0.10 per share, set to be paid on October 10th, reflecting a 0.2% dividend yield.

Beck Mack & Oliver LLC boosted its holdings in The Progressive Corporation (NYSE:PGR - Free Report) by 7.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 20,646 shares of the insurance provider's stock after acquiring an additional 1,517 shares during the quarter. Beck Mack & Oliver LLC's holdings in Progressive were worth $5,843,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Highline Wealth Partners LLC raised its holdings in Progressive by 114.0% in the 1st quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock worth $26,000 after purchasing an additional 49 shares during the period. TruNorth Capital Management LLC grew its position in Progressive by 210.0% in the first quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider's stock worth $26,000 after acquiring an additional 63 shares in the last quarter. Minot DeBlois Advisors LLC purchased a new position in Progressive in the fourth quarter worth about $28,000. HWG Holdings LP purchased a new position in Progressive in the first quarter worth about $28,000. Finally, Garde Capital Inc. purchased a new position in shares of Progressive during the first quarter valued at approximately $33,000. 85.34% of the stock is owned by institutional investors.

Insider Activity

In other Progressive news, insider Patrick K. Callahan sold 6,232 shares of the company's stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $249.96, for a total value of $1,557,750.72. Following the sale, the insider directly owned 21,612 shares of the company's stock, valued at approximately $5,402,135.52. This represents a 22.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CIO Jonathan S. Bauer sold 2,391 shares of the company's stock in a transaction on Monday, July 28th. The shares were sold at an average price of $249.24, for a total transaction of $595,932.84. Following the completion of the sale, the executive directly owned 26,698 shares in the company, valued at approximately $6,654,209.52. The trade was a 8.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 108,351 shares of company stock valued at $27,003,746. 0.34% of the stock is owned by corporate insiders.

Progressive Price Performance

Shares of PGR opened at $247.03 on Friday. The firm has a market capitalization of $144.81 billion, a PE ratio of 13.92, a price-to-earnings-growth ratio of 1.44 and a beta of 0.33. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.31 and a quick ratio of 0.31. The Progressive Corporation has a 1-year low of $228.54 and a 1-year high of $292.99. The company's fifty day moving average price is $249.69 and its 200-day moving average price is $266.17.

Progressive (NYSE:PGR - Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share for the quarter, beating analysts' consensus estimates of $4.43 by $0.45. The firm had revenue of $20.08 billion for the quarter, compared to analyst estimates of $20.39 billion. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The business's quarterly revenue was up 12.1% compared to the same quarter last year. During the same period in the previous year, the company earned $2.48 earnings per share. On average, equities research analysts predict that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, October 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive's payout ratio is 2.25%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on PGR shares. Bank of America lowered their price target on Progressive from $337.00 to $336.00 and set a "buy" rating for the company in a report on Thursday, July 17th. Wall Street Zen downgraded shares of Progressive from a "buy" rating to a "hold" rating in a research note on Friday, July 18th. BMO Capital Markets reduced their price objective on shares of Progressive from $281.00 to $279.00 and set an "outperform" rating for the company in a research note on Thursday, August 21st. Jefferies Financial Group reduced their price objective on shares of Progressive from $309.00 to $287.00 and set a "buy" rating for the company in a research note on Monday, August 11th. Finally, Evercore ISI downgraded shares of Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 price objective for the company. in a research note on Thursday, July 17th. Nine equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat, Progressive has an average rating of "Moderate Buy" and an average price target of $284.18.

Progressive Company Profile

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.

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