Fieldview Capital Management LLC Raises Stock Position in The Progressive Corporation $PGR

Key Points

• Fieldview Capital boosted its stake in The Progressive Corporation by 1,685.3% in Q3 to 19,228 shares worth about $4.75 million, making PGR its 20th largest holding (~0.8% of the fund).
• Company insiders have been net sellers — including Steven Broz and Andrew J. Quigg — with 9,103 shares sold over the past 90 days (~$1.88M), while analysts have cut targets and the consensus rating is a “Hold” with an average price target of $245.50.

Fieldview Capital Management LLC grew its position in The Progressive Corporation (NYSE:PGR - Free Report) by 1,685.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 19,228 shares of the insurance provider's stock after buying an additional 18,151 shares during the period. Progressive accounts for approximately 0.8% of Fieldview Capital Management LLC's investment portfolio, making the stock its 20th largest position. Fieldview Capital Management LLC's holdings in Progressive were worth $4,748,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Davis Capital Management purchased a new position in Progressive in the third quarter worth approximately $25,000. Atlantic Union Bankshares Corp purchased a new stake in Progressive in the second quarter valued at $33,000. Howard Hughes Medical Institute acquired a new position in shares of Progressive in the 2nd quarter valued at $34,000. Ameriflex Group Inc. lifted its stake in shares of Progressive by 106.6% in the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider's stock valued at $31,000 after purchasing an additional 65 shares during the last quarter. Finally, TruNorth Capital Management LLC grew its holdings in shares of Progressive by 450.0% during the 3rd quarter. TruNorth Capital Management LLC now owns 165 shares of the insurance provider's stock worth $41,000 after purchasing an additional 135 shares during the period. Institutional investors and hedge funds own 85.34% of the company's stock.

Progressive Trading Up 0.2%

NYSE:PGR opened at $210.92 on Monday. The Progressive Corporation has a 1 year low of $197.92 and a 1 year high of $292.99. The stock has a market cap of $123.58 billion, a P/E ratio of 10.96, a P/E/G ratio of 9.19 and a beta of 0.33. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.35 and a current ratio of 0.35. The stock has a 50-day simple moving average of $208.98 and a 200-day simple moving average of $223.78.

Insiders Place Their Bets

In related news, insider Steven Broz sold 1,344 shares of the company's stock in a transaction that occurred on Friday, December 19th. The stock was sold at an average price of $224.80, for a total value of $302,131.20. Following the completion of the transaction, the insider directly owned 26,354 shares of the company's stock, valued at $5,924,379.20. This represents a 4.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Andrew J. Quigg sold 1,649 shares of the firm's stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $204.35, for a total transaction of $336,973.15. Following the sale, the insider directly owned 39,626 shares in the company, valued at approximately $8,097,573.10. The trade was a 4.00% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 9,103 shares of company stock valued at $1,883,924. 0.33% of the stock is owned by company insiders.

Analysts Set New Price Targets

PGR has been the topic of several research analyst reports. Citigroup reduced their price objective on shares of Progressive from $300.60 to $261.00 and set a "buy" rating on the stock in a report on Tuesday, February 3rd. JPMorgan Chase & Co. dropped their price target on shares of Progressive from $303.00 to $275.00 and set an "overweight" rating for the company in a research report on Wednesday, January 7th. Zacks Research raised shares of Progressive from a "strong sell" rating to a "hold" rating in a research note on Tuesday, February 24th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Progressive in a research report on Monday, December 29th. Finally, Mizuho set a $240.00 target price on shares of Progressive in a report on Wednesday, January 14th. Seven research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Progressive has a consensus rating of "Hold" and an average price target of $245.50.

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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