First Trust Advisors LP Has $245.11 Million Stock Position in The Progressive Corporation $PGR

Key Points

• First Trust Advisors LP boosted its stake in The Progressive Corporation by 47.3% in Q3, buying 318,884 shares to hold 992,530 shares valued at about $245.11 million (roughly 0.17% of the company).
• Progressive trades with a market cap of $123.58 billion and a PE of 10.96, a 52‑week range of $197.92–$292.99, and pays a small quarterly dividend of $0.10 (annualized $0.40, yield ~0.2%, DPR 2.08%).
• Analysts’ consensus is a "Hold" with an average price target of $245.50; institutional investors own 85.34% of shares while insiders sold 9,103 shares (about $1.88M) over the last quarter.

First Trust Advisors LP increased its stake in The Progressive Corporation (NYSE:PGR - Free Report) by 47.3% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 992,530 shares of the insurance provider's stock after purchasing an additional 318,884 shares during the period. First Trust Advisors LP owned approximately 0.17% of Progressive worth $245,105,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also bought and sold shares of PGR. Davis Capital Management bought a new position in Progressive in the 3rd quarter valued at about $25,000. Atlantic Union Bankshares Corp bought a new stake in shares of Progressive during the 2nd quarter worth approximately $33,000. Howard Hughes Medical Institute bought a new stake in shares of Progressive during the 2nd quarter worth approximately $34,000. TruNorth Capital Management LLC boosted its position 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 acquiring an additional 135 shares in the last quarter. Finally, Richardson Financial Services Inc. boosted its position in shares of Progressive by 41.0% during the 3rd quarter. Richardson Financial Services Inc. now owns 196 shares of the insurance provider's stock worth $48,000 after acquiring an additional 57 shares in the last quarter. Institutional investors own 85.34% of the company's stock.

Progressive Stock Performance

NYSE PGR opened at $210.92 on Friday. The firm's fifty day moving average price is $208.98 and its two-hundred day moving average price is $223.98. The stock has a market cap of $123.58 billion, a PE ratio of 10.96, a PEG ratio of 9.20 and a beta of 0.33. The Progressive Corporation has a fifty-two week low of $197.92 and a fifty-two week high of $292.99. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.29 and a current ratio of 0.35.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 8th. Investors of record on Friday, January 2nd were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, January 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive's dividend payout ratio (DPR) is 2.08%.

Insider Transactions at Progressive

In other news, insider Maribel Pumarejo sold 739 shares of Progressive stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $203.25, for a total transaction of $150,201.75. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Steven Broz sold 1,344 shares of the business's stock in a transaction dated Friday, December 19th. The stock was sold at an average price of $224.80, for a total value of $302,131.20. Following the sale, the insider owned 26,354 shares in the company, valued at approximately $5,924,379.20. This trade represents a 4.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 9,103 shares of company stock worth $1,883,924. 0.34% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts have commented on PGR shares. The Goldman Sachs Group restated a "buy" rating and set a $225.00 price objective on shares of Progressive in a research report on Monday, February 23rd. Piper Sandler reaffirmed an "overweight" rating and issued a $259.00 target price on shares of Progressive in a report on Monday, March 2nd. Weiss Ratings reissued a "hold (c+)" rating on shares of Progressive in a report on Monday, December 29th. Keefe, Bruyette & Woods upped their price objective on Progressive from $225.00 to $232.00 and gave the stock a "market perform" rating in a research report on Thursday, February 19th. Finally, JPMorgan Chase & Co. reduced their price objective on Progressive from $303.00 to $275.00 and set an "overweight" rating on the stock in a research note on Wednesday, January 7th. Seven analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $245.50.

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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