Hingham Institution for Savings Invests $1.48 Million in The Progressive Corporation $PGR

Key Points

• Hingham Institution for Savings acquired 6,500 shares of The Progressive Corporation in Q4, valued at approximately $1.48 million, representing about 1.2% of its holdings and the firm's 9th-largest position.
• Quarterly results: Progressive beat EPS estimates ($4.80 vs. $4.67) but missed revenue ($22.19B vs. $23.51B); the company has a market cap of ~$117.35B, a P/E of 10.20, ROE of 33.47%, and a net margin of 12.92%.
• Market sentiment and corporate actions: Analysts have a consensus "Hold" with an average price target of $238.39; Progressive pays a $0.10 quarterly dividend (annualized $0.40, 0.2% yield) and insiders sold roughly 6,933 shares (~$1.44M) in the past 90 days.

Hingham Institution for Savings acquired a new stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 6,500 shares of the insurance provider's stock, valued at approximately $1,480,000. Progressive accounts for approximately 1.2% of Hingham Institution for Savings' holdings, making the stock its 9th largest position.

Other large investors also recently added to or reduced their stakes in the company. Illinois Municipal Retirement Fund boosted its stake in Progressive by 30.2% during the third quarter. Illinois Municipal Retirement Fund now owns 102,778 shares of the insurance provider's stock valued at $25,381,000 after buying an additional 23,833 shares during the period. Allstate Corp boosted its stake in Progressive by 1,614.1% during the third quarter. Allstate Corp now owns 21,598 shares of the insurance provider's stock valued at $5,334,000 after buying an additional 20,338 shares during the period. Gateway Investment Advisers LLC raised its position in Progressive by 91.7% during the third quarter. Gateway Investment Advisers LLC now owns 11,710 shares of the insurance provider's stock valued at $2,892,000 after purchasing an additional 5,600 shares in the last quarter. Mather Group LLC. raised its position in Progressive by 40.6% during the third quarter. Mather Group LLC. now owns 16,840 shares of the insurance provider's stock valued at $4,159,000 after purchasing an additional 4,865 shares in the last quarter. Finally, Arkadios Wealth Advisors raised its position in Progressive by 471.3% during the third quarter. Arkadios Wealth Advisors now owns 22,496 shares of the insurance provider's stock valued at $5,556,000 after purchasing an additional 18,558 shares in the last quarter. Institutional investors own 85.34% of the company's stock.

Progressive Stock Down 0.1%

PGR opened at $200.62 on Monday. The company has a market cap of $117.35 billion, a P/E ratio of 10.20, a P/E/G ratio of 6.63 and a beta of 0.34. The business's 50-day moving average price is $203.38 and its 200-day moving average price is $213.08. The company has a current ratio of 0.33, a quick ratio of 0.35 and a debt-to-equity ratio of 0.26. The Progressive Corporation has a 12 month low of $192.02 and a 12 month high of $289.96.

Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, topping the consensus estimate of $4.67 by $0.13. The firm had revenue of $22.19 billion for the quarter, compared to the consensus estimate of $23.51 billion. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The company's quarterly revenue was up 6.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $4.37 earnings per share. On average, equities analysts expect that The Progressive Corporation will post 16.38 EPS for the current year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 10th. Stockholders of record on Thursday, April 2nd were issued a $0.10 dividend. The ex-dividend date was Thursday, April 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive's payout ratio is currently 2.03%.

Analyst Ratings Changes

A number of research firms have weighed in on PGR. Bank of America raised their price target on Progressive from $295.00 to $298.00 and gave the company a "buy" rating in a research report on Tuesday, April 14th. Morgan Stanley lowered their price target on Progressive from $205.00 to $190.00 and set an "underweight" rating on the stock in a research report on Tuesday, March 31st. Barclays set a $247.00 price target on Progressive in a research report on Wednesday, March 18th. UBS Group raised their price target on Progressive from $218.00 to $220.00 and gave the company a "neutral" rating in a research report on Monday, March 23rd. Finally, Piper Sandler restated an "overweight" rating and set a $259.00 price target on shares of Progressive in a research report on Monday, March 2nd. Six equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $238.39.

Insider Buying and Selling

In other news, CIO Jonathan S. Bauer sold 2,266 shares of Progressive stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $203.05, for a total value of $460,111.30. Following the transaction, the executive owned 26,250 shares in the company, valued at approximately $5,330,062.50. The trade was a 7.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 value of $150,201.75. The SEC filing for this sale provides additional information. Insiders have sold a total of 6,933 shares of company stock worth $1,441,564 in the last ninety days. Corporate 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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