Indivisible Partners Takes Position in The Progressive Corporation $PGR

Key Points

• Indivisible Partners bought a new stake of 8,063 shares in The Progressive Corporation in Q4, valued at about $1.84 million, while several other institutional investors also increased positions and institutional ownership stands at 85.34%.
• Analysts hold a consensus rating of Hold with a consensus price target of $238.39, reflecting mixed views (6 Buy, 14 Hold, 2 Sell) and several recent target revisions.
• Progressive beat quarterly EPS estimates ($4.80 vs. $4.67) but missed revenue expectations, its shares trade near $197.75 (1‑year range $192–$289.96), it pays a small quarterly dividend of $0.10 (~0.2% yield), and insiders have recently sold shares.

Indivisible Partners bought a new stake in The Progressive Corporation (NYSE:PGR - Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor bought 8,063 shares of the insurance provider's stock, valued at approximately $1,836,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the company. Illinois Municipal Retirement Fund grew its stake in Progressive by 30.2% in the 3rd 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 last quarter. Allstate Corp grew its stake in Progressive by 1,614.1% in the 3rd 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 last quarter. Arkadios Wealth Advisors grew its stake in Progressive by 471.3% in the 3rd quarter. Arkadios Wealth Advisors now owns 22,496 shares of the insurance provider's stock valued at $5,556,000 after buying an additional 18,558 shares during the last quarter. Oregon Public Employees Retirement Fund grew its stake in Progressive by 32.4% in the 3rd quarter. Oregon Public Employees Retirement Fund now owns 67,056 shares of the insurance provider's stock valued at $16,559,000 after buying an additional 16,398 shares during the last quarter. Finally, Tema Etfs LLC acquired a new position in Progressive in the 3rd quarter valued at about $2,250,000. 85.34% of the stock is owned by institutional investors.

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Analysts Set New Price Targets

A number of research analysts recently commented on the stock. Barclays set a $247.00 price target on shares of Progressive in a research note on Wednesday, March 18th. UBS Group increased their target price on shares of Progressive from $218.00 to $220.00 and gave the stock a "neutral" rating in a research report on Monday, March 23rd. Roth Mkm set a $235.00 target price on shares of Progressive in a research report on Thursday, February 19th. JPMorgan Chase & Co. decreased their target price on shares of Progressive from $303.00 to $275.00 and set an "overweight" rating on the stock in a research report on Wednesday, January 7th. Finally, Morgan Stanley decreased their target price on shares of Progressive from $205.00 to $190.00 and set an "underweight" rating on the stock in a research report on Tuesday, March 31st. Six equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, Progressive presently has a consensus rating of "Hold" and a consensus price target of $238.39.

Progressive Stock Performance

Shares of Progressive stock opened at $197.75 on Wednesday. The company has a 50 day moving average of $203.05 and a 200-day moving average of $211.81. The Progressive Corporation has a 1-year low of $192.02 and a 1-year high of $289.96. 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 company has a market cap of $115.68 billion, a PE ratio of 10.05, a price-to-earnings-growth ratio of 6.57 and a beta of 0.31.

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

Progressive Announces Dividend

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

Insider Activity

In related news, CAO Carl G. Joyce sold 270 shares of the stock in a transaction that occurred on Friday, March 20th. The shares were sold at an average price of $206.50, for a total value of $55,755.00. Following the completion of the transaction, the chief accounting officer owned 558 shares of the company's stock, valued at $115,227. This represents a 32.61% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Maribel Pumarejo sold 739 shares of the stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $203.25, for a total transaction of $150,201.75. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 6,933 shares of company stock worth $1,441,564. Insiders own 0.32% of the company's stock.

Progressive 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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