Jacobs Asset Management LLC Purchases 2,500 Shares of The Progressive Corporation $PGR

Key Points

• Jacobs Asset Management LLC increased its holdings in The Progressive Corporation by 33.3%, now owning 10,000 shares worth approximately $2.83 million.
• Several institutional investors, including Vanguard Group and GQG Partners, also increased their stake in Progressive, highlighting a trend of growing investment despite some recent stock price drops.
• Progressive recently announced a quarterly dividend of $0.10 per share, with a yield of 0.2%, reflecting the company's ongoing commitment to returning value to shareholders.

Jacobs Asset Management LLC boosted its position in The Progressive Corporation (NYSE:PGR - Free Report) by 33.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 10,000 shares of the insurance provider's stock after acquiring an additional 2,500 shares during the period. Progressive accounts for 1.8% of Jacobs Asset Management LLC's portfolio, making the stock its 22nd largest position. Jacobs Asset Management LLC's holdings in Progressive were worth $2,830,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PGR. Brighton Jones LLC raised its stake in shares of Progressive by 15.6% during the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider's stock worth $813,000 after buying an additional 457 shares during the last quarter. Revolve Wealth Partners LLC acquired a new stake in Progressive during the 4th quarter worth $269,000. Highview Capital Management LLC DE grew its holdings in Progressive by 3.2% during the 4th quarter. Highview Capital Management LLC DE now owns 11,040 shares of the insurance provider's stock worth $2,645,000 after acquiring an additional 339 shares during the period. Boothbay Fund Management LLC raised its position in shares of Progressive by 66.2% during the 4th quarter. Boothbay Fund Management LLC now owns 3,024 shares of the insurance provider's stock valued at $725,000 after acquiring an additional 1,205 shares during the last quarter. Finally, Prosperity Consulting Group LLC lifted its stake in shares of Progressive by 3.1% in the 4th quarter. Prosperity Consulting Group LLC now owns 3,782 shares of the insurance provider's stock valued at $906,000 after purchasing an additional 113 shares during the period. 85.34% of the stock is owned by institutional investors.

Insider Transactions at Progressive

In other Progressive news, CIO Jonathan S. Bauer sold 2,391 shares of the firm's stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $249.24, for a total value of $595,932.84. Following the completion of the transaction, the executive directly owned 26,698 shares in the company, valued at $6,654,209.52. This trade represents a 8.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Lori A. Niederst sold 8,063 shares of the business's stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $250.18, for a total value of $2,017,201.34. Following the transaction, the insider directly owned 39,040 shares in the company, valued at $9,767,027.20. This trade represents a 17.12% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 108,351 shares of company stock worth $27,003,746. 0.34% of the stock is owned by insiders.

Progressive Stock Up 0.6%

Progressive stock traded up $1.59 during midday trading on Thursday, reaching $246.28. The stock had a trading volume of 2,316,522 shares, compared to its average volume of 2,907,152. The stock has a market capitalization of $144.37 billion, a P/E ratio of 13.87, a price-to-earnings-growth ratio of 1.42 and a beta of 0.33. The firm's fifty day simple moving average is $249.97 and its 200-day simple moving average is $266.18. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.31 and a current ratio of 0.31. The Progressive Corporation has a 1-year low of $228.54 and a 1-year high of $292.99.

Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share for the quarter, topping analysts' consensus estimates of $4.43 by $0.45. Progressive had a return on equity of 35.37% and a net margin of 12.66%.The firm had revenue of $20.08 billion during the quarter, compared to the consensus estimate of $20.39 billion. During the same quarter in the prior year, the firm posted $2.48 EPS. The business's revenue was up 12.1% on a year-over-year basis. As a group, analysts expect that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Thursday, October 2nd will be given a $0.10 dividend. The ex-dividend date of this dividend is Thursday, October 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive's dividend payout ratio (DPR) is 2.25%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on PGR. UBS Group decreased their price objective on Progressive from $280.00 to $268.00 and set a "neutral" rating for the company in a research note on Monday, July 21st. Barclays reduced their target price on Progressive from $287.00 to $281.00 and set an "equal weight" rating on the stock in a report on Tuesday, August 19th. Jefferies Financial Group decreased their target price on Progressive from $309.00 to $287.00 and set a "buy" rating for the company in a research report on Monday, August 11th. Cantor Fitzgerald upgraded shares of Progressive to a "hold" rating in a research report on Wednesday, August 13th. Finally, Morgan Stanley lifted their price objective on shares of Progressive from $265.00 to $267.00 and gave the stock an "equal weight" rating in a research note on Friday, August 22nd. Nine investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $284.18.

About Progressive

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.