Osprey Private Wealth LLC Acquires 7,961 Shares of The Progressive Corporation $PGR

Key Points

• Osprey Private Wealth LLC increased its stake in Progressive by 32.4% in the fourth quarter, buying 7,961 additional shares and bringing its total holding to 32,516 shares valued at about $7.4 million.
• Progressive’s latest quarterly earnings beat expectations, with EPS of $4.80 versus the $4.67 estimate, while revenue rose 6.5% year over year to $22.19 billion.
• Analysts remain cautious overall: the stock has a consensus Hold rating with an average price target of $238.39, even as the share price recently slipped about 1% to $193.85.

Osprey Private Wealth LLC grew its holdings in The Progressive Corporation (NYSE:PGR - Free Report) by 32.4% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 32,516 shares of the insurance provider's stock after purchasing an additional 7,961 shares during the period. Progressive makes up about 2.1% of Osprey Private Wealth LLC's portfolio, making the stock its 18th biggest position. Osprey Private Wealth LLC's holdings in Progressive were worth $7,405,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Liberty One Investment Management LLC increased its stake in shares of Progressive by 3.8% in the 3rd quarter. Liberty One Investment Management LLC now owns 1,291 shares of the insurance provider's stock valued at $319,000 after purchasing an additional 47 shares during the last quarter. Klingman & Associates LLC grew its position in Progressive by 1.7% during the 4th quarter. Klingman & Associates LLC now owns 2,927 shares of the insurance provider's stock worth $667,000 after acquiring an additional 48 shares during the last quarter. Wealthstream Advisors Inc. grew its position in Progressive by 4.6% during the 3rd quarter. Wealthstream Advisors Inc. now owns 1,111 shares of the insurance provider's stock worth $274,000 after acquiring an additional 49 shares during the last quarter. Revisor Wealth Management LLC grew its position in Progressive by 2.7% during the 4th quarter. Revisor Wealth Management LLC now owns 1,902 shares of the insurance provider's stock worth $395,000 after acquiring an additional 50 shares during the last quarter. Finally, Cullen Investment Group LTD. grew its position in Progressive by 0.7% during the 4th quarter. Cullen Investment Group LTD. now owns 7,463 shares of the insurance provider's stock worth $1,606,000 after acquiring an additional 52 shares during the last quarter. Institutional investors own 85.34% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on PGR shares. HSBC lowered Progressive from a "strong-buy" rating to a "hold" rating in a research report on Friday, January 16th. Weiss Ratings lowered Progressive from a "hold (c+)" rating to a "hold (c)" rating in a research report on Wednesday. Barclays set a $247.00 price objective on Progressive in a research report on Wednesday, March 18th. Piper Sandler restated an "overweight" rating and set a $259.00 price objective on shares of Progressive in a research report on Monday, March 2nd. Finally, Roth Mkm set a $235.00 price objective on Progressive in a research report on Thursday, February 19th. Six equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $238.39.

Progressive Stock Down 1.0%

Shares of PGR opened at $193.85 on Friday. The company has a market capitalization of $113.27 billion, a PE ratio of 9.86, a PEG ratio of 5.61 and a beta of 0.31. The Progressive Corporation has a 12 month low of $191.75 and a 12 month high of $289.96. The stock's 50-day moving average price is $202.73 and its two-hundred day moving average price is $211.43. The company has a current ratio of 0.27, a quick ratio of 0.35 and a debt-to-equity ratio of 0.26.

Progressive (NYSE:PGR - Get Free Report) last announced its earnings results 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 business's quarterly revenue was up 6.5% compared to the same quarter last year. During the same period in the previous year, the business earned $4.37 EPS. On average, analysts anticipate that The Progressive Corporation will post 16.39 EPS for the current year.

Progressive Dividend Announcement

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

Insider Buying and Selling

In other Progressive news, insider Karen Bailo sold 3,517 shares of Progressive stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $212.00, for a total transaction of $745,604.00. Following the transaction, the insider directly owned 32,348 shares of the company's stock, valued at approximately $6,857,776. The trade was a 9.81% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 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 disclosure for this sale is available in the SEC filing. Insiders sold a total of 6,933 shares of company stock valued at $1,441,564 over the last 90 days. 0.32% of the stock is owned by corporate insiders.

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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