Seaview Investment Managers LLC Makes New Investment in The Progressive Corporation (NYSE:PGR)

Key Points

• Seaview Investment Managers LLC acquired a new stake in The Progressive Corporation, purchasing 31,978 shares valued at approximately $9,050,000, making it the fund’s 22nd largest holding.
• Notable insider transactions include CFO John P. Sauerland selling 16,664 shares for over $4.1 million, resulting in a 6.81% decrease in his ownership.
• Progressive recently declared a quarterly dividend of $0.10 per share, with a yield of 0.2%, set to be paid on October 10th.

Seaview Investment Managers LLC bought a new stake in The Progressive Corporation (NYSE:PGR - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 31,978 shares of the insurance provider's stock, valued at approximately $9,050,000. Progressive makes up about 2.8% of Seaview Investment Managers LLC's portfolio, making the stock its 22nd largest holding.

Other institutional investors and hedge funds have also made changes to their positions in the company. Highline Wealth Partners LLC lifted its holdings in shares of Progressive by 114.0% in the 1st quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock valued at $26,000 after buying an additional 49 shares during the period. TruNorth Capital Management LLC raised its position in Progressive by 210.0% in the first quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider's stock worth $26,000 after acquiring an additional 63 shares in the last quarter. Minot DeBlois Advisors LLC purchased a new position in Progressive in the fourth quarter worth $28,000. HWG Holdings LP acquired a new stake in Progressive in the first quarter valued at $28,000. Finally, Garde Capital Inc. purchased a new stake in shares of Progressive during the 1st quarter worth $33,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Progressive

In other Progressive news, CFO John P. Sauerland sold 16,664 shares of Progressive stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $249.24, for a total transaction of $4,153,335.36. Following the transaction, the chief financial officer directly owned 228,024 shares of the company's stock, valued at $56,832,701.76. The trade was a 6.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Andrew J. Quigg sold 3,191 shares of the stock in a transaction on Monday, July 28th. The stock was sold at an average price of $249.24, for a total transaction of $795,324.84. Following the completion of the sale, the insider directly owned 37,977 shares of the company's stock, valued at $9,465,387.48. The trade was a 7.75% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 104,250 shares of company stock valued at $26,332,348 over the last three months. Insiders own 0.34% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on PGR. Citigroup started coverage on shares of Progressive in a research note on Wednesday. They issued a "buy" rating and a $312.00 price objective for the company. Bank of America lowered their price target on Progressive from $337.00 to $336.00 and set a "buy" rating on the stock in a report on Thursday, July 17th. Evercore ISI cut Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 price objective for the company. in a report on Thursday, July 17th. Wells Fargo & Company boosted their target price on Progressive from $328.00 to $333.00 and gave the stock an "overweight" rating in a research report on Friday, June 20th. Finally, Jefferies Financial Group dropped their price target on Progressive from $309.00 to $287.00 and set a "buy" rating for the company in a research report on Monday. Ten research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, Progressive presently has an average rating of "Moderate Buy" and a consensus target price of $283.06.

Progressive Trading Up 2.5%

Shares of PGR stock opened at $249.06 on Thursday. The firm's 50-day simple moving average is $254.36 and its 200-day simple moving average is $266.21. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.31 and a quick ratio of 0.31. The Progressive Corporation has a 1-year low of $226.52 and a 1-year high of $292.99. The firm has a market cap of $146.00 billion, a P/E ratio of 14.03, a PEG ratio of 1.43 and a beta of 0.33.

Progressive (NYSE:PGR - Get Free Report) last posted 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 net margin of 12.66% and a return on equity of 35.37%. The company had revenue of $20.08 billion for the quarter, compared to the consensus estimate of $20.39 billion. During the same quarter last year, the firm posted $2.48 earnings per share. Progressive's revenue was up 12.1% on a year-over-year basis. As a group, equities analysts forecast that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Thursday, October 2nd will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive's dividend payout ratio is presently 2.25%.

Progressive Company Profile

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.

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