Stenger Family Office LLC Boosts Stock Position in The Progressive Corporation $PGR

Key Points

• Stenger Family Office LLC sharply increased its stake in Progressive by 549.1% in the fourth quarter, ending with 18,479 shares worth about $4.21 million.
• Progressive reported Q1 earnings of $4.80 per share, beating analyst estimates, while revenue came in below expectations at $22.19 billion. The insurer still posted 6.5% year-over-year revenue growth and strong profitability metrics.
• The company declared a quarterly dividend of $0.10 per share and recent insider selling by two executives was disclosed, including sales by Steven Broz and John Jo Murphy.

Stenger Family Office LLC grew its position in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 549.1% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 18,479 shares of the insurance provider's stock after purchasing an additional 15,632 shares during the quarter. Progressive makes up about 0.9% of Stenger Family Office LLC's investment portfolio, making the stock its 29th largest position. Stenger Family Office LLC's holdings in Progressive were worth $4,208,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of PGR. Bard Associates Inc. bought a new stake in Progressive in the 4th quarter worth approximately $27,000. Dagco Inc. bought a new position in Progressive during the fourth quarter valued at approximately $28,000. IFC & Insurance Marketing Inc. bought a new position in Progressive during the fourth quarter valued at approximately $29,000. Ameriflex Group Inc. raised its stake in shares of Progressive by 106.6% during the third quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider's stock worth $31,000 after acquiring an additional 65 shares in the last quarter. Finally, Entrust Financial LLC purchased a new position in shares of Progressive during the fourth quarter worth approximately $33,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Stock Down 0.2%

Shares of Progressive stock opened at $204.42 on Friday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.27 and a current ratio of 0.27. The Progressive Corporation has a 52-week low of $189.20 and a 52-week high of $267.92. The stock has a market capitalization of $119.45 billion, a price-to-earnings ratio of 10.39, a P/E/G ratio of 5.88 and a beta of 0.28. The company's 50 day moving average price is $200.01 and its 200-day moving average price is $207.23.

Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, beating analysts' consensus estimates of $4.67 by $0.13. The company had revenue of $22.19 billion during the quarter, compared to analyst estimates of $23.51 billion. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The firm's revenue was up 6.5% compared to the same quarter last year. During the same period in the prior year, the business posted $4.37 EPS. Equities research analysts forecast that The Progressive Corporation will post 16.52 EPS for the current year.

Progressive Dividend Announcement

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

Insider Transactions at Progressive

In related news, insider Steven Broz sold 1,157 shares of the business's stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $200.00, for a total transaction of $231,400.00. Following the transaction, the insider owned 28,668 shares in the company, valued at $5,733,600. The trade was a 3.88% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider John Jo Murphy sold 5,916 shares of the company's stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $200.00, for a total value of $1,183,200.00. Following the transaction, the insider directly owned 41,290 shares of the company's stock, valued at $8,258,000. The trade was a 12.53% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.32% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on PGR. Piper Sandler reaffirmed an "overweight" rating and issued a $259.00 price objective on shares of Progressive in a research note on Monday, March 2nd. UBS Group lifted 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. BMO Capital Markets reissued a "market perform" rating and issued a $220.00 price target on shares of Progressive in a research note on Wednesday, May 20th. Argus upgraded shares of Progressive to a "hold" rating in a research report on Thursday, March 5th. Finally, Bank of America cut their price target on shares of Progressive from $331.00 to $313.00 and set a "buy" rating for the company in a research report on Thursday. Six analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $237.58.

Key Progressive News

Here are the key news stories impacting Progressive this week:

• Positive Sentiment: May results showed stronger earnings momentum, with higher premiums, investment income, and underwriting performance helping drive a 36% year-over-year earnings increase. Progressive's May Earnings Increase Y/Y on Higher Investment Income
• Positive Sentiment: Bank of America kept a Buy rating on Progressive despite trimming its price target, which still implies meaningful upside from current levels. Progressive price target lowered by Bank of America Corporation
• Positive Sentiment: Keefe, Bruyette & Woods raised its price target for Progressive, signaling continued confidence in the company’s outlook. Progressive price target raised by Keefe, Bruyette & Woods
• Neutral Sentiment: Progressive is getting attention from investors and appears on undervalued-stock screens, but these are more sentiment-driven than company-specific catalysts. 5 Most Undervalued NYSE Stocks to Invest In
• Neutral Sentiment: Analysts remain split on Progressive, with conflicting views highlighting uncertainty around valuation and future earnings durability. Analysts Have Conflicting Sentiments on These Financial Companies: Progressive (PGR) and Open Lending (LPRO)

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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