The Progressive Corporation $PGR Stake Boosted by MBB Public Markets I LLC

Key Points

• MBB Public Markets I LLC raised its stake in The Progressive Corporation by 26.4% to 745,558 shares (about $184.1M), making Progressive roughly 24.5% of MBB's portfolio and its largest holding.
• Analysts are mixed: MarketBeat shows an average rating of "Hold" with a consensus target price of $241.94, while individual firms have recently revised targets both up and down.
• Progressive declared a quarterly dividend of $0.10 per share (annualized $0.40, ~0.2% yield), and insiders have sold 12,761 shares (about $2.66M) in the past three months.

MBB Public Markets I LLC raised its holdings in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 26.4% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 745,558 shares of the insurance provider's stock after purchasing an additional 155,652 shares during the period. Progressive accounts for approximately 24.5% of MBB Public Markets I LLC's investment portfolio, making the stock its biggest holding. MBB Public Markets I LLC owned about 0.13% of Progressive worth $184,116,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. Brighton Jones LLC raised its stake in Progressive by 15.6% in the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider's stock valued at $813,000 after buying an additional 457 shares during the last quarter. Revolve Wealth Partners LLC acquired a new position in shares of Progressive during the fourth quarter valued at about $269,000. Bison Wealth LLC raised its position in shares of Progressive by 3.2% in the 4th quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider's stock valued at $615,000 after purchasing an additional 80 shares during the last quarter. Creative Planning boosted its stake in Progressive by 0.9% in the 2nd quarter. Creative Planning now owns 88,878 shares of the insurance provider's stock worth $23,718,000 after purchasing an additional 763 shares in the last quarter. Finally, Cetera Investment Advisers grew its position in Progressive by 27.7% during the 2nd quarter. Cetera Investment Advisers now owns 97,414 shares of the insurance provider's stock worth $25,996,000 after purchasing an additional 21,131 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Argus raised shares of Progressive to a "hold" rating in a report on Thursday, March 5th. Jefferies Financial Group set a $216.00 target price on Progressive in a research report on Wednesday, February 11th. Barclays upgraded Progressive from an "equal weight" rating to an "overweight" rating and raised their target price for the stock from $257.00 to $265.00 in a research note on Thursday, January 8th. JPMorgan Chase & Co. lowered their price target on Progressive from $303.00 to $275.00 and set an "overweight" rating for the company in a research report on Wednesday, January 7th. Finally, Bank of America dropped their price target on Progressive from $315.00 to $308.00 and set a "buy" rating on the stock in a research note on Tuesday, March 10th. Seven analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Progressive currently has an average rating of "Hold" and a consensus target price of $241.94.

Progressive Stock Down 0.3%

NYSE:PGR opened at $204.60 on Tuesday. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.35 and a quick ratio of 0.35. The company's fifty day moving average price is $206.80 and its 200-day moving average price is $222.02. The Progressive Corporation has a 1-year low of $197.92 and a 1-year high of $292.99. The firm has a market capitalization of $119.88 billion, a P/E ratio of 10.63, a PEG ratio of 8.94 and a beta of 0.33.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, April 10th. Shareholders of record on Thursday, April 2nd will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend is Thursday, April 2nd. Progressive's dividend payout ratio (DPR) is currently 2.08%.

Insider Buying and Selling at Progressive

In other Progressive news, insider Karen Bailo sold 3,517 shares of the company's stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $212.00, for a total value of $745,604.00. Following the sale, the insider owned 32,348 shares in the company, valued at approximately $6,857,776. This represents a 9.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Andrew J. Quigg sold 1,649 shares of the firm's stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $204.35, for a total transaction of $336,973.15. Following the sale, the insider directly owned 39,626 shares in the company, valued at $8,097,573.10. The trade was a 4.00% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 12,761 shares of company stock worth $2,659,420. Insiders own 0.33% 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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