The Progressive Corporation $PGR Stock Holdings Increased by Grantham Mayo Van Otterloo & Co. LLC

Key Points

• Grantham Mayo Van Otterloo & Co. LLC raised its stake in Progressive by 876.1% in Q3, ending the period with 44,294 shares worth about $10.94 million.
• Insiders sold 12,761 shares (≈$2.66 million) over the past 90 days and now own just 0.33% of the company.
• Progressive announced a quarterly dividend of $0.10 (annualized $0.40, yield 0.2%); the stock trades near $206.70 and carries a consensus "Hold" rating with an average target of $245.50.

Grantham Mayo Van Otterloo & Co. LLC raised its holdings in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 876.1% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 44,294 shares of the insurance provider's stock after buying an additional 39,756 shares during the period. Grantham Mayo Van Otterloo & Co. LLC's holdings in Progressive were worth $10,938,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Davis Capital Management bought a new position in shares of Progressive in the third quarter valued at $25,000. Ameriflex Group Inc. boosted its stake in shares of Progressive by 106.6% during the 3rd 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. Atlantic Union Bankshares Corp bought a new stake in shares of Progressive during the 2nd quarter worth $33,000. Howard Hughes Medical Institute acquired a new position in shares of Progressive in the 2nd quarter worth $34,000. Finally, TruNorth Capital Management LLC raised its position in shares of Progressive by 450.0% during the third quarter. TruNorth Capital Management LLC now owns 165 shares of the insurance provider's stock worth $41,000 after purchasing an additional 135 shares during the period. Institutional investors and hedge funds own 85.34% of the company's stock.

Insiders Place Their Bets

In other Progressive news, CAO Carl G. Joyce sold 141 shares of the company's stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $212.00, for a total value of $29,892.00. Following the transaction, the chief accounting officer owned 828 shares in the company, valued at approximately $175,536. This represents a 14.55% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Maribel Pumarejo sold 739 shares of the stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $203.25, for a total transaction of $150,201.75. The disclosure for this sale is available in the SEC filing. Insiders sold 12,761 shares of company stock valued at $2,659,420 over the last ninety days. Insiders own 0.33% of the company's stock.

Progressive Stock Down 1.9%

NYSE:PGR opened at $206.70 on Tuesday. The business's fifty day moving average price is $208.55 and its 200 day moving average price is $223.48. The firm has a market capitalization of $121.10 billion, a price-to-earnings ratio of 10.74, a PEG ratio of 9.19 and a beta of 0.33. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.23. The Progressive Corporation has a 1-year low of $197.92 and a 1-year high of $292.99.

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 10th. Stockholders of record on Thursday, April 2nd will be issued a $0.10 dividend. The ex-dividend date is Thursday, April 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive's dividend payout ratio is currently 2.08%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the company. Piper Sandler reiterated an "overweight" rating and issued a $259.00 price target on shares of Progressive in a research report on Monday, March 2nd. Citigroup cut their price objective on Progressive from $300.60 to $261.00 and set a "buy" rating on the stock in a report on Tuesday, February 3rd. Mizuho set a $240.00 price objective on shares of Progressive in a research note on Wednesday, January 14th. Evercore set a $230.00 target price on shares of Progressive in a report on Thursday, February 19th. Finally, Bank of America dropped their target price on shares of Progressive from $350.00 to $348.00 and set a "buy" rating on the stock in a research report on Tuesday, December 9th. Seven analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $245.50.

Progressive Company 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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