United Asset Strategies Inc. Acquires 8,146 Shares of The Progressive Corporation $PGR

Key Points

• United Asset Strategies acquired 8,146 shares of Progressive worth approximately $1.69 million in the third quarter. Institutional investors own 85.34% of the insurer’s outstanding stock.
• Progressive shares opened at $230.22, near their one-year high of $239.38, with a market capitalization of approximately $133.84 billion. The company pays a quarterly dividend of $0.10, equal to a 0.2% annualized yield.
• Analysts maintain a consensus “Hold” rating with an average price target of $234.45, while company insiders sold 48,352 shares worth about $10.5 million during the quarter.

United Asset Strategies Inc. acquired a new position in shares of The Progressive Corporation (NYSE:PGR - Free Report) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 8,146 shares of the insurance provider's stock, valued at approximately $1,689,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in Progressive in the second quarter worth approximately $10,496,271,000. Bank of America Corp DE purchased a new position in shares of Progressive during the second quarter worth approximately $2,682,342,000. GQG Partners LLC purchased a new position in shares of Progressive during the second quarter worth approximately $1,538,570,000. Deutsche Bank AG purchased a new position in shares of Progressive during the second quarter worth approximately $1,098,838,000. Finally, Jupiter Topco LLC bought a new stake in shares of Progressive in the 2nd quarter worth approximately $935,172,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Progressive Stock Performance

Shares of PGR opened at $230.22 on Friday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.31 and a quick ratio of 0.29. The Progressive Corporation has a one year low of $189.20 and a one year high of $239.38. The firm has a market capitalization of $133.84 billion, a PE ratio of 11.59, a price-to-earnings-growth ratio of 2.61 and a beta of 0.25. The company has a 50-day simple moving average of $217.43 and a two-hundred day simple moving average of $209.21.

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 9th. Stockholders of record on Thursday, October 1st were given a $0.10 dividend. The ex-dividend date of this dividend was Thursday, October 1st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive's dividend payout ratio is currently 2.01%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Cantor Fitzgerald reduced their target price on shares of Progressive from $220.00 to $200.00 and set a "neutral" rating on the stock in a report on Monday, August 17th. TD Cowen decreased their target price on shares of Progressive from $266.00 to $222.00 and set a "hold" rating on the stock in a research report on Wednesday, July 29th. Weiss Ratings raised shares of Progressive from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Thursday, October 8th. Mizuho cut their price target on shares of Progressive from $236.00 to $230.00 and set a "neutral" rating for the company in a research report on Wednesday, September 16th. Finally, Wells Fargo & Company reduced their price objective on Progressive from $201.00 to $196.00 and set an "underweight" rating on the stock in a research note on Thursday, October 15th. Nine analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $234.45.

Insider Buying and Selling at Progressive

In related news, CEO Susan Griffith sold 37,338 shares of the company's stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $219.50, for a total value of $8,195,691.00. Following the sale, the chief executive officer owned 485,438 shares in the company, valued at $106,553,641. This represents a 7.14% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steven Broz sold 1,225 shares of the stock in a transaction on Thursday, October 22nd. The stock was sold at an average price of $223.32, for a total value of $273,567.00. Following the completion of the sale, the insider directly owned 28,807 shares in the company, valued at approximately $6,433,179.24. This represents a 4.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 48,352 shares of company stock valued at $10,524,258. Corporate insiders own 0.32% of the company's stock.

Progressive Company Profile

Progressive Corporation is an insurance holding company headquartered in Mayfield Village, Ohio. Founded in 1937, the company provides insurance products primarily to consumers and businesses in the United States. Progressive distributes its products directly through its website, mobile channels and call centers, as well as through independent agents and brokers.

The company is best known for personal auto insurance, including coverage for cars, motorcycles, boats, recreational vehicles and other personal vehicles.

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