Xponance Inc. Purchases 21,241 Shares of The Progressive Corporation (NYSE:PGR)

Xponance Inc. raised its position in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 16.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 149,934 shares of the insurance provider's stock after acquiring an additional 21,241 shares during the period. Xponance Inc.'s holdings in Progressive were worth $42,433,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Brighton Jones LLC lifted its holdings in shares of Progressive by 15.6% in the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider's stock worth $813,000 after acquiring an additional 457 shares during the last quarter. Revolve Wealth Partners LLC purchased a new stake in shares of Progressive in the fourth quarter worth approximately $269,000. Highview Capital Management LLC DE lifted its stake in shares of Progressive by 3.2% during the 4th quarter. Highview Capital Management LLC DE now owns 11,040 shares of the insurance provider's stock worth $2,645,000 after acquiring an additional 339 shares during the last quarter. Proficio Capital Partners LLC boosted its holdings in Progressive by 54.1% during the 4th quarter. Proficio Capital Partners LLC now owns 2,371 shares of the insurance provider's stock valued at $568,000 after acquiring an additional 832 shares during the period. Finally, Natural Investments LLC bought a new position in Progressive in the 4th quarter valued at $214,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Progressive

In other news, Director Stuart B. Burgdoerfer sold 3,681 shares of Progressive stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $260.43, for a total transaction of $958,642.83. Following the completion of the sale, the director directly owned 12,217 shares in the company, valued at approximately $3,181,673.31. This trade represents a 23.15% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Steven Broz sold 1,267 shares of the firm's stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $260.38, for a total value of $329,901.46. Following the completion of the transaction, the insider directly owned 27,621 shares of the company's stock, valued at $7,191,955.98. The trade was a 4.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 42,705 shares of company stock valued at $11,450,948. 0.34% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of brokerages recently weighed in on PGR. UBS Group decreased their price objective on shares of Progressive from $291.00 to $280.00 and set a "neutral" rating for the company in a report on Wednesday. Bank of America raised shares of Progressive from a "neutral" rating to a "buy" rating and set a $312.00 price target for the company in a research note on Monday, April 28th. Barclays dropped their price objective on Progressive from $297.00 to $287.00 and set an "equal weight" rating on the stock in a research note on Monday. Morgan Stanley lowered Progressive from an "overweight" rating to an "equal weight" rating and decreased their target price for the company from $330.00 to $290.00 in a research report on Monday. Finally, Jefferies Financial Group dropped their price target on Progressive from $327.00 to $319.00 and set a "buy" rating on the stock in a research report on Friday, April 11th. Eight investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, Progressive presently has a consensus rating of "Moderate Buy" and a consensus price target of $285.41.

Progressive Stock Performance

Shares of PGR opened at $249.13 on Friday. The company's 50 day simple moving average is $272.26 and its 200-day simple moving average is $265.57. The firm has a market cap of $146.04 billion, a PE ratio of 16.80, a price-to-earnings-growth ratio of 1.58 and a beta of 0.37. The Progressive Corporation has a 12-month low of $207.50 and a 12-month high of $292.99. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.24.

Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings data on Wednesday, April 16th. The insurance provider reported $4.65 EPS for the quarter, beating the consensus estimate of $4.28 by $0.37. The firm had revenue of $22.21 billion during the quarter, compared to the consensus estimate of $21.87 billion. Progressive had a return on equity of 33.50% and a net margin of 11.10%. As a group, equities analysts predict that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Announces Dividend

The firm also recently declared a dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, July 4th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Thursday, July 3rd. This represents a dividend yield of 0.15%. Progressive's dividend payout ratio is currently 2.70%.

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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