The Progressive Corporation $PGR Shares Sold by Thoroughbred Financial Services LLC

Thoroughbred Financial Services LLC decreased its holdings in shares of The Progressive Corporation (NYSE:PGR) by 60.9% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,576 shares of the insurance provider’s stock after selling 4,020 shares during the quarter. Thoroughbred Financial Services LLC’s holdings in Progressive were worth $636,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in PGR. Brighton Jones LLC increased its stake in shares of Progressive by 15.6% during the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock valued at $813,000 after acquiring an additional 457 shares during the last quarter. Revolve Wealth Partners LLC purchased a new stake in Progressive in the fourth quarter valued at approximately $269,000. Bison Wealth LLC increased its position in Progressive by 3.2% during the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock worth $615,000 after purchasing an additional 80 shares during the last quarter. Bessemer Group Inc. raised its stake in Progressive by 1.0% during the second quarter. Bessemer Group Inc. now owns 10,688 shares of the insurance provider’s stock worth $2,853,000 after purchasing an additional 105 shares during the period. Finally, Advisory Alpha LLC raised its stake in Progressive by 9.9% during the second quarter. Advisory Alpha LLC now owns 1,078 shares of the insurance provider’s stock worth $288,000 after purchasing an additional 97 shares during the period. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Price Performance

Shares of NYSE PGR opened at $211.60 on Friday. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.38 and a quick ratio of 0.29. The Progressive Corporation has a 1-year low of $197.92 and a 1-year high of $292.99. The company has a market capitalization of $124.08 billion, a price-to-earnings ratio of 11.00, a PEG ratio of 8.94 and a beta of 0.32. The business has a 50-day moving average of $210.77 and a 200-day moving average of $225.62.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 8th. Shareholders of record on Friday, January 2nd were given a $0.10 dividend. The ex-dividend date of this dividend was Friday, January 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s dividend payout ratio (DPR) is 2.08%.

Insider Activity

In other news, insider Steven Broz sold 1,344 shares of the business’s stock in a transaction on Friday, December 19th. The shares were sold at an average price of $224.80, for a total transaction of $302,131.20. Following the transaction, the insider directly owned 26,354 shares of the company’s stock, valued at approximately $5,924,379.20. The trade was a 4.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Andrew J. Quigg sold 1,649 shares of the firm’s stock in a transaction on Wednesday, January 21st. The shares were 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 of the company’s stock, valued at approximately $8,097,573.10. The trade was a 4.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 9,103 shares of company stock worth $1,883,924. Company insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on PGR shares. Weiss Ratings restated a “hold (c+)” rating on shares of Progressive in a report on Monday, December 29th. William Blair downgraded Progressive from an “outperform” rating to a “market perform” rating in a research report on Thursday, December 18th. Jefferies Financial Group set a $216.00 price objective on Progressive in a report on Wednesday, February 11th. Roth Mkm set a $235.00 price objective on Progressive in a report on Thursday, February 19th. Finally, Keefe, Bruyette & Woods lifted their price objective on Progressive from $225.00 to $232.00 and gave the company a “market perform” rating in a research note on Thursday, February 19th. Six equities research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $244.71.

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.