26,800 Shares in The Progressive Corporation $PGR Purchased by Holowesko Partners Ltd.

Holowesko Partners Ltd. purchased a new position in shares of The Progressive Corporation (NYSE:PGR) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 26,800 shares of the insurance provider’s stock, valued at approximately $6,103,000. Progressive accounts for approximately 2.1% of Holowesko Partners Ltd.’s investment portfolio, making the stock its 16th largest position.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Dagco Inc. bought a new position in Progressive during the fourth quarter worth about $28,000. Ameriflex Group Inc. grew its holdings in Progressive by 106.6% during the third quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock worth $31,000 after purchasing an additional 65 shares during the period. Entrust Financial LLC bought a new position in Progressive during the fourth quarter worth about $33,000. Kingdom Financial Group LLC. bought a new position in Progressive during the fourth quarter worth about $34,000. Finally, Bangor Savings Bank grew its holdings in Progressive by 60.4% during the fourth quarter. Bangor Savings Bank now owns 154 shares of the insurance provider’s stock worth $35,000 after purchasing an additional 58 shares during the period. Institutional investors own 85.34% of the company’s stock.

Progressive Stock Up 0.1%

NYSE PGR opened at $204.27 on Monday. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.26. The Progressive Corporation has a 1-year low of $189.20 and a 1-year high of $283.95. The company has a 50 day moving average of $198.89 and a 200-day moving average of $208.75. The company has a market cap of $119.36 billion, a price-to-earnings ratio of 10.39, a PEG ratio of 5.91 and a beta of 0.28.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share for the quarter, beating analysts’ consensus estimates of $4.67 by $0.13. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The company had revenue of $22.19 billion during the quarter, compared to the consensus estimate of $23.51 billion. During the same period in the previous year, the business earned $4.37 earnings per share. The firm’s quarterly revenue was up 6.5% on a year-over-year basis. On average, equities research analysts expect that The Progressive Corporation will post 16.35 earnings per share for the current fiscal year.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date is Thursday, July 2nd. Progressive’s payout ratio is presently 2.03%.

Insider Buying and Selling at Progressive

In other news, CAO Carl G. Joyce sold 270 shares of Progressive stock in a transaction that occurred on Friday, March 20th. The shares were sold at an average price of $206.50, for a total value of $55,755.00. Following the completion of the sale, the chief accounting officer directly owned 558 shares in the company, valued at approximately $115,227. The trade was a 32.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.32% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Morgan Stanley reduced their price target on Progressive from $205.00 to $190.00 and set an “underweight” rating for the company in a report on Tuesday, March 31st. Barclays set a $247.00 price objective on shares of Progressive in a research report on Wednesday, March 18th. Piper Sandler restated an “overweight” rating and set a $259.00 price objective on shares of Progressive in a research report on Monday, March 2nd. UBS Group raised their price objective on shares of Progressive from $218.00 to $220.00 and gave the stock a “neutral” rating in a research report on Monday, March 23rd. Finally, Zacks Research upgraded shares of Progressive from a “strong sell” rating to a “hold” rating in a research report on Tuesday, February 24th. Six investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, Progressive currently has a consensus rating of “Hold” and a consensus price target of $238.11.

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.