Tema ETFs LLC Purchases 3,063 Shares of The Progressive Corporation $PGR

Tema ETFs LLC grew its holdings in shares of The Progressive Corporation (NYSE:PGR) by 33.6% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 12,192 shares of the insurance provider’s stock after purchasing an additional 3,063 shares during the quarter. Tema ETFs LLC’s holdings in Progressive were worth $2,663,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in PGR. Vanguard Group Inc. grew its position in Progressive by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 55,261,140 shares of the insurance provider’s stock valued at $12,584,067,000 after buying an additional 593,612 shares during the period. State Street Corp increased its holdings in Progressive by 0.3% during the third quarter. State Street Corp now owns 25,808,762 shares of the insurance provider’s stock valued at $6,373,474,000 after buying an additional 78,374 shares during the last quarter. Capital International Investors raised its position in Progressive by 8.9% in the fourth quarter. Capital International Investors now owns 14,921,724 shares of the insurance provider’s stock worth $3,398,123,000 after acquiring an additional 1,217,527 shares during the period. GQG Partners LLC raised its position in Progressive by 11.7% in the fourth quarter. GQG Partners LLC now owns 10,432,549 shares of the insurance provider’s stock worth $2,375,706,000 after acquiring an additional 1,092,151 shares during the period. Finally, Norges Bank purchased a new position in shares of Progressive during the 4th quarter worth $1,836,094,000. Institutional investors own 85.34% of the company’s stock.

Progressive Stock Down 2.5%

Shares of PGR stock opened at $207.04 on Thursday. The company has a market capitalization of $120.37 billion, a price-to-earnings ratio of 10.38, a PEG ratio of 2.86 and a beta of 0.27. The Progressive Corporation has a one year low of $189.20 and a one year high of $254.93. The company’s fifty day moving average price is $213.99 and its 200-day moving average price is $206.43. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Thursday, October 1st will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date is Thursday, October 1st. Progressive’s dividend payout ratio is presently 2.01%.

Insider Buying and Selling at Progressive

In related news, CIO Jonathan S. Bauer sold 2,242 shares of the stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $212.71, for a total transaction of $476,895.82. Following the completion of the sale, the executive owned 26,250 shares in the company, valued at approximately $5,583,637.50. This trade represents a 7.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Karen Bailo sold 8,452 shares of the stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $212.71, for a total value of $1,797,824.92. Following the sale, the insider owned 32,348 shares of the company’s stock, valued at $6,880,743.08. This represents a 20.72% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 74,885 shares of company stock valued at $15,880,459. 0.32% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on PGR. Royal Bank Of Canada set a $208.00 price objective on shares of Progressive in a research report on Friday, May 22nd. Keefe, Bruyette & Woods lowered their target price on Progressive from $231.00 to $226.00 and set a “market perform” rating on the stock in a research report on Thursday, July 16th. BMO Capital Markets cut their price target on Progressive from $220.00 to $205.00 and set a “market perform” rating for the company in a report on Thursday, July 16th. Wells Fargo & Company reduced their price target on Progressive from $205.00 to $198.00 and set an “underweight” rating for the company in a research report on Thursday, July 16th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Progressive in a research note on Monday, August 3rd. Five analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Progressive has a consensus rating of “Hold” and an average price target of $235.00.

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.