Robinson Value Management Ltd. Purchases New Position in The Progressive Corporation $PGR

Robinson Value Management Ltd. acquired a new stake in The Progressive Corporation (NYSE:PGR) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 13,653 shares of the insurance provider’s stock, valued at approximately $2,830,000. Progressive accounts for 1.6% of Robinson Value Management Ltd.’s investment portfolio, making the stock its 23rd largest position.

Other large investors have also bought and sold shares of the company. Bank of Nova Scotia bought a new position in Progressive during the second quarter worth $76,260,000. State Street Corp boosted its position in Progressive by 2.5% during the second quarter. State Street Corp now owns 26,526,959 shares of the insurance provider’s stock valued at $5,794,814,000 after acquiring an additional 656,249 shares during the last quarter. Callan Family Office LLC bought a new stake in Progressive during the second quarter valued at $3,025,000. QRG Capital Management Inc. boosted its position in Progressive by 19.2% during the second quarter. QRG Capital Management Inc. now owns 86,011 shares of the insurance provider’s stock valued at $18,789,000 after acquiring an additional 13,850 shares during the last quarter. Finally, Ipswich Investment Management Co. Inc. boosted its position in Progressive by 21.3% during the second quarter. Ipswich Investment Management Co. Inc. now owns 39,008 shares of the insurance provider’s stock valued at $8,521,000 after acquiring an additional 6,844 shares during the last quarter. 85.34% of the stock is owned by institutional investors.

Progressive Trading Up 1.3%

NYSE:PGR opened at $221.87 on Wednesday. The company has a current ratio of 0.31, a quick ratio of 0.29 and a debt-to-equity ratio of 0.24. The stock has a market capitalization of $128.99 billion, a price-to-earnings ratio of 11.17, a PEG ratio of 2.63 and a beta of 0.25. The firm has a fifty day simple moving average of $215.08 and a two-hundred day simple moving average of $209.84. The Progressive Corporation has a 12 month low of $189.20 and a 12 month high of $239.38.

Progressive Announces Dividend

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

Insider Activity at Progressive

In other news, CFO Andrew Quigg sold 3,499 shares of the stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $220.00, for a total transaction of $769,780.00. Following the transaction, the chief financial officer owned 42,595 shares of the company’s stock, valued at $9,370,900. This represents a 7.59% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider John Murphy sold 8,124 shares of the firm’s stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $212.70, for a total value of $1,727,974.80. Following the completion of the sale, the insider owned 41,291 shares of the company’s stock, valued at approximately $8,782,595.70. This represents a 16.44% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 106,782 shares of company stock worth $22,965,332. 0.32% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

PGR has been the topic of a number of recent analyst reports. BMO Capital Markets reissued a “market perform” rating on shares of Progressive in a research note on Thursday, October 15th. UBS Group reaffirmed a “neutral” rating and set a $238.00 target price on shares of Progressive in a research note on Monday. Evercore set a $240.00 target price on Progressive in a research note on Friday, July 10th. Bank of America lifted their target price on Progressive from $302.00 to $314.00 in a report on Thursday, October 1st. Finally, JPMorgan Chase & Co. boosted their price target on Progressive from $241.00 to $250.00 and gave the company a “neutral” rating in a research note on Monday, October 5th. Nine research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, Progressive presently has an average rating of “Hold” and an average price target of $234.45.

Progressive 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.