Federated Hermes Inc. Increases Stake in The Progressive Corporation $PGR

Federated Hermes Inc. boosted its stake in The Progressive Corporation (NYSE:PGR) by 19.9% in the third quarter, Holdings Channel.com reports. The firm owned 629,095 shares of the insurance provider’s stock after acquiring an additional 104,563 shares during the quarter. Federated Hermes Inc.’s holdings in Progressive were worth $155,355,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Brighton Jones LLC increased its holdings 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 worth $813,000 after buying an additional 457 shares during the last quarter. Revolve Wealth Partners LLC acquired a new stake in Progressive during the fourth quarter worth about $269,000. Bison Wealth LLC raised its holdings in shares of Progressive by 3.2% in the 4th 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 period. ORG Partners LLC lifted its stake in shares of Progressive by 182.2% in the 2nd quarter. ORG Partners LLC now owns 285 shares of the insurance provider’s stock valued at $75,000 after purchasing an additional 184 shares in the last quarter. Finally, Sound Income Strategies LLC grew its holdings in shares of Progressive by 86.2% during the 2nd quarter. Sound Income Strategies LLC now owns 175 shares of the insurance provider’s stock worth $47,000 after purchasing an additional 81 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Raymond James Financial cut their price target on shares of Progressive from $305.00 to $265.00 and set an “outperform” rating on the stock in a report on Friday, October 17th. Hsbc Global Res downgraded shares of Progressive from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 16th. UBS Group reduced their target price on shares of Progressive from $268.00 to $261.00 and set a “neutral” rating on the stock in a report on Wednesday, October 8th. Citigroup lowered their price target on Progressive from $301.38 to $300.60 and set a “buy” rating for the company in a report on Monday, December 15th. Finally, Mizuho set a $240.00 price objective on Progressive in a research note on Wednesday, January 14th. Seven research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $259.39.

Progressive Stock Performance

Shares of PGR stock opened at $208.27 on Wednesday. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.29 and a quick ratio of 0.29. The company’s fifty day moving average price is $220.53 and its two-hundred day moving average price is $231.47. The firm has a market capitalization of $122.13 billion, a P/E ratio of 11.42, a P/E/G ratio of 1.27 and a beta of 0.34. The Progressive Corporation has a 12 month low of $198.50 and a 12 month high of $292.99.

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 8th. Shareholders of record on Friday, January 2nd were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date was Friday, January 2nd. Progressive’s dividend payout ratio (DPR) is 2.19%.

Insiders Place Their Bets

In other Progressive news, CFO John P. Sauerland sold 5,000 shares of Progressive stock in a transaction that occurred on Friday, November 28th. The stock was sold at an average price of $228.48, for a total transaction of $1,142,400.00. Following the sale, the chief financial officer directly owned 223,024 shares in the company, valued at $50,956,523.52. The trade was a 2.19% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CIO Jonathan S. Bauer sold 3,105 shares of the company’s stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total value of $634,506.75. Following the completion of the transaction, the executive directly owned 26,249 shares in the company, valued at approximately $5,363,983.15. The trade was a 10.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 13,788 shares of company stock worth $3,018,961 in the last quarter. Company insiders own 0.33% of the company’s stock.

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.