PB Investment Partners L.P. Sells 34,887 Shares of The Progressive Corporation $PGR

PB Investment Partners L.P. trimmed its stake in The Progressive Corporation (NYSE:PGR) by 60.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 23,199 shares of the insurance provider’s stock after selling 34,887 shares during the period. Progressive makes up 3.9% of PB Investment Partners L.P.’s investment portfolio, making the stock its 8th largest holding. PB Investment Partners L.P.’s holdings in Progressive were worth $5,729,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of the stock. Quantbot Technologies LP grew its holdings in shares of Progressive by 111.2% during the third quarter. Quantbot Technologies LP now owns 71,893 shares of the insurance provider’s stock worth $17,754,000 after purchasing an additional 37,856 shares during the last quarter. Accredited Wealth Management LLC boosted its position in shares of Progressive by 114.9% in the 3rd quarter. Accredited Wealth Management LLC now owns 404 shares of the insurance provider’s stock valued at $100,000 after purchasing an additional 216 shares during the period. Gentry Private Wealth LLC grew its stake in Progressive by 3.5% during the 3rd quarter. Gentry Private Wealth LLC now owns 2,053 shares of the insurance provider’s stock worth $507,000 after buying an additional 70 shares during the last quarter. Ibex Wealth Advisors increased its position in Progressive by 5.6% during the third quarter. Ibex Wealth Advisors now owns 19,047 shares of the insurance provider’s stock worth $4,704,000 after buying an additional 1,018 shares during the period. Finally, Handelsbanken Fonder AB lifted its stake in Progressive by 46.0% in the third quarter. Handelsbanken Fonder AB now owns 294,418 shares of the insurance provider’s stock valued at $72,707,000 after buying an additional 92,817 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on PGR. Keefe, Bruyette & Woods raised their target price on shares of Progressive from $225.00 to $232.00 and gave the stock a “market perform” rating in a research report on Thursday, February 19th. JPMorgan Chase & Co. lowered their price objective on shares of Progressive from $303.00 to $275.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 7th. BMO Capital Markets dropped their price objective on shares of Progressive from $239.00 to $232.00 and set a “market perform” rating on the stock in a research note on Thursday, January 29th. HSBC lowered Progressive from a “strong-buy” rating to a “hold” rating in a report on Friday, January 16th. Finally, Wells Fargo & Company decreased their price objective on Progressive from $220.00 to $214.00 and set an “equal weight” rating for the company in a research report on Thursday, February 19th. Six investment analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $244.71.

Insider Transactions at Progressive

In other Progressive news, CIO Jonathan S. Bauer sold 2,266 shares of the company’s stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $203.05, for a total value of $460,111.30. Following the sale, the executive owned 26,250 shares of the company’s stock, valued at approximately $5,330,062.50. This represents a 7.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Steven Broz sold 1,344 shares of the business’s stock in a transaction dated Friday, December 19th. The stock was sold at an average price of $224.80, for a total transaction of $302,131.20. Following the completion of the sale, the insider owned 26,354 shares in the company, valued at $5,924,379.20. This represents a 4.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 9,103 shares of company stock worth $1,883,924. 0.34% of the stock is currently owned by insiders.

Progressive Price Performance

Shares of PGR opened at $213.11 on Friday. The firm has a market capitalization of $124.97 billion, a PE ratio of 11.08, a P/E/G ratio of 9.25 and a beta of 0.32. The stock’s 50 day moving average is $210.55 and its two-hundred day moving average is $225.40. The Progressive Corporation has a twelve month low of $197.92 and a twelve month high of $292.99. The company has a current ratio of 0.38, a quick ratio of 0.29 and a debt-to-equity ratio of 0.23.

Progressive Dividend Announcement

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

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.