Stenger Family Office LLC Purchases 2,729 Shares of The Progressive Corporation $PGR

Stenger Family Office LLC grew its position in The Progressive Corporation (NYSE:PGR) by 12.8% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 24,052 shares of the insurance provider’s stock after buying an additional 2,729 shares during the period. Stenger Family Office LLC’s holdings in Progressive were worth $5,254,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Bogart Wealth LLC increased its position in Progressive by 235.1% in the first quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider’s stock worth $25,000 after purchasing an additional 87 shares during the period. Bard Associates Inc. bought a new position in shares of Progressive in the 4th quarter valued at about $27,000. HHM Wealth Advisors LLC grew its position in shares of Progressive by 700.0% during the 1st quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider’s stock worth $29,000 after buying an additional 126 shares during the period. IFC & Insurance Marketing Inc. bought a new stake in shares of Progressive during the fourth quarter worth approximately $29,000. Finally, Axiom Investment Management LLC bought a new stake in shares of Progressive during the first quarter worth approximately $31,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Stock Down 2.5%

Shares of NYSE PGR opened at $207.04 on Thursday. The Progressive Corporation has a 52-week low of $189.20 and a 52-week high of $254.93. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29. The stock has a market cap of $120.37 billion, a P/E ratio of 10.38, a P/E/G ratio of 2.86 and a beta of 0.27. The firm has a 50 day moving average price of $213.99 and a 200 day moving average price of $206.43.

Progressive Announces Dividend

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

Insider Buying and Selling

In related news, CEO Susan Patricia Griffith sold 37,338 shares of the company’s stock in a transaction on Monday, July 27th. The shares were sold at an average price of $212.71, for a total value of $7,942,165.98. Following the completion of the sale, the chief executive officer owned 522,776 shares in the company, valued at $111,199,682.96. This represents a 6.67% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Andrew J. Quigg sold 3,499 shares of the firm’s stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $220.00, for a total value of $769,780.00. Following the sale, the chief financial officer directly owned 42,595 shares in the company, valued at $9,370,900. The trade was a 7.59% 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. Insiders have sold 74,885 shares of company stock worth $15,880,459 over the last ninety days. Insiders own 0.32% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. William Blair reaffirmed a “market perform” rating on shares of Progressive in a research note on Wednesday, July 15th. Weiss Ratings reiterated a “hold (c)” rating on shares of Progressive in a research report on Monday, August 3rd. HSBC increased their price target on Progressive from $214.00 to $221.00 and gave the company a “hold” rating in a research note on Monday, July 6th. Wells Fargo & Company decreased their price objective on Progressive from $205.00 to $198.00 and set an “underweight” rating for the company in a research note on Thursday, July 16th. Finally, Keefe, Bruyette & Woods dropped their price objective on Progressive from $231.00 to $226.00 and set a “market perform” rating for the company in a report on Thursday, July 16th. Five investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, Progressive currently has an average rating of “Hold” and an average target price of $235.00.

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.