The Progressive Corporation $PGR Stake Increased by Mirabella Financial Services LLP

Mirabella Financial Services LLP boosted its stake in The Progressive Corporation (NYSE:PGR) by 176.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,300 shares of the insurance provider’s stock after acquiring an additional 13,609 shares during the period. Mirabella Financial Services LLP’s holdings in Progressive were worth $5,250,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in PGR. Davis Capital Management acquired a new position in Progressive during the 3rd quarter worth $25,000. Ameriflex Group Inc. raised its stake in shares of Progressive by 106.6% in the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock valued at $31,000 after purchasing an additional 65 shares in the last quarter. Howard Hughes Medical Institute bought a new position in shares of Progressive during the second quarter worth about $34,000. TruNorth Capital Management LLC lifted its position in shares of Progressive by 450.0% during the third quarter. TruNorth Capital Management LLC now owns 165 shares of the insurance provider’s stock worth $41,000 after purchasing an additional 135 shares during the last quarter. Finally, Richardson Financial Services Inc. grew its stake in Progressive by 41.0% in the third quarter. Richardson Financial Services Inc. now owns 196 shares of the insurance provider’s stock worth $48,000 after purchasing an additional 57 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

PGR has been the subject of several research analyst reports. Piper Sandler reissued an “overweight” rating and issued a $259.00 price objective on shares of Progressive in a report on Monday, March 2nd. HSBC downgraded Progressive from a “strong-buy” rating to a “hold” rating in a report on Friday, January 16th. Wells Fargo & Company lowered their price target on Progressive from $220.00 to $214.00 and set an “equal weight” rating for the company in a report on Thursday, February 19th. BMO Capital Markets dropped their price target on Progressive from $232.00 to $208.00 and set a “market perform” rating on the stock in a research report on Wednesday, March 11th. Finally, Morgan Stanley reduced their price objective on Progressive from $214.00 to $205.00 and set an “underweight” rating on the stock in a research note on Wednesday, January 28th. Seven research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $240.94.

Progressive Stock Performance

Shares of NYSE PGR opened at $201.37 on Thursday. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.23. The firm’s 50-day moving average price is $206.46 and its two-hundred day moving average price is $221.58. The Progressive Corporation has a 52-week low of $197.92 and a 52-week high of $289.96. The stock has a market capitalization of $117.99 billion, a P/E ratio of 10.47, a P/E/G ratio of 8.88 and a beta of 0.33.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, April 10th. Stockholders of record on Thursday, April 2nd will be 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 is Thursday, April 2nd. Progressive’s dividend payout ratio is presently 2.08%.

Insiders Place Their Bets

In other Progressive news, insider Karen Bailo sold 3,517 shares of the stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $212.00, for a total value of $745,604.00. Following the sale, the insider directly owned 32,348 shares of the company’s stock, valued at $6,857,776. This trade represents a 9.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CIO Jonathan S. Bauer sold 2,266 shares of the firm’s stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $203.05, for a total value of $460,111.30. Following the completion of the sale, the executive owned 26,250 shares in the company, valued at $5,330,062.50. The trade was a 7.95% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 12,761 shares of company stock worth $2,659,420. 0.34% of the stock is currently owned by insiders.

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.