The Progressive Corporation $PGR Shares Acquired by CoreCap Advisors LLC

CoreCap Advisors LLC increased its holdings in The Progressive Corporation (NYSE:PGR) by 234.5% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,935 shares of the insurance provider’s stock after buying an additional 11,171 shares during the period. CoreCap Advisors LLC’s holdings in Progressive were worth $3,935,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in PGR. LRI Investments LLC lifted its holdings in shares of Progressive by 13.4% in the second quarter. LRI Investments LLC now owns 338 shares of the insurance provider’s stock valued at $90,000 after purchasing an additional 40 shares in the last quarter. CVA Family Office LLC raised its position in shares of Progressive by 4.2% during the 2nd quarter. CVA Family Office LLC now owns 1,053 shares of the insurance provider’s stock worth $281,000 after purchasing an additional 42 shares during the last quarter. Bell Investment Advisors Inc lifted its stake in Progressive by 20.8% in the 2nd quarter. Bell Investment Advisors Inc now owns 256 shares of the insurance provider’s stock valued at $68,000 after buying an additional 44 shares in the last quarter. Maia Wealth LLC grew its holdings in Progressive by 5.4% during the 2nd quarter. Maia Wealth LLC now owns 857 shares of the insurance provider’s stock valued at $229,000 after buying an additional 44 shares during the last quarter. Finally, Advisory Alpha LLC grew its holdings in Progressive by 4.8% during the 1st quarter. Advisory Alpha LLC now owns 981 shares of the insurance provider’s stock valued at $278,000 after buying an additional 45 shares during the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Progressive Trading Down 1.4%

Shares of PGR stock opened at $209.33 on Thursday. The firm’s 50-day simple moving average is $222.95 and its 200-day simple moving average is $236.69. 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 Progressive Corporation has a 1-year low of $199.90 and a 1-year high of $292.99. The firm has a market cap of $122.75 billion, a P/E ratio of 11.48, a PEG ratio of 1.29 and a beta of 0.34.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Wednesday, October 15th. The insurance provider reported $4.45 EPS for the quarter, missing the consensus estimate of $5.04 by ($0.59). The company had revenue of $21.38 billion for the quarter, compared to analyst estimates of $21.64 billion. Progressive had a return on equity of 33.88% and a net margin of 12.57%.During the same period last year, the company posted $3.58 EPS. As a group, equities analysts forecast that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 8th. Investors of record on Friday, January 2nd will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend is 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 the business’s stock in a transaction dated 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 completion of the sale, the chief financial officer owned 223,024 shares of the company’s stock, valued at approximately $50,956,523.52. The trade was a 2.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Steven Broz sold 1,345 shares of the company’s stock in a transaction dated Friday, November 21st. The stock was sold at an average price of $228.29, for a total value of $307,050.05. Following the sale, the insider owned 27,698 shares of the company’s stock, valued at $6,323,176.42. This represents a 4.63% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 9,034 shares of company stock worth $2,047,481 in the last quarter. 0.34% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

PGR has been the subject of a number of analyst reports. Mizuho initiated coverage on Progressive in a report on Monday, December 15th. They issued a “neutral” rating and a $242.00 price target for the company. Wolfe Research started coverage on shares of Progressive in a research note on Monday, September 15th. They issued a “peer perform” rating for the company. BMO Capital Markets decreased their price target on shares of Progressive from $256.00 to $253.00 and set a “market perform” rating on the stock in a research note on Thursday, December 18th. William Blair downgraded shares of Progressive from an “outperform” rating to a “market perform” rating in a report on Thursday, December 18th. Finally, Raymond James Financial cut their price objective on shares of Progressive from $305.00 to $265.00 and set an “outperform” rating for the company in a research report on Friday, October 17th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, thirteen have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $260.27.

About Progressive

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.