Caprock Group LLC Takes Position in The Progressive Corporation $PGR

Caprock Group LLC bought a new position in The Progressive Corporation (NYSE:PGR) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 22,440 shares of the insurance provider’s stock, valued at approximately $5,544,000.

Several other institutional investors have also added to or reduced their stakes in the company. Davis Capital Management bought a new position in shares of Progressive during the 3rd quarter valued at approximately $25,000. Atlantic Union Bankshares Corp bought a new position in Progressive during the second quarter valued at $33,000. Howard Hughes Medical Institute purchased a new position in shares of Progressive in the 2nd quarter worth $34,000. Westside Investment Management Inc. increased its holdings in shares of Progressive by 900.0% in the 2nd quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock worth $34,000 after buying an additional 117 shares during the last quarter. Finally, TruNorth Capital Management LLC raised its position in shares of Progressive by 450.0% during the 3rd quarter. TruNorth Capital Management LLC now owns 165 shares of the insurance provider’s stock valued at $41,000 after buying an additional 135 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on PGR shares. 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. JPMorgan Chase & Co. cut their target price on Progressive from $303.00 to $275.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 7th. Wells Fargo & Company lowered their price target on Progressive from $240.00 to $220.00 and set an “equal weight” rating for the company in a research report on Thursday, January 29th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Progressive in a research report on Monday, December 29th. Finally, Mizuho set a $240.00 target price on shares of Progressive in a report on Wednesday, January 14th. Seven investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Progressive presently has a consensus rating of “Hold” and a consensus target price of $250.35.

Insider Buying and Selling at Progressive

In related news, CIO Jonathan S. Bauer sold 3,105 shares of Progressive stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total transaction of $634,506.75. Following the transaction, the executive directly owned 26,249 shares of the company’s stock, valued at $5,363,983.15. This trade represents a 10.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Steven Broz sold 1,345 shares of the business’s stock in a transaction that occurred on Friday, November 21st. The stock was sold at an average price of $228.29, for a total transaction of $307,050.05. Following the completion of the transaction, the insider directly owned 27,698 shares of the company’s stock, valued at $6,323,176.42. This trade represents a 4.63% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 12,443 shares of company stock valued at $2,723,061 in the last 90 days. Insiders own 0.34% of the company’s stock.

Progressive Price Performance

Shares of PGR stock opened at $208.40 on Thursday. 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. The stock has a fifty day simple moving average of $215.77 and a two-hundred day simple moving average of $228.41. The stock has a market capitalization of $122.20 billion, a price-to-earnings ratio of 10.83, a P/E/G ratio of 7.09 and a beta of 0.32.

Progressive Announces Dividend

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

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.