The Progressive Corporation $PGR Shares Bought by CoreCap Advisors LLC

CoreCap Advisors LLC grew its holdings in shares of The Progressive Corporation (NYSE:PGR) by 30.2% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 20,750 shares of the insurance provider’s stock after buying an additional 4,815 shares during the period. CoreCap Advisors LLC’s holdings in Progressive were worth $4,725,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also made changes to their positions in the company. Maia Wealth LLC boosted its stake in Progressive by 5.4% in the second quarter. Maia Wealth LLC now owns 857 shares of the insurance provider’s stock valued at $229,000 after acquiring an additional 44 shares in the last quarter. Selective Wealth Management Inc. increased its position in Progressive by 2.1% during the third quarter. Selective Wealth Management Inc. now owns 2,207 shares of the insurance provider’s stock worth $538,000 after buying an additional 45 shares during the period. Liberty One Investment Management LLC lifted its stake in Progressive by 3.8% in the third quarter. Liberty One Investment Management LLC now owns 1,291 shares of the insurance provider’s stock valued at $319,000 after buying an additional 47 shares during the last quarter. True Wealth Design LLC lifted its stake in Progressive by 20.8% in the third quarter. True Wealth Design LLC now owns 279 shares of the insurance provider’s stock valued at $69,000 after buying an additional 48 shares during the last quarter. Finally, Wealthstream Advisors Inc. boosted its holdings in shares of Progressive by 4.6% in the third quarter. Wealthstream Advisors Inc. now owns 1,111 shares of the insurance provider’s stock valued at $274,000 after acquiring an additional 49 shares during the period. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on PGR. UBS Group lifted their target price on shares of Progressive from $218.00 to $220.00 and gave the company a “neutral” rating in a report on Monday, March 23rd. Jefferies Financial Group decreased their target price on shares of Progressive from $216.00 to $215.00 and set a “hold” rating for the company in a research note on Tuesday. HSBC cut Progressive from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 16th. Zacks Research raised Progressive from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 24th. Finally, Wells Fargo & Company increased their price objective on Progressive from $214.00 to $217.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 19th. Six investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $239.22.

Insider Activity at Progressive

In other news, CAO Carl G. Joyce sold 270 shares of Progressive stock in a transaction dated Friday, March 20th. The shares were sold at an average price of $206.50, for a total transaction of $55,755.00. Following the completion of the sale, the chief accounting officer directly owned 558 shares in the company, valued at $115,227. The trade was a 32.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Andrew J. Quigg sold 1,649 shares of the business’s stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total value of $336,973.15. Following the completion of the transaction, the insider owned 39,626 shares of the company’s stock, valued at $8,097,573.10. This trade represents a 4.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 11,687 shares of company stock worth $2,413,044 over the last three months. Company insiders own 0.34% of the company’s stock.

Progressive Stock Down 2.2%

Shares of NYSE:PGR opened at $198.41 on Friday. 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 company has a market capitalization of $116.06 billion, a P/E ratio of 10.31, a P/E/G ratio of 5.86 and a beta of 0.33. The Progressive Corporation has a 52-week low of $197.92 and a 52-week high of $289.96. The stock’s fifty day simple moving average is $205.72 and its 200-day simple moving average is $219.65.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 10th. Shareholders of record on Thursday, April 2nd will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date is Thursday, April 2nd. Progressive’s dividend 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.