AXQ Capital LP Takes $1.12 Million Position in The Progressive Corporation $PGR

AXQ Capital LP purchased a new position in The Progressive Corporation (NYSE:PGR) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 4,906 shares of the insurance provider’s stock, valued at approximately $1,117,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PGR. Dagco Inc. acquired a new stake in shares of Progressive in the 4th quarter valued at $28,000. Ameriflex Group Inc. increased its position in shares of Progressive by 106.6% during the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock worth $31,000 after purchasing an additional 65 shares in the last quarter. Entrust Financial LLC acquired a new stake in shares of Progressive during the 4th quarter worth about $33,000. Kingdom Financial Group LLC. bought a new position in Progressive during the 4th quarter valued at about $34,000. Finally, Bangor Savings Bank boosted its position in Progressive by 60.4% in the fourth quarter. Bangor Savings Bank now owns 154 shares of the insurance provider’s stock valued at $35,000 after buying an additional 58 shares in the last quarter. Institutional investors own 85.34% of the company’s stock.

Progressive Stock Performance

Progressive stock opened at $196.92 on Wednesday. The company has a market cap of $115.07 billion, a PE ratio of 10.01, a PEG ratio of 5.58 and a beta of 0.28. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.26. The Progressive Corporation has a 1 year low of $189.20 and a 1 year high of $289.96. The company’s 50-day moving average is $199.48 and its two-hundred day moving average is $209.49.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share for the quarter, beating the consensus estimate of $4.67 by $0.13. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The business had revenue of $22.19 billion for the quarter, compared to analyst estimates of $23.51 billion. During the same period in the prior year, the business posted $4.37 earnings per share. Progressive’s revenue was up 6.5% compared to the same quarter last year. Equities analysts anticipate that The Progressive Corporation will post 16.36 earnings per share for the current year.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Thursday, July 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 is Thursday, July 2nd. Progressive’s dividend payout ratio (DPR) is currently 2.03%.

Wall Street Analysts Forecast Growth

PGR has been the topic of several research analyst reports. Zacks Research raised shares of Progressive from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 24th. Bank of America reduced their target price on Progressive from $325.00 to $320.00 and set a “buy” rating on the stock in a report on Wednesday, May 20th. Piper Sandler restated an “overweight” rating and set a $259.00 price target on shares of Progressive in a research report on Monday, March 2nd. Wells Fargo & Company raised their price target on Progressive from $218.00 to $222.00 and gave the company an “equal weight” rating in a report on Thursday, May 21st. Finally, BMO Capital Markets reissued a “market perform” rating and issued a $220.00 price objective on shares of Progressive in a research note on Wednesday, May 20th. Six 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. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $238.11.

Insider Buying and Selling at Progressive

In related news, insider Karen Bailo sold 3,517 shares of Progressive stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $212.00, for a total transaction of $745,604.00. Following the completion of the sale, the insider directly owned 32,348 shares of the company’s stock, valued at $6,857,776. The trade was a 9.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Carl G. Joyce sold 270 shares of the company’s stock in a transaction dated Friday, March 20th. The shares were sold at an average price of $206.50, for a total value of $55,755.00. Following the completion of the sale, the chief accounting officer owned 558 shares of the company’s stock, valued at $115,227. This represents a 32.61% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 3,928 shares of company stock worth $831,251 over the last 90 days. 0.32% of the stock is owned by corporate 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.