Convergence Financial LLC Buys New Stake in The Progressive Corporation $PGR

Convergence Financial LLC bought a new stake in shares of The Progressive Corporation (NYSE:PGR) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 3,005 shares of the insurance provider’s stock, valued at approximately $684,000.

Several other hedge funds and other institutional investors have also made changes to their positions in PGR. Dagco Inc. acquired a new position in shares of Progressive during the 4th quarter valued at $28,000. Ameriflex Group Inc. lifted its holdings in shares of Progressive by 106.6% during the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock valued at $31,000 after acquiring an additional 65 shares in the last quarter. Entrust Financial LLC acquired a new position in shares of Progressive during the 4th quarter valued at $33,000. Kingdom Financial Group LLC. acquired a new position in shares of Progressive during the 4th quarter valued at $34,000. Finally, Bangor Savings Bank lifted its holdings in shares of Progressive by 60.4% during the 4th quarter. Bangor Savings Bank now owns 154 shares of the insurance provider’s stock valued at $35,000 after acquiring an additional 58 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Analyst Upgrades and Downgrades

PGR has been the topic of several recent research reports. Evercore restated a “negative” rating on shares of Progressive in a report on Wednesday, March 18th. Weiss Ratings downgraded shares of Progressive from a “hold (c+)” rating to a “hold (c)” rating in a research note on Wednesday, May 6th. Royal Bank Of Canada set a $208.00 price target on shares of Progressive in a research note on Friday, May 22nd. Piper Sandler reaffirmed an “overweight” rating and set a $259.00 price target on shares of Progressive in a research note on Monday, March 2nd. Finally, Roth Mkm set a $235.00 price target on shares of Progressive in a research note on Thursday, February 19th. Six analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $238.11.

Insider Buying and Selling at Progressive

In other news, CAO Carl G. Joyce sold 270 shares of the business’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 approximately $115,227. The trade was a 32.61% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.32% of the company’s stock.

Progressive Stock Performance

Progressive stock opened at $195.60 on Friday. The Progressive Corporation has a 12-month low of $189.20 and a 12-month high of $283.95. The company has a market capitalization of $114.29 billion, a price-to-earnings ratio of 9.94, a price-to-earnings-growth ratio of 5.61 and a beta of 0.28. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.27 and a quick ratio of 0.27. The firm’s fifty day moving average price is $198.86 and its 200 day moving average price is $208.90.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $22.19 billion for the quarter, compared to the consensus estimate of $23.51 billion. During the same quarter in the previous year, the firm posted $4.37 EPS. The firm’s quarterly revenue was up 6.5% on a year-over-year basis. On average, research analysts forecast that The Progressive Corporation will post 16.33 EPS for the current fiscal year.

Progressive Dividend Announcement

The business also recently announced 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. The ex-dividend date of this dividend is Thursday, July 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive’s payout ratio is presently 2.03%.

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.