Founders Financial Alliance LLC Has $1.72 Million Position in The Progressive Corporation $PGR

Founders Financial Alliance LLC lowered its stake in shares of The Progressive Corporation (NYSE:PGR) by 37.1% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 7,544 shares of the insurance provider’s stock after selling 4,450 shares during the period. Founders Financial Alliance LLC’s holdings in Progressive were worth $1,718,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Norges Bank bought a new position in shares of Progressive during the 4th quarter valued at $1,836,094,000. Capital International Investors raised its holdings in shares of Progressive by 78.9% during the 3rd quarter. Capital International Investors now owns 13,704,197 shares of the insurance provider’s stock valued at $3,384,082,000 after purchasing an additional 6,045,732 shares in the last quarter. Capital Research Global Investors raised its holdings in shares of Progressive by 26.1% during the 3rd quarter. Capital Research Global Investors now owns 11,167,940 shares of the insurance provider’s stock valued at $2,757,905,000 after purchasing an additional 2,314,864 shares in the last quarter. Life Cycle Investment Partners Ltd bought a new position in shares of Progressive during the 4th quarter valued at $353,906,000. Finally, Eurizon Capital SGR S.p.A. bought a new position in shares of Progressive during the 4th quarter valued at $185,761,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Stock Down 0.9%

PGR opened at $202.41 on Friday. The business has a 50 day moving average of $199.01 and a 200-day moving average of $208.09. The stock has a market capitalization of $118.27 billion, a price-to-earnings ratio of 10.29, a P/E/G ratio of 5.92 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 $269.84.

Progressive (NYSE:PGR) last announced its quarterly earnings data 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 business had revenue of $22.19 billion for the quarter, compared to the consensus estimate of $23.51 billion. During the same quarter last year, the company posted $4.37 earnings per share. Progressive’s quarterly revenue was up 6.5% on a year-over-year basis. As a group, sell-side analysts anticipate that The Progressive Corporation will post 16.35 earnings per share for the current year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd will be issued a dividend of $0.10 per share. The ex-dividend date 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%.

Insider Transactions 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 transaction of $55,755.00. Following the transaction, the chief accounting officer owned 558 shares in the company, 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 SEC, which can be accessed through the SEC website. Also, insider John Jo Murphy sold 5,916 shares of the business’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $200.00, for a total transaction of $1,183,200.00. Following the transaction, the insider owned 41,290 shares in the company, valued at approximately $8,258,000. The trade was a 12.53% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 7,343 shares of company stock worth $1,470,355. 0.32% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

PGR has been the topic of a number of recent research reports. Jefferies Financial Group cut their price target on shares of Progressive from $216.00 to $215.00 and set a “hold” rating on the stock in a report on Tuesday, March 24th. BMO Capital Markets restated a “market perform” rating and set a $220.00 price target on shares of Progressive in a report on Wednesday, May 20th. Mizuho cut their price target on shares of Progressive from $235.00 to $223.00 and set a “neutral” rating on the stock in a report on Friday, March 20th. The Goldman Sachs Group restated a “buy” rating and set a $225.00 price target on shares of Progressive in a report on Monday, February 23rd. Finally, Weiss Ratings downgraded shares of Progressive from a “hold (c+)” rating to a “hold (c)” rating in a report on Wednesday, May 6th. Six investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Progressive has an average rating of “Hold” and a consensus target price of $238.11.

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.